Real Estate

The Decision to Purchase Property

Mon Apr 07, 2008 3:40 pm
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The First Step in any Real Estate Purchase

Buying real estate is not a game, it is a process that can be daunting if you don't have a plan. Therefore it is important to have a well organized plan and stay with that plan throughout the process beginning to end. - see Real Estate Contracts & Law

The first thing to do is to have a candid discussion with your spouse relevant to the big question. Why are we doing this and do we really want to do this, whether it is buying a home or land?

Some of the questions that need to happen in that discussion include: can we afford to buy a home and do we understand that our lifestyle will change dramatically?

If you have been going out to dinner more than twice a week and taking numerous vacations, that will have to change. Money is essential when you embark on the journey to home ownership. Your responsibility will be to your job, spouse and home, not necessarily in that order.

Don' t even consider talking to a Realtor, browsing the web, or taking those Sunday Window shopping tours of homes until you reconcile yourself to the enormous responsibility that comes with home ownership.

Finally, peruse some of the news reports from the past year about the millions of home foreclosures and predatory lending practices. If you have not lost the urgency to continue, and have mutually agreed with your spouse that a home purchase is what you both want to do, then you have successfully completed step one.

Check back soon for step 2: Buying – The Real Estate Process

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