These days everyone looks before they buy. There is nothing wrong with browsing the internet and window shopping while thinking of the next big life purchase. Just like that fabulous designer dress or shiny new plasma tv, you have to prepare ahead of time to budget and eventually obtain that wishful item. This is no different in real estate, but it can require more dedication and investment in yourself and your future. The time you may spend visiting open houses or mindlessly searching the web for deals on Tampa homes for sale should first be met with some realistic answers.

1. Purchasing a home is not an impulse buy. It’s not an item on a shelf in the check out line that can simply be thrown in a bag. This is a commitment not only to the property itself and its surroundings but also to your job and financial situation. If you do not plan on living in the home for a few years, then purchasing may not be the best idea for you.

2. Know where you stand. Recently the banking industry has increased the standards for borrowing money. One important aspect of that is the need to have a high credit score. It is virtually impossible to obtain a loan with poor credit. It may take anywhere from weeks to months to work on improving your score and making sure all facts are correct.

3. Be realistic. Everyone watches HGTV, and other shows that magnify what “real” homes may look like. Not everyone can buy a Ferrari, a helicopter, and a mansion. Focus in on homes that you can afford. For example, focus on Tampa homes for sale that are worth 2.5 x your annual salary. (i.e. $50,000 x 2.5 = $125,000).

4. Programs & Options. Though times have changed, times have not changed so much that you need to put 20% down to obtain a loan. There are still programs that let borrowers put less money down – FHA loans are an example. The FHA program currently allows a 3.5% down payment. There are stipulations that come along with this loan, so make sure you talk to a professional to guide you to the right properties.

5. Work with a professional. There are two important connections you will make when purchasing a home – your Realtor and your mortgage consultant. There is always plenty of information available from friends, family, the internet, magazines, and news outlets, but the reality is that they are not professionals. You deserve to be assisted by the very best people, whose only interest is making you happy.  They can easily assist you in obtaining your financial and lifestyle goals through the purchase of a home. It costs $0 to have a an agent help guide you through the process of finding a home and assist you in performing any related services. The only expectation a real estate agent has is that they will in turn receive loyalty from you.

6. Know your zone. School zones are important to home buyers. It is always a good idea to buy in good school areas – whether or not you have children of your own.  Though it may not be important to you, it may be important to potential buyers when it is your turn to sell the property.

7. Get pre-approved. This goes along with step 5. It is very important to know exactly what you can purchase – which includes everything from the monthly mortgage payments to insurance, taxes, and HOA fees that will all factor in to your decision of which home to purchase. Understanding your budget is the key to being happy with your house in the future.

8. Be realistic with your offers. Ask your realtor for a Comparative Market Analysis (CMA) of properties which have sold nearby near-by to learn the trends. If other Tampa homes for sale in the area have sold for 5% under the asking price, you may want to offer 10% lower then the asking price. If one of the other sold properties is in line with the asking price or higher, this is an indication that the property is ready to sell. Homes that fit this description do not stay on the market for long – unless the sale is being dragged out by a situation like a lengthy short sale process.

9. Get Inspected. After you’ve found the perfect house and have an accepted offer the next step is getting an inspection. The bank will request an appraisal to determine the value of the home in order to make sure that the offer on the property is consistent with the property’s actual market value.  This allows for the bank to feel confident in the loan. The home inspection is completed entirely for you, the buyer, to feel confident in the home.  It allows for any potential issues to be outlined which may need to be addresses prior to closing and also to make you aware of any possible future repairs which may be needed based on the state of the home.  An inspector, for example can let you know that while the roof is structurally sound currently, it may need to be replaced within 3 years. The idea is to protect yourself from potential problems which may result in the need for expensive repairs down the road.

Now that you’re up to speed on ‘Buying A Home 101′ you’re well on your way to beginning the steps of home ownership!

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