3 things to consider when buying a house in the Twin Cities

Buying a home is an exciting time, but it's also stressful. There are so many details to consider and things that can go wrong that it's easy to get overwhelmed. Forgetting some of the basics can lead you down the wrong path or leave you with regrets later on down the road. So before you start looking at homes, there are some important things to consider:

Get your financing lined up first, then start looking at homes.

• I am a broken record (I know, sorry! But, this is for those of you that haven't heard this yet)....There is no reason to start looking at houses when you don't know your true budget, haven't talked to a loan officer to make sure you are qualified, don't know what loan you are getting, etc. You will waste so much time dreaming. It will be a hard crash down once you talk to someone and are given news you don't want to hear such as: you need to improve credit, you need to save more for a down payment, you can't afford as much as you imagined, or you are not approved at all. You are welcome to look online or attend open houses, but I would not be asking to see houses (remember someone has to clean and leave their personal property so you can window shop). You are asking an agent to give up time with their family to be with yours. Slow down and get qualified. If you are serious enough to look; you are serious enough to get approved for a loan.
  

• As you shop, don't let your emotions take over and make rash decisions that will cost you money later on (like buying something bigger than necessary).

Buying a home requires more than just good credit and money - it requires planning and effort

You can't just buy a house because you want one--you need to have a plan for what you want to do with it. If your goal is to live there full time, then great! But if not, maybe renting would be better for now until your life situation changes or becomes more stable (or vice versa). This is especially true if there are other living expenses involved like student loans or car payments. It's important that whatever decision gets made aligns with this person's current financial situation so they don't end up regretting their choice later down the road because they weren't able to afford their mortgage payments every month after all was said and done.*

Find a good real estate agent.

Finding the right real estate agent is a critical step in your home buying process. An experienced, knowledgeable and friendly Realtor® can make all the difference in your experience.

• Ask friends and family for recommendations. If you're buying in an area new to you, ask around at work or school to see if anyone has had a great experience with their real estate agent and would recommend them to others.

• Search online for reviews of local agents on sites like Zillow or Yelp and then call those who have received positive feedback from previous clients before making an appointment with them personally over coffee or lunch (in person meetings are always better than phone calls).

Have an idea of what you can afford and stick to that number.

Having a good idea of what you can afford is important. You don't want to get carried away with the excitement of buying a house and end up spending more than you intended. It's also important not to get into bidding wars, which can be tempting when there are multiple offers on a property.

Finally, don't buy more house than you can afford or one that will require high maintenance costs in order to keep it up and running smoothly over time.

Don't count on things going smoothly... they never do!

You may have heard the old saying: "The best laid plans of mice and men often go awry." It's true, and it's especially true when you're buying a house.

• The inspection can reveal problems that weren't apparent during your home walkthrough or when you had it inspected before putting in an offer on the house.

• Your mortgage lender might not approve your financing because of something they find during their review process--for example, if you don't have enough money saved for a down payment (or worse yet, if there are red flags about how much debt you already owe). Or perhaps there were issues with paperwork that needed to be resolved before closing could happen on time--a common occurrence among first-time buyers who haven't been through this process before!

Conclusion

Buying a home is one of the biggest investments you'll ever make. Make sure you take the time to plan, prepare and do your research before jumping into this exciting yet overwhelming process.