Buyers Guide

10 Steps to Buying a Home

Getting Started

Before you do anything else, ask yourself if you’re ready to buy a home. There are several variables to consider—financial and otherwise—before you take the plunge. Here are a few points to consider:

  • Understand your debt-to-income (DTI) ratio. This will determine your ability to get a mortgage.
  • Investigate the economic conditions in the area you hope to move to so you can plan for additional expenses.
  • Look at the trends of market values and the cost of other necessities such as schooling, food, extracurriculars, tax rates, etc.
  • Consider your current lifestyle and your anticipated future lifestyle. What do your five, ten, and 20-year plans look like? Are you planning to expand your family? How long do you hope to live in your chosen area?
  • Assess your present financial standing and future financial goals. Are you financially stable? What can you afford now, and how will your plans impact your goals for saving versus spending?
  • Are you prepared to take on the commitment and responsibility that comes with owning a home?
Once you’ve decided that buying a home is, in fact, the right choice for you, you’re ready to start thinking about the next steps. The process of buying a house is quite lengthy and involved, and you can anticipate bumps along the way. Still, things worth having rarely come easily, so prepare to knuckle down so you can secure the perfect property.