First Steps in Home Buying, by Todd Beardsley

California real estate broker Todd Beardsley has dedicated his career to helping

people fulfill their dreams of home ownership. Here, Beardsley provides several

tips for those looking to purchase a home.

First, be sure that you intend to stay in the area the home will be. No matter how

good a deal you may get, buying a home involves a fair investment, and it takes

time to recoup that expense. Next, determine your price range. The general rule

of thumb is to look for a house priced at about 2.5 times the buyer's annual

salary.

Of course, the next step is to find out how you can get the money to buy the

house. This involves ensuring that your credit is solid, and that you have enough

money set aside for a down payment. Typical down payments amount to about

20% of the purchase price of the home, although many lenders will require as

low as 3% for borrowers who qualify. If you can, look into pre-approval for a

mortgage even before shopping around for a home.

When it's time to search, find a qualified real estate agent with significant buyer experience. Buying a home can be a complicated process, and you want to be sure you have someone knowledgeable on your side. Naturally, the same advice applies to finding a lender. Investing time as well as money in the process is worth the time involved, especially when you find the perfect home.