5 EASY STEPS TO YOUR DREAMS
1. Money - What Can You Afford ?Your first step in purchasing a new home is going to your Lender and obtaining a Pre-Approval Letter. Make sure you take all pertinent income and financial information to the Lender for the Application Meeting. Obtain a written Pre-Approval Letter, from your Lender, if at all possible.
- 2. Land - Where Do You Want To Live ? It has been said, that the three most important factors to consider when looking for a new home is location, location, and location. You must decide if you want to live close to work, close to the business district, in an established neighborhood, or on some acreage in a rural area.
- 3. Plans - What Are Plans And Specifications ? Plans are the Construction Drawings, commonly refered to as Blueprints. The Drawings show the Builder and Buyer how the home is to be built and how the home is to look on the interior and exterior. Specifications are usually in the form of a written document, which describes the quality of the materials and the finish desired. Specifications will include Allowances for items such a carpet, appliances, light fixtures, etc...
- 4. Builder - How Do You Choose A Quality Builder ? Quality Builders can be located by contacting the local Home Builders' Association. In Columbus, and the Central Ohio area, you would contact the BIA @ 614.891.0575. It is recommended to have no more than 2, ( or at the most 3 ), Builders submit bids for your project. Be sure each Builder receives an exact duplicate of your Plans and Specifications, so that all the bids are Competitive ( apples for apples ).
- 5. Appraisal - How Much Is An Appraisal ? An Appraisal is very important. It will be based on the Plans and Specifications, therefore the Plans and Specifications must be complete and accurate. An Appraisal will determine the total value of your new home built on the lot that you have chosen. This amount will be used by your Lender to determine the actual loan amount, down payment, and monthly note required.