The real starting point for buying a home is making the decision to buy. After you have made that decision, what comes next? There is a fairly standard set of general steps in the homebuying process and the very first stage of this is described in the video below.
Take a look at the major factors that will guide the rest of the process and will help determine the correct timing for buying a home in your situation.
- Are you ready to buy a home?
- How much can you afford in a monthly mortgage payment?
- How much space do you need?
- What areas of town do you like?
If you find that you are not ready right now, then you should work out what goals you will need to reach to be able to do so. You may need to save a certain amount of money to cover a downpayment and closing costs. You might need to increase your household income or pay off certain debts to be able to qualify for financing for the level of home you want to buy. You should work out at this stage what you need to do to get yourself into a position where you can buy and then monitor your progress in getting there so you know when to move on to the next steps.
If you are already at that point or you have now made it to that point, you should start to work out the general needs and wants in relation to location and size then begin to expand your list of what your home needs to have.