Q:

How do you buy a home?

A:

Quick Answer

According to CNN, buying a home is best done by deciding on an easily affordable home in which to reside long term, considering the quality of the district's schools, cleaning up credit and hiring a professional realtor. It is also recommended that aspiring homeowners get pre-approved for a mortgage and hire a professional home inspector before buying a home.

Continue Reading

Full Answer

An individual who does not plan on staying in a home for more than a few years may want to consider renting rather than buying, states CNN. The homeowner stands a good chance of losing money if he sells within a year or two of the purchase, especially in a housing market with falling prices.

It is wise for an aspiring homeowner to get a copy of his credit report to check for discrepancies or misinformation and so that he knows what lenders see when they look at the report. CNN also notes that it is beneficial to opt for a house that costs two-and-one-half times an individual's yearly salary so that all other expenses and debts can still be handled.

CNN recommends that home buyers keep in mind the quality of the schools in the area. Even if the homeowner does not have children or does not plan to have children, a home located in an area with good schools is often easier to sell when the time comes to do so.

Learn more about Finding a Home
Sources:

Related Questions

Explore