Q:

What are the steps to home ownership?

A:

Quick Answer

The steps to home ownership include having a vision of the dream home, doing research, getting clear on current financial status, meeting with local real estate professionals and setting up an action plan, indicates Black Enterprise. Following these steps helps potential homeowners avoid mistakes commonly made during the home ownership process.

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Full Answer

A potential homeowner should have a clear vision of the dream home and life as a homeowner. Factors such as his activities, whom he lives with and where he works may influence decisions that he makes during the home buying process, explains Black Enterprise. Buyers can go online to research potential home locations, including home prices in desirable areas.

A buyer should know his current personal financial status, including his income, expenses, debts and monthly payments. He should use this information to determine the maximum amount he wants to spend on the home, notes Black Enterprise.

A potential homeowner can find local real estate professionals by asking friends and family to provide referrals. Once he identifies a real estate professional, he can find out how to qualify for the price range he defined. The last step is setting up an action plan and getting started. The plan should concentrate on savings, budget, credit, family, life and career.

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