New Year’s Resolutions: Get Yourself Ready for Your First Chico Real Estate Investment
January 1st, 2008categories: Anatomy of a Chico CA Real Estate Transaction, Busy Girls Guide, Chico Buyers
Hoping to purchase your first Chico CA home in 2008?
Here are a few items that should be on your New Year’s Resolution list if you want to earn that coveted title: Chico CA HOMEOWNER!!
1. Speak to a local lender. First and foremost, talk to a reputable lender. If you need a recommendation, I would be happy to provide you with a name I respect. A good lender will run a detailed credit history report right away so you know what you have to work with. If the numbers are doable, the lender can then give you an idea of what price range you might be comfortable in searching for a Chico home.
On the other hand, if opportunities to improve your score are available, the lender can offer you suggestions of what to work on, and how soon you might qualify for a more appealing loan package. Read more on the prequalification process:
What is the Difference between Prequalification and Preapproval?
Why Should I Get Preapproved for a Chico, CA Home?
2. Start considering what features in a home are most important to you. Do you need room for 5 dogs to run around? Do you love to cook? Do you need storage space for 50 pairs of shoes? How critical is a garden tub in the master bath? Do you want to be able to walk to the grocery store?
It may seem like putting the cart before the horse, but I would encourage first time home buyers to really put some thought into what home features will fill their individual needs. It’s better to save yourself time trekking in and out of tons of open houses that you won’t end up liking once your common sense kicks in. Try to narrow in on what will actually work for you.
3. Get a feel for neighborhoods and schools. Again, what sort of home will your lifestyle dictate? Do you want your children within walking distance of schools and friends? Or will a 15 minute drive each night to the seclusion of your own acreage be more fulfilling? Do you want to park yourself in between homes full of college kids, just because the house has a “vintage” feel, or would you prefer to be in a more quiet, traditional neighborhood full of working professionals? Whenever I’m researching a new neighborhood, I spend a LOT of time driving around. Consider not only the types and sizes of homes, but the vehicles in the driveway (perhaps on the lawn?), the proximity to local services and your place of business. If possible, talk to the locals! You will find out everything you ever wanted (and more), by simply approach the folks walking around the block.
4. Start packing! You will be grateful when the time comes to actually move that you put in the effort now to start organizing. Clean out those closets, box up unused items in the kitchen and the garage, and prepare yourself mentally to relocate. Get some of that physical work out of the way now and relieve yourself of some intense stress later.
5. Save for that down-payment and good faith deposit. Last, but definitely not least, start saving and planning for your down-payment and closing costs. While there are 100% financing options available, they aren’t always your best bet in the long run. If you can at least come to the table with your closing costs covered, you will be in better shape.
What is a Good Faith Deposit, and Why Do I Need One?
Getting organized, preparing financially, and gaining knowledge about where you will be living will help make choosing your Chico real estate investment as smooth as possible.
Happy house-hunting!
Great Post Sandi. I always recommend getting a referral to a lender from a trusted real estate agent. A good agent has experience in the local market and knows the best lenders to handle the loans. Using an out of town lender can often mean disaster at closing time.
Great fodder from a top Chico Realtor to get buyers organized and prepared for investing in Chico Real Estate this 2008 New Year!
Sandi, this is a great article for your Chico home buyers, or those buying anywhere for that matter. It’s great advice from a top-notch Chico agent. You even mentioned the packing. Definitely should not be left for last! The last time I moved I discovered so many things I could just do without.
Sandi,
Your suggestions to home buyers both new to the buying process and those that are thinking of selling and buying a home, is right on target.
Happy New Year. Love the pink couch.
Sandi - this is a great way to kick off the New Year and you’ve laid out a great Chico real estate investing or home buying game plan. - Cyndee
Sandi-terrific advice for Chico homebuyers, and I am sure it is a buyers market there this time of year too. Terrry McDonald
Sandi - I like the fact you have stated a home purchase as an investment. In our current down market, many see investment only as a quick return. Investment in your own home is more than short term and definitely more than anticipated return. It is an investment in owning your own piece of America as well as investing in a lifestyle, not to mention tax savings. If held long enough, there may also be a significant monetary return on the investment. It should not be the short term goal, though.