By Charles Kim
There is a vast selection of online resources ready to show you a number of new homes for sale right now. But before you begin clicking on photos of indoor pools and home cinemas, the best first step is to find out how much mortgage you can afford, according to Leah Tozer, from Engel & Völkers Long Beach, New York.
Leah recently joined two other top real estate executives at a round table sponsored by Chase to discuss home buying tips for the serious buyer.
"At the end of the day, it's more important for me to know [my clients] are not eating peanut butter and jelly sandwiches every day and that they actually have a life," Tozer says. "Getting someone a place to live is more than just the property itself. It's the lifestyle that's going to follow after they've signed those papers."
The important thing, according to Leah, is knowing the difference between “How much mortgage can you afford?” and “How much mortgage SHOULD you afford?”
The real estate experts also talk about the importance of timing and not delaying once you are committed to making the purchase. This is what happens when they realize that the process is not as complicated as they thought. “What people will say is ‘I should have done this earlier,’” she says. Especially when there are changes in interest rates and other market activities that could have brought them a better deal if they had acted sooner.
Learn more about what you should be doing as a serious home buyer. View the entire round table discussion here.