Are you considering buying La Quinta real estate or a home in another part of Palm Springs Valley? Now is probably a great time to start looking—since property prices started rebounding in 2012, it’s expected they will continue to rise. The good news is, it’s still a buyer’s market. Ready to get moving? Here are some tips to help get you started.
1. Determine your budget.
This is probably the most important step in preparing to buy, whether you are considering homes for sale in Palm Springs or in any other part of the country. Put together a budget so you can determine what your spending power truly is. Don’t feel that just because it’s a good time to buy, you should get in over your head just to take advantage of the timing. Also ensure that you leave room in the budget for a contingency plan in case of emergencies such as health issues or unexpected unemployment.
2. Start saving.
Most recommend saving approximately 20 percent of your budget for a down payment. While you may be able to put down less than that, it’s really better to at least put down a full 20 percent. In addition, as mentioned above, remember to save additional funds for emergencies.
3. Prep your credit.
Order a copy of your credit report and assess your score. Make sure that there is no erroneous information on it, and if there is, submit your correction information as soon as possible. You want the credit investigation to be performed quickly so that you can clear away any discrepancies. This is an essential step, regardless of whether you’re interested in La Quinta real estate, equestrian homes in Rancho Mirage or anywhere else in the state. You can obtain a free credit report once a year by visiting AnnualCreditReport.com.
4. Get pre-approved.
Get a great reality check by going through the pre-approval process for a mortgage. Get referrals and start shopping around for respectable brokers. You can seek recommendations from the banks or credit unions you work with, as well as friends and family. Be prepared for a lot of paperwork and some tasks that seem redundant. The more work you do in advance, the easier it will be when you’re searching for homes for sale in Palm Springs or whichever area you’re considering.
image: moneyunder30.com
