Buying a Home of Your Own

Choosing to buy a home may be the biggest and most exciting financial decision you’ll ever make – a choice that affects your family, your lifestyle, and your future. It can also be a complicated one. But if you understand the steps to follow and the right questions to ask, it can help you streamline the process, moving from an initial property search to securing the keys to a home of your own.

Choosing to buy a home may be the biggest and most exciting financial decision you’ll ever make – but it can also be a complicated one. If you understand the steps to follow and right questions to ask, it can help you streamline the process to owning a home of your own.

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Your Home's Valuable Assets

A home is a complex purchase, involving a wide range of assets. To make sure you get your money’s worth, now and in the long run, it pays to closely consider the various elements that add value to a home.

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Value Appraisals

How stable is the roof? Does mold lurk in the walls? Is the attic insulated with asbestos? Is there central heating, and when were the ducts last cleaned? Hiring professional appraisers to investigate may save you money… and headaches.

Faucet Fixtures

Plumbing can be a home’s biggest source of ongoing maintenance. You’ll want to give pipes, fixtures, water pressure and heating a careful inspection.

Bonus Rooms

Having a nice living room, dining room, laundry room, home office, finished basement, garage, conservatory, or storage space may contribute to a home’s perceived value.

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Bedrooms Count

One, two, three, or more? In a given location, property prices vary largely by number of bedrooms. Determine your needs, but factor in room for growth.

Land Matters

A plot of land can be pricier than the house built on it. Size and location may determine your highest costs—and your property’s potential value.

Kitchen Quality

How much renovation will a home require? Redoing a kitchen can cost thousands of dollars, but it may make your home more attractive for a future sale.

The Road To Homeownership

If you have a helpful roadmap, the route from your initial decision to buy a home to finalizing your purchase can be made relatively straightforward, requiring six important steps along the way.

Step 1

Get your finances in order

First, it helps to get clear about your financial situation. You may want to collect recent bank statements, tax returns, and consider whether a guarantor might aid in your homebuying quest. For assistance, consider discussing your situation with a mortgage consultant, who can help determine the path to success that’s best for you.

Beyond making a budget, you'll need to collect:

Step 2

Name your price range

Next, with your financial situation in mind, consider what you can comfortably afford to spend. Getting clear about your ideal budget helps set the context for where you can shop, the size of home you can afford, and a general idea of how much you may need to borrow from a lender.

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28% or less
ideal housing-cost-to-income ratio

The Road To Homeownership

If you have a helpful roadmap, the route from your initial decision to buy a home to finalizing your purchase can be made relatively straightforward, requiring six important steps.

Step 1

Get your finances in order

It helps to get clarity about your financial situation. Collect relevant paperwork and consider discussing your situation with a mortgage consultant, who can help determine the best path to success.

Beyond making a budget, you'll need to collect:

Step 2

Name your price range

Next, consider what you can comfortably afford to spend. Getting clear about your ideal budget helps set the context for where you can shop, the size of home you can afford, and how much you may need to borrow from a lender.

Learn More
28% or less
ideal housing-cost-to-income ratio

Step 3

Apply for a mortgage

After your financial review, talk with a home mortgage consultant about your potential down payment and mortgage options and you can begin your pursuit of financing. Once you’re preapproved for a mortgage, the real journey begins.

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Step 4

Find a good realtor

Now it’s time to seek the help of a real estate expert. You’ll want to study the differences between buyer’s agents, seller’s agents, and dual agents, along with the pros and cons of each. Ask friends and family for tips, and don’t hesitate to shop around for a real estate professional who understands your needs.

5.26%
average U.S. realtor commission

Step 3

Apply for a mortgage

After your financial review, talk with a home mortgage consultant about your potential down payment and mortgage options and you can begin your pursuit of financing. Once you’re preapproved for a mortgage, the real journey begins.

Learn More

Step 4

Find a good realtor

Now it’s time to seek the help of a real estate expert. Ask friends and family for tips, and don’t hesitate to shop around for a real estate professional who understands your needs.

5.26%
average U.S. realtor commission

Step 5

Find your Home

Knowing your budget, and with the help of your real estate agent, it’s time to begin searching in earnest for your ideal home. You’ll want to consider the quality of the local neighborhood, schools, parking, and safety, along with a home’s proximity to convenience stores, grocery stores, hospitals, public transit, and your place of work.

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Step 6

Complete your purchase

You made it! Once your offer is accepted, you may be overjoyed. But you'll need to complete some additional paperwork before signing on the dotted line. It may also be wise to conduct a presale walk-through and discuss closing costs with your mortgage lender. That extra effort can help make your future financial obligations clear and enable you to truly enjoy the moment you set foot in your new home.

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Step 5

Find your home

Knowing your budget, and with the help of your real estate agent, begin searching for your ideal home. Consider the quality of the local neighborhood, schools, parking, and safety, along with a home’s proximity to convenience stores, hospitals, public transit, and your place of work.

Learn More

Step 6

Complete your purchase

You made it! It may be wise to conduct a presale walk-through and discuss closing costs with your mortgage lender. That extra effort can help make your future financial obligations clear and enable you to truly enjoy your new home.

Learn More

Tips & Guidance

A Mortgage
Makes it Possible

Buying a home doesn’t have to be overly complex. With the right guidance and support, you can find a property you’ll love for years to come. But it pays to do your homework, shop around, and determine your needs, practically and financially. As the nation’s #1 mortgage lender, Wells Fargo is available to help you every step of the way. If you’re ready to explore the possibility, see if you qualify for financing today.

Make ready to buy happen.

With the right support buying a home doesn’t have to be overly complex. It pays to do your homework, shop around, and determine your needs, practically and financially. As the nation’s #1 mortgage lender, Wells Fargo is here to help you. See if you qualify for financing today.

Make ready to buy happen.

Talk to a home
mortgage consultant