According to real estate broker Jim Stacey in his book Washington Homes, there are three stages for first-time homebuyers: contemplation, comparison and commitment. Stacey proposes that homebuyers navigate through the first stage on their own, and that the more preliminary work you do, the easier the process will be for you and your realtor.

The first step is obvious: figuring out whether you are ready to own a home. This does not only mean that you are financially capable of owning a home. It also includes psychological and emotional readiness, as buying a first home is a huge step for most people, as well as a huge commitment and responsibility.

One of the easiest and most valuable things you can do to prepare is obtaining a copy of your credit report and making sure that lenders will like what they see. The Web site, ConsumerInfo.com, offers this service for free, as do many other sites. If your credit report is less than stellar, it is probably a better idea to continue renting while you pay off debts and investigate questionable problems.

Once you are sure that you are ready financially, emotionally and psychologically, you can start the formal process of buying a home. Before going to a realtor, it is an excellent idea to figure out exactly what you want so he or she can make the best use of his or her time and skills. Keep in mind that what you end up with may not resemble the vision you created in the beginning. However, it is a good idea to come up with a “wish list” for a few basic items, including number of bedrooms and bathrooms, neighborhood, yard or garden, age of home, parking, potential resale value, storage space, style, proximity to friends, family or a city or town and property taxes. Obviously, this list can go on and on. It is just important to prioritize characteristics of a house for you, and then define exactly what you want from each characteristic.

Next, you need to find out what you can afford. The easiest way to do this is to find out what you can afford to pay monthly after you have made your down payment. The best way to do this is to visit a lender and get prequalified for a loan. It won’t cost anything, it will give you a good idea of what you can afford and it saves you time later. Keep in mind, however, that you will often qualify for more than what you might wish to spend each month. Think carefully about whether what you have prequalified for will allow you to maintain your current lifestyle, at least for the most part.

You will also need to remember that you will need extra cash to cover closing costs, inspections and future expenses. After all is said and done, the cost of the home will probably be 2 percent to 7 percent more than the agreed upon selling price. You also need to factor in the cost of insurance, annual property taxes and maintenance and repairs. In short, there is a lot more to buying a house than simply the price of the home. So you don’t get discouraged, remember that a first home is very rarely a dream home. Your dream home may be two or three houses away, and you do not want to alter your lifestyle significantly now just because you are overeager.

You now know that you are ready to buy a home, you know what you can afford – it’s time to look for your house! It is especially important to have a realtor during your first buying experience, as he or she can guide you through the process and help you when you’re stuck. To find an agent, start interviewing based on recommendations from friends, family and coworkers. A great realtor will be able to listen to your needs and match you with the perfect home for your price range. He or she should also be able to provide referrals to other professionals, such as lenders and inspectors, who can help along the way.

You should also be sure to talk to friends and family about their real estate experiences, as you may learn some valuable tips or find out what pitfalls to avoid.

When you begin actually looking for a home, go to as many open houses as you can stand, even if your broker is not available. (Just be sure to sign in under your broker’s name.) Be sure to include some houses that you couldn’t afford and some houses that are lower than what you could afford. This will help you zero in on what you want by getting an idea of what’s out there. If you get so tired of seeing peeling linoleum and pasty pink bathrooms that you are ready to give up and rent for the rest of your life, take a day or two off, and remind yourself that your home is out there, somewhere. It just takes time to find it!

The National Association of Home Builders suggests asking yourself these questions:

Do I entertain frequently?

Do I have plans to expand my family?

Do I need rooms to retreat for privacy?

Will the square footage in the home equal useable space?

Will I need a home that limits noise? (If so, an open floor plan may not be best.)

Do I wish to create a private room such as a den or library? (Again, if so, an open floor plan may not work well.)

If you already have children, or are planning to have children, remember that you do not always have to allot one bedroom per child. Some children prefer sharing a room, especially if they are already used to that arrangement. If you are planning on starting a family during the time you are in your new house, make sure to consider an adequate play area. Although you may want more space for entertaining or personal leisure now, you will be driven crazy by toys in your dining room and library if you fail to purchase a home with an appropriate play area.

Another important issue to consider when buying a home that will house current or future children is safety. According to the U.S. Consumer Products Safety Commission, hazards in the home account for 2.5 million child injuries or deaths each year. Many such incidents can be prevented with the proper precautions. In buying a new home, consider what risks a potential home might pose to a baby or small child. Are there a lot of stairs? Is lighting poor around stairs or other dangerous areas? Does the garage door have an auto-reverse feature or motion detectors? Do the stairs have adequate handrails? Is the driveway relatively flat (this is more important in areas with severe weather)? Is the yard large, fenced and free from hazards?

In considering issues such as the above, you will make you and your family safe and happy in the long run. For additional help in making an already purchased home safe for children, visit a local baby store and talk to them about safety. Consultants at the store may bring up issues you haven’t considered about your home.

A primary home is most important.
Buying your own home gives you a place to live and teaches you the cost of home ownership, financing and market conditions. You will also learn about property maintenance and build your own network of professionals who can prove to be invaluable when investing. Finally, your first home could later turn into your first investment property!

More knowledge is better.
Being a savvy investor takes more than just buying up promising properties. Having a good knowledge base will go a lot longer than a “sixth sense” for good deals. The Internet, books by reliable authors, investment groups and college courses are all good resources to learning the best investment practices. You can also tap into other successful real estate investors or real estate agents for information. Make sure you use more than one resource so you can evaluate the viability of the information you gather.

Professional help may be necessary.
Although you may not think you need help, a trustworthy, honest professional may be the partner you need. Realtors can be especially helpful if you are new to investing, and management companies may take the pain out of property management. For instance, managing a rental property takes a lot of time, and you will need to be prepared to make repairs, resolve issues and advertise for renters if you are taking on the task yourself. In the long run, a management company may be just what you need. Use the referrals of friends, family and associates to find reliable, honest professionals to help you.

Know the market inside and out.
Before you invest, investigate the local market thoroughly. There is no universal real estate “bubble.” Each market is different, and experiences different fluctuations and trends. One market may be good for rental income but not appreciation, while another market may be excellent for appreciation but poor for rental income. There are endless variables, and it is important for you to know exactly what you’re getting into. Remember that one area is never the same as another area.

With these basic tips under your belt, you are ready to venture out into the investment landscape. Gather as much knowledge as you can, and, after that, happy investing!

• Consumers can only see so much on pre-owned homes. A home inspection goes beyond the cosmetic to give buyers a clear look at what’s behind the walls.
• From a new-construction standpoint, consumers often think an inspection on a brand new home is a waste, but things do come up that aren’t found on a building or city inspection. For example, the hot and cold water indicators on faucets may have been inadvertently reversed. A minor fix, to be sure, but potentially dangerous for families with small children.
• From a seller’s standpoint, offering an inspection to potential buyers goes a long way to ensure peace of mind.
• The cost of inspections hasn’t increased by more than $50 in the last 10 years; total cost is about $250 to $300, so the expense is well worth it.

The bottom line is that a home inspection is the best financial investment consumers can make.

Many times what they have found is not a good deal at all. There is a reason why a deal sounds too good to be true. That reason is usually location.

Buying a home in the wrong location can cause a lot of problems in the long run. The best approach is to:

• Know your budget (get pre-approved).
• Choose a desirable area that is within your budget.
• Then pick the best home available.

You’ll be happier in the end if you plan well in the beginning.

Try and understand why the seller bought the home in the first place. Are his priorities in line with yours? Did he buy for investment purposes? If so, is the investment still good?

In the end, the home buying process comes down to the individuals buying and selling the home. A closer look at the seller may help you in deciding whether and for how much to buy the particular home.

Take a casual stroll around the block, observing other houses in the area. Are they well kept? How many have for-sale signs out front?

Talk to the people who live in the area. These are not only the people most familiar with the area, but also your potential neighbors.

Take a test drive from the house to your workplace during rush hours to get a feel for traffic. Note how far it is to schools, parks, theaters, restaurants, and convenience stores.

Once you find out if you will be comfortable living in the house, you’ll be much more comfortable buying it.

I have here the summary of the events!

Music

June 3 at The Paramount – The Gay Divorce
June 5 at Antone’s – Alejandro Escovedo
June 7 at One World Theater – Warren Hill
June 8 at Stubb’s – Gomez
June 14 – KGSR Live at the Lake at the Lakeway Resort and Spa – Mother Truckers
June 3 – Blues on the Green at Waterloo Park – Ruthie Foster
June 17 – Blues on the Green at Waterloo Park  – Cyril Neville
June 3 – Live at the Garten at Scholtzes Garten – Dale Watson
June 17 – Live at the Garten at Scholtzes Garten – Slaid Cleaves
June 24 – Live at the Garten at Scholtzes Garten – Li’l Cap’n Travis

Sports

June 7 – Congress Avenue Mile
June 13 at 8:00 AM – Honor Our Heroes 5K
June 27 at 8:00 AM – New Belgium Urban Assult Rice at Fiesta Gardens

Theater/Culture

June 6 and 7 – at The Long Center – Rock My Soul:  A Celebration of Spirituals
June 7 – at Rollins Studio Theater – The Doyle and Debbie Show
June 7 and 8 – in Zilker Park – Romeo and Juliet
June 25 – at the Keller Williams TexArts Studios in Lakeway – Grease

Have a Great Day and Enjoy!