Editor's Note: Thinking of buying a home? Keller-Williams realtor Marcella Hudson will be stopping by GeoClan from time to time to give tips and hints for those wanting to make that move into home ownership. For her first article, she shares 5 tips that you need to know in preparation for buying a home. If you have questions or are looking for a realtor in the Philadelphia area, Marcella's contact information is below the article. Check her and Keller-Williams out!

Buying a home like this takes preparation and money among other things.

Five Home Buying Preparation Rules
Homeownership is not just about picking paint colors and furniture. Owning a “home” takes a lot of work, upkeep, and money. It’s an investment but more importantly, it’s where you live.

1. Start managing your money NOW. Get copies of your credit report and credit score. Review credit report for any errors, find out your full amount of debt and start planning the steps necessary to pay off debt and improve credit score. Getting your debts paid down and your credit score higher will allow lenders to give you a better mortgage rate. www.myfico.com

2. Determine deposit. To ensure that you get the best fixed mortgage rates and have no PMI (private mortgage insurance), buyers should be prepared to place a 20% deposit on the home. However, if buyers are only able to deposit 10% of the agreed price, make sure the additional PMI cost per month is properly budgeted.

3. Know how much house you can really afford. Just because a lender will give you a mortgage does not mean you can afford the home. Make sure that there is extra money for utilities, bills and unanticipated events (job loss, health and medical bills). If you are forced to take out additional debt just to pay your mortgage, you will not be able to live comfortably in your home.

4. Find a REALTOR®. Buying a home is complex. While websites and phone applications may be able to help you locate a home or area of interest, only a REALTOR® can help you with updated detailed information on market conditions, financing options, negotiating issues that may arise, and representing on your behalf.

5. Do you love the house? Find a house that you will be happy with for a long period of time. Determine what your five “must haves” are for the home you buy. Recognize that no house is going to be 100% of what you want. But finding a home that has your five “Must-Haves” is a home to consider in which to invest.

Marcella Hudson is a REALTOR® with Keller Williams Realty Center City. Marcella’s work experience is comprised of a background in architectural design, construction management, and both commercial and residential real estate.

Marcella’s knowledge of architecture and construction lends a strong hand to the buyers and sellers she assists and is a valuable resource for real estate ventures. Marcella’s vision for her career in real estate is to educate consumers about the market while assisting them in building their generational wealth through real estate investing.

Contact info:
Marcella Hudson
Keller Williams Realty - Center City 200 W. Washington Square Philadelphia, PA 19106
O: 215.627.3500 ext. 354 M: 215.868.1248

W: www.marcellamhudson.com

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