Choose a Real Estate Agent
Choosing a real estate agent is very crucial in the home buying experience that you will have. Do your research, ask questions, and interview the agent before you commit. The Internet is a great tool to use when searching for an agent. Often times you can interview an agent just by reviewing their Web site. Talk to your friends that have recently purchased or sold a home. Ask them who they used and if they would recommend them and why. The buying process may seem overwhelming at first, but with the lead of a great real estate agent, the buying process can be a fun and enjoyable experience!
Figure Out How Much You Can Afford
Many factors determine how much you can afford: from income, credit rating, monthly expenses, down payment amount, and also the interest rate. It is best to speak with a lender who can tell you what purchase price and monthly payment you can afford. But don’t stretch yourself. Just because you qualify for a certain monthly payment doesn’t mean you will be comfortable making the payment every month. Leave your self enough room to allow yourself to put money into savings every month. It is best to sit down with a lender before you get too far into the home search process!
Shop for a Loan
When you visit a lender, ask for specific information on more than just one loan program. There are a lot of loan programs out there with different guidelines that may work for you and you need to know all the information possible to choose the right one. Visit more than one lender and compare costs and interest rates when making your decision.
Know Your Wants and Needs
It’s important that you sit down and make a list of what you need in a home and what you want in a home. When you are looking at homes, it is very easy to forget about some of the things you need in the home, as there is usually a long list. Also make a list of what you want and how important it is. When buying a re-sale, often times you will have to give up some of the items you would want mainly because the home wasn’t customized for you.
House Hunting
In today’s market, there are a lot homes on the market and it can sometimes be very overwhelming. Make sure to provide your agent with as much information as possible including bedroom count, bathroom count, square footage, two story or single level, land size, general location, price range, and anything else that is important to you. Your agent will be able to narrow down the homes that may work for you and eliminate a LOT of wasted time. When you schedule a time to view a home, allow yourself enough time to look at the home without rushing.
Make an Offer
When it comes time to make an offer on a home, make sure you review the real estate agent’s data and really listen to their suggestions. Knowing how much comparable homes have recently sold for and what is currently active on the market can give you direction in your offer price. If your offer is low, expect a counter. This is all part of the negotiation process and is why you have chosen a great real estate agent.
Get a Home Inspection
Always get a home inspection! This can save you a lot of time, hassle, and money by spending a little money to hire a professional inspector to inspect the home. Don’t assume that you can inspect the home yourself. A professional inspector is experienced in providing information on the condition of homes and problems that can arise or are already there.
Close on the Home
Allow yourself plenty of time to sign the documents at the title company. Make sure that if you have any questions on the documents that are provided, ask them before you sign. Closing documents often times are very long and wordy, and it can sometimes be beneficial to request the documents the day before signing so that you can review them and be prepared with questions if you have any.
