Buying your home is most likely the single largest purchase you will make. Before jumping off the cliff (it is overwhelming, I know), we would like to provide you with some basic steps to help you by the American dream – your new home. Thank you to the National Association of Realtors for their input on this all-important message.
Step 1: Talk to mortgage brokers:
Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.
Step 2: Be ready to move:
We are currently experiencing a very low inventory of homes in our area for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house. Bottom -line is don’t hesitate. This does not mean you should grab the first house you see but you better grab the house you like – fast!
Step 3: Find a trusted partner:
It is vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process. Part and parcel of this is to listen to your broker when it comes to making an offer. Especially, in a low inventory market you need to make a strong offer. Keep in mind, that your offer is unlikely to be the only one on the table. Your realtor will tell you what he comps are in the area to help you judge your offer. Make sure it is attractive to the seller.
Step 4: Location, location, location
Develop your home/neighborhood wish list prioritizing from most important to least. Compile a list of three or four neighborhoods you’d like to live in, considering nearby schools, commuting, recreational facilities, area expansion plans, and safety. Then select where you want to live.
Step 5: Repair and maintenance costs:
Make sure you factor in any maintenance and repair costs into your buying budget. Even brand-new homes will require some work. Don’t leave yourself short and let your home deteriorate.
Step 6: Think ahead:
You haven’t even bought the house yet, but you should keep in mind reselling your home even before you buy it. You want to think about prospective buyers 10 years down the road (the average homeowner stay).
Have fun! Buying your new home should be a pleasurable experience and it will be if you take heed of the 6 steps outlined above. Don’t get stressed. Enjoy the flow!
Your friends at Station Square Realty