A guide for home buyers

The process of finding and buying a home can be fantastic. It is the largest purchase most consumers make and it can be a huge and life changing step, it is a process that you may not be very familiar with. Buying a home can also be intimidating, but with the help and guidance of a professional, this trip can be enjoyable. As you embark on this journey, please consider the general schedule outlined below that we have provided to you. We as real estate professionals deal with this process on a daily basis and have provided guidance and advice to many buyers, so use these tips to your advantage as a guide to your success.

Financing

Line up your ducks. The first step is to meet with your mortgage professional to get prequalified for a loan. By making this your first step, you will be able to find a home within your price range. Financing is always the first step, whether it is your first home or the home of your dreams. When applying for a loan, you will be asked to complete a credit application by providing your personal and financial information to your lender. Having a reliable lender, someone you trust, is crucial. We would be happy to refer you to a professional we have a relationship with and who has a proven track record if you need one.

If you are currently renting, you are currently paying a mortgage payment, it is just someone else’s mortgage and you are not receiving tax benefits for it. So try playing house for a while to get started. A very beneficial exercise is to create a savings account and save the difference between the current rent and the advance mortgage payment each month as if you were making a house payment. This will allow you to see how comfortable you are living with payments slightly above your rent amount and begin to build a cash reserve that you can use as a down payment. Keep in mind that when you enter your new home, your payments will most likely be higher than your current rent payment. However, at the end of the year, you will get the tax advantages that you do not currently have as a tenant.

Purchases

Take a look at your desired neighborhood. What can you get for your money? What does $ 500,000 buy there? What does $ 1,000,000 buy there? The key is to first determine your price point and then narrow down from there what your search criteria will be. Looking for a single family home, townhome, or condo? Keep in mind that a townhome or condo will most likely have a homeowners association that you will need to pay for each month. This is an additional expense. Now is the time to find out how much home you will buy with your money. At this point in the process, you need to shop smart, not hard. Save your shoe leather and let your toes do the work. Look online first. Have us send you listings from the multiple listing service that matches your criteria and start to get a feel for the current market.

Making a decision

Communication is key. The more you communicate with us as your real estate team, the better. Our job is to get you to your goal as soon as possible and the more we know about your wants, needs, and desires, the better the results will be for you. At this stage of the game, being realistic about what you are really looking for in a home is vital. Consider your lifestyle and what you absolutely could not live with or without in your home. Do you need a patio, a fireplace, a large kitchen? Organize things into categories: I have to have, I would like but I could give it up and I can live without it. This will help you make the right trade-offs when classifying properties. It is important to do your shopping with one goal in mind to finish with the house that will give you the greatest rewards. For many, this house will be just a stepping stone. Many first-time buyers are not yet in a position to move into their dream home. It’s good to think of it like that; Although this property may not be your dream home, this may be your first step towards your dream home.

The offer

Once you find that gem and are willing to bid, there are a few other things to consider. How much do you want to deposit as collateral and what provisions and conditions, if any, to make? These considerations are always specific to the property and the buyer. These are the decisions that help my clients decide every day. It is important to consider the seller’s motivation when bidding on a property to ensure that your offer is the best they see. As your real estate agent, I do the homework and make the phone calls to position you and your offer in the best light. I take into consideration your best purchasing power for a particular property and act accordingly when submitting an attractive offer. This is where my experience and knowledge really comes to work. I can really save you time on counter offers and negotiations.

Obviously, each real estate transaction has its own qualities and points to consider. These steps are intended to be a general preview of what to expect and consider. Contact me for specific advice that addresses your unique goals so that I can help you succeed with your transaction!