Advice For Home Buyers
Finding The Perfect Home
Many buyers tell me about the confusion they encountered when they began their home search. You have much to think about beyond the number of bathrooms you want. The home buying tips that follow will help you make the right decisions throughout the process and secure your real estate investment. Well-timed data about the real estate market when searching for a home is the key to your success.
Prior To Purchasing
Do your best to save as much as possible for a down payment. You have the option of placing a smaller down payment when buying a home these days, however, having a larger down payment now means your mortgage will ultimately cost you less money over the life of your loan. When you factor interest into your mortgage, the more you put down on your home the less you pay out later.
Having your mortgage pre-approved by your lender will expedite any transaction in which you take part. Be sure to have a pre-approval letter in hand before your home search turns serious. You will now be able to concentrate on looking at properties you know you can manage to pay for. Sellers will take special note that you are already qualified for a mortgage and may be more willing to agree to your offer to purchase.
When you are seriously contemplating purchasing a particular home for your family, I strongly urge you to check out that neighbourhood at various times - night and day. Observing the activity in the location will be beneficial and speaking to homeowners will give you some insight. Consider talking to local business owners and even renters for more candid views of the area.
Do not forget to have your home choice inspected. If you are purchasing a property as-is for a home reno project, this is not as crucial. Home inspectors are not infallible but they can save you some future grief and even save you money on your purchase. When they find a problem such as a cracked foundation, you can point this out to the seller and discuss a better price for the home based upon repair costs or just walk away and find something else.
Your Offer To Purchase
Searching for a home is exciting and emotions run high when you close in on your first choice. Avoid making an offer on the very first house you visit, regardless if you think it’s THE ONE. Have a walkthrough tour of a number of homes before you make a firm decision to write up an offer. If you are still attached to your initial choice then make an offer. It shouldn’t matter how aggressive a real estate market is, it should not prevent you from looking at no less than three homes prior to an offer.
When you decide to write up a purchase agreement for your ultimate home, trust in your REALTOR® to guide you with the terms and offer price. They understand these negotiations intimately and will improve your chances of presenting a successful offer. Your real estate specialist has studied the market and is aware of house values; this prepares him or her for just such an occasion. Also, understand that it’s not wise to become infatuated with your initial home choice. If your offer is rejected your disappointment will be minimal.
When searching for a home the expectation is that, you might be residing there for quite some time. Be certain you are dedicated to your home buying decision. Try not to be in too much of a hurry when buying a home and take a little time if you have it to contemplate your final decision – you must be satisfied with your choice. Plan on living in your home for up to five years since this is the time you will require to accumulate the equity to match your upfront purchase costs including the down payment to avoid a potential financial loss. It Would Be My Privilege To Find Your Perfect Home. Call Me Today!
Bill Jackson, REALTOR®
Email or Call: 705-238-6001