Buying a home is exciting and at the same time challenging. Often, this will be a first time experience which makes it even more important to have done all of your homework prior to beginning the search. It is one of the most expensive purchases you will ever make. You should seek advice from a professional and educate yourself to make the right decisions to avoid purchasing a home that will not work for the long term and / or be a constant strain on your budget.
To help you achieve your goal there are certain steps that you should follow.
Prioritize
This is the largest purchase most people make. Set your priorities upfront. The size and design of a home is a very important priority for home buyers. Those expecting a big family will want a large family home, while single people or couples with no kids will want a smaller home.
Equally as important, however, is the kind of neighborhood in which the home is located. For some people it is a neighborhood with short commutes to great jobs or good schools. Others are looking for areas with low property taxes, while some prefer houses with a set number of bedrooms and bathrooms. Eco-conscious home buyers might be looking for homes with solar energy or sufficient yard space for gardens. Make a list of your priorities to help your Realtor narrow your home search. Put your list in order of importance to help focus on the things that matter most to your family.
Do Your Research
The age of the Internet makes this task much easier than it used to be to research areas and home types. Your Realtor will also provide you with information that is not always available to the public. This information includes pictures of the property, statistics on the amount of property and internal space, as well as the listing price of the home. In addition, many include ratings on local schools, local businesses and employers as well as the statistics on the recent sales in the neighborhood where the home is located.
Shoppers should also seek out information on traffic conditions in the area, as well as Information on the Homeowner’s Association, Bylaws in the community and verify the amount of Homeowner’s dues. Once you’ve narrowed it down, visit the area to take a look at the house and to check out the community first hand.
A Good Realtor Makes all the Difference
In addition to researching the ideal home, a prospective buyer should hire a real estate agent to help with their search. Real estate agents are professionals who know how to get in-depth information about properties and steer customers toward the right home. Real estate agents may have knowledge about the area that the customer doesn’t, including information that enables them to negotiate a price based on current market conditions. This includes local market conditions and previous attempts to sell the house in question. They also serve as a facilitor between the buyers and sellers to help them each achieve their goals. Real estate agents with the help of a good Title Company can also discover legal burdens upon the house. This includes tax liens or other issues that could complicate the sale of a home. Choosing a good Realtor is finding an agent that is competent, experienced and makes you feel comfortable. You will be spending a lot of time together.
Get Pre-Qualified or Pre-Approved for a Loan
In order to finance the purchase of a home, buyers have two main choices. One is to purchase the home with cash, and the other is to obtain a loan. Those who need a loan will typically need to come up with a down payment for a home loan, also known as a mortgage. Before choosing a home, it is important to take this step first. Pre-approval of a mortgage loan means that the lender has authorized the loan according to the information provided. A good Realtor will also be able to point you in the right direction with introductions to mortgage brokers and banks.
Buying a home is exciting. Following the steps above will help to ensure a smooth process so you can move quickly once you find your dream home.