The average buyer will go through the process of buying a home about once a decade. The real estate market is always changing–the process of buying a home has evolved in the past decade, just as it evolved in the decades before that. Here are a few tips to help you through the buying process.
- Give your Realtor a call as soon as you start thinking of buying
A true real estate professional will not only help you find the right home, they’ll also guide you throughout the process. From competing with multiple offers and negotiating the best deal, to finding a contractor and helping you renovate after the sale has closed, take advantage of your realtor’s experience working in the local market to help you buy the home of your dreams.
- Get a lender on board right away
Working with a good lender from the beginning is not only smart, it may also help ensure you’re able to put an offer on the right home at the right time. A lender will explain your home financing options, help you get pre-approved for a mortgage and help you estimate the right amount to offer. If you don’t have a lender you can trust, give your Realtor a call to connect you with a reputable lender in their network.
- Manage your Expectations
In real estate, as in life, many of our frustrations stem from unmanaged expectations. When you begin your home search, think about your lifestyle, how long you plan to live in the home and your possible life changes. This will not only help you narrow down the list of homes to consider, but also help you stay focused throughout the process.
- Read the Fine Print
Before you make an offer on a home, know what’s at stake. For example, if the home you have your eye on is a condo or part of a homeowner’s association, read to see if there are any restrictions on the property. If you had to move again in a few years, would you be able to rent out the home, or is this against the rules of the HOA? The same goes for your mortgage: Are you allowed to pay it off early or is there a penalty? Will your payment go up if rates go up? The more informed you are, the better equipped you’ll be to make the right decision.
- Get a Home Inspection
A trained home inspector will offer insight into the condition of the home and spot problems or areas of concern. A home may look perfect from the outside, but may harbor damage or problems the seller may not know about. If spotted early, many of these problems can be fixed; however potential problems that are left undetected can lead to expensive repairs. While a home inspection may not find everything, it’s often able to catch most things, giving you a clearer picture of the property. Once you know more about the property and any potential repairs it may require, you can decide whether or not to proceed with the sale.
- Think About Your Long-Term Investment
Whether you plan to sell in five years or 50 years, it helps to consider a home’s resale potential. Also, think about the area and neighborhood–is it up-and-coming or well-established? Are there plans for development or are there restrictions in place, such as a green belt? While you may not be able to predict the future, you can think about how the home will fare should you decide to sell it one day.
- Plan for Renovations, No Matter How Minor
Even if you’ve found the right home for your needs, there may be some modifications you’d like to make after the sale has closed. While looking at potential houses, keep a list of possible renovations you’d like to make if you buy the home. Then, once the sale goes through, prioritize your list. Remember, your Realtor works with a variety of professionals and services in the community. If you need a referral to a trusted contractor, landscaper, electrician, etc., give your Realtor a call!
A home inspection would be a smart thing to do. That way, you can make sure there is nothing wrong with them home. If there is, you can have it fixed before you move in. And, if there are a lot of problems, or really big ones, you can just look for another home!
Mary, I like that you recommend calling a realtor as soon as you start thinking about buying. You make a good point about how they will be able to guide you through the process and ensure that you find the best home. My husband and I have been renting for a while, but we are thinking about buying a home. Hopefully, we can speak with some reputable professionals in our area about buying the best home to fit our needs.
I like what this article recommends about leaving room in the budget for renovations. I think this could be a very helpful tip, as a home is bound to have complications, etc. I’ll have to keep this in mind when looking at potential homes, as I wouldn’t want to buy a house with all of my budget and not have any money for repairs or changes. Thanks for the post!
I’m looking to buy a house for my family. Thanks for the advice about how you should get a realtor as soon as possible to help you. It would also be smart to get a house that is within your budget.
I really like your tip about making sure that you manage your expectations and fit them to your lifestyle and what you will need in a home. My husband and I have been thinking about buying a home for a while now since we are thinking about starting a family. We will have to keep these tips in mind while we are looking into real estate, thank you for sharing!
Recently my husband and I decided we should start looking for a larger home for our family. We want to make sure we find the right place and that the buying process goes as smoothly as possible. Like you said, the right realtor will be able to help you through this process and has experience in the market to find the right home. We’ll be sure to find a good realtor.
I like that tip to find a realtor. The home buying process involves a lot of complex documents I hear. I just got married so we’re planning on buying a house; I’ll keep these tips in mind.
Home buying process is not that easy at it seems to be. There are a lot of things involved in the home buying process from various documents to much more verifications. Smart steps at an early stage can help you buy the right home at a fair price. If you are looking for a mortgage for home then contact various lenders and banks with the offers they can provide you. Maintain a good credit score in advance. If you have less time and don’t have an expertise then contact a licensed mortgage broker in your area. An important tip is to buy a home that you can afford.
Good article thanks for sharing
It was useful
When you’re considering purchasing a new property, it’s important to read the fine print to see if there are any restrictions like a homeowner’s association. Thanks for posting.
I didn’t know that working with a good lender from the beginning is not only smart, it may also help ensure you’re able to put an offer on the right home at the right time. My parents want to buy a residential property for investment. My aunt suggested buying a home and shared this article with them.
Thanks for the information
good one keep it up