20 TIPS FOR Buying!
Financing/Lender
1. Loan type and interest rates - These can affect both money due at closing and amount of monthly payment.
2. Build up savings - The more you have in reserve, the more options you have.
3. Check on credit score - Make sure it is correct and work on any repair needed.
Preview Homes & Neighborhoods
6. Internet search - Find a search site that you like. The most accurate is Realtor.com.
7. Go to open houses - Find houses in your price range and explore.
8. Drive neighborhoods - Look at amenities like sidewalks, parks, schools and shopping.
Time to Search (Seriously)
11. Find an Agent (ME!) - Find someone you can trust that knows the process.
12. Must have list - Talk about what you like about the houses that you have seen and narrow down the search criteria.
13. Be aware of things that can’t change - The house may have the perfect kitchen, but the train tracks in the back rattle the coffee cups off the shelf. Location, location, location.
Time to Write a Contract
16. Preview the paperwork - It is good to have an idea of what all is included in the paperwork before you sit down to write an offer.
17. Negotiations - Are you a bargain hunter? Do you want to just make one offer without a lot of back and forth? Figure out your negotiating style to help advise your agent.
18. Home inspectors/Contractors - Having recommendations before having an offer on the table will make the inspection process smoother.
4. 25% rule - It is recommended that housing is not more than 25% of your monthly income.
5. Talk about prequalification - When they recommend getting that set and talk about price range.
9. Different areas have different taxes - Taxes can have as much influence on a monthly payment as the interest rate.
10. Set a wide net - This is a time to really narrow down what you can and can’t live without.
14. Budget - Set your price range early, preferably on the lower end of what you are comfortable with.
15. Purpose of the home - Is this a fixer upper to build equity? A forever home? Maybe turn it into a rental in a couple of years? What is your financial goal with the home?
19. Home Warranties - This is a way to insure that the major components of your home are covered for a year.
20. Hurry up and Wait - After finally finding a home and getting an offer accepted, it is often 30-45 days before closing. Patience and a sense of humor is often needed. Your agent can help with pushing the process forward with timely communication.