First Financial Steps for a Home Buyer
Buyers Guide- What to do first?
Pre-Qualification: Meet with a mortgage broker or lender and find out how much of a home payment you can afford. Try to contact someone in the area you are going to be moving to. This helps with knowing the person you will be dealing with and handling of the paperwork. Professional Representation: Consider hiring a Real Estate Agent who is helping guide you through the buying process.
Get Pre-Approved: This is also done with the mortgage broker or lender. You actually apply for a home loan and get a commitment from the lender. Sellers are often a lot more receptive to buyers who have been pre-approved. The seller knows you are serious and that you can afford to buy the home. It will also save you time and keep you from being frustrated when you are searching for homes in your price range.
Make a List: Have two lists, the first list are your must haves like how many bedrooms, square footage, garage spaces, or one story or two story, etc, The second is your wish list, like a pool, bonus room, or deck. These are things like are not necessary, but you would still like to have them. Be careful not to over analyze this. You do not want to pass up homes that you really like because it doesn’t meet everything on the lists. In addition, also think about the deal breakers, these are things that would absolutely keep you from buying the home.
Be Organized: When looking at potential homes have a camera and notepad so you can take good notes on how the home matches up with your wish list. Ask yourself questions like does the home have enough space, does it provide enough lighting, is it close enough to shopping, dining out, and schools and other places you want to be close to?
Visualize: Ask yourself, will my current furniture and other items fit well in this space? Can I see myself actually living here and does the house really meet my needs?
Negotiating: Always be diligent when considering making an offer on the home.
*Include inspections and contingencies in your written offer.
*Make sure the property is inspected by a licensed professional.
*Be clear what items stay such as appliances and what goes when the home is sold.
*Always request a second walk-through on the day before or day of closing.
When buying a home there is a lot to consider and also a lot to negotiate. Make sure you have a professional who can help with this process. The process can be overwhelming and can cost you time and money if steps are over looked!