Buying
As everyone knows, buying a home is not an impulse purchase; you can’t just waltz in and declare “I’ll take it!” Long before you get to making that offer—and even before going to your first open house—there are a ton of things to do and to prepare. Overwhelmed? Here’s a checklist of everything you need to do to get ready to buy a home.
Meet with a mortgage broker and find out how much you can afford to pay for a home.
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are serious about buying a home. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for your first time buying a home, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.
In a convenient location, keep handy the items that will assist you in maximizing your home search efforts — a file of properties your agent has shown you, paper and pen for notes, and a camera to help refresh your memory on individual properties. Consider location as if you were the seller: school district, crime rate, and proximity to shopping, parks, and freeway access all matter.
Are the rooms laid out to fit your needs? Is there enough light?
A few extra dollars well spent now may save you big expenses in the long run. Include inspection & mortgage contingencies in your written offer, have the property inspected by a professional, and request a second walk-through within 24 hours of closing to confirm nothing has changed since the offer.
What will get you the most bang for your buck? Weigh free real estate publications, classifieds, and photo-box ads to see what makes the most sense for your search.
Know Before You Buy
Let me help navigate you through the various stages of buying a home.
