Buyer Tips

When it comes time to purchase a house, there are many helpful tips that can make this process easier for you.  Below we have defined home buying advice that we give to our very own clients.

Don't buy more than you can afford

The last thing you want to do as a home buyer is to purchase a home that you can't truly afford.  All too often buyers "bite off more than they can chew" and get caught in a downward spiral of financial distress.  There are many additional costs that arise from purchasing a home such as property taxes, insurance, upkeep, utilities, maintenance and other assessments just to name a few.  These costs add up over time so it is crucial that you can afford what you purchase to avoid mental, financial, and psychological distress.

Focus on needs, not wants

Focusing on needs instead of wants is a constant battle between a buyers emotional choices vs. their practical choices. A great way to combat this problem is by making a list of your absolute "must-haves"  in your new home before even beginning to search for a home.  Once you have created this list, begin to look at homes that meet your criteria.

Use a qualified real estate agent

Having qualified buyer representation when purchasing a home is one of best decisions you can make as a buyer.  A trained professional will help you not only get the best price, but he/she will guide you through every step of the process, eliminating any gray areas and making the overall process as smooth as possible.  Feel free to speak to multiple agents before choosing one to work with.  Considering that you are going to be hiring them to represent you, feel free to interview them and find out why they should be given the opportunity to work for you.

Get Pre-approved

If you know that you are going to need help financing the purchase of your home, it is imperative that you get pre-approved before beginning the search process.  After the process is completed, a lender will be able to give you a better understanding of what you can and cannot afford.  This will prevent you from wasting both your time and your real estate brokers time in looking at properties that are out of your price range.

Don't move money around

If you are using financing to purchase your home, it is important to not make large withdrawals or deposits from your accounts in the prior months of obtaining financing.  Moving funds around makes it more difficult and raises suspicion for an underwriter when preparing your loan package for approval.

Buy in a district with good schools

Even though you may not have children yet, or your children are grown adults, buying a home in a district with strong schools is essential for the resale value of your home.  Although this may not be a priority to you, it is a top priority for many home buyers, thus increasing property values and making your home more desirable when it comes time to sell.

Get a thorough inspection

Do not get caught up in trying to save money on a home inspection.  Spend the money to hire a licensed home inspector who is going to perform a detailed and comprehensive inspection.  This is a crucial time to divulge of any issues that may exist in your home before it becomes your problem.  If issues are found, you have the option of asking for concessions at closing, or even walking away from the deal if the issues cannot be resolved.