Buyer Basics

Buying a Home?  Follow these tips to get the best “bang for your buck”

There a so many things to consider when you are looking to purchase a home, whether it is your first purchase or your fifth or sixth, and it all depends on the individual as to what the most important factor in your search will be. For some, it will be cost, for others, location, while for someone else it may be a little more specific like an updated kitchen, or laundry room on the first floor. Regardless of criteria, here are some tips that will help you in your search.

As mentioned in the first paragraph, it is important to put your housing wants and needs into a list of priorities.  This can sometimes be a difficult conversation to have with your partner, or with yourself, but you will find that by setting the parameters up front the search process will be lot easier. On this list, put down what you are willing and able to spend, what amenities you must have (parking, garage, number of bedrooms, fenced yard) on one side and a list of extras that can be compromised on the other (carpet, paint, other cosmetic items). If you are already working with a buyer’s agent, give a copy of this list to them so that they can go ahead and start looking on your behalf. They may have other resources available apart from MLS that you don’t.

One thing that is very important to know before you actively begin to search is how much home can you afford. There are many different ways to navigate through the lending process. You can go with your bank or credit union, or you can use a mortgage broker. You can also talk with a real estate agent to get suggestions – some offices have in house lending or partnerships with banks to help get you pre-qualified and pre-approved for a loan so that you know what price range you should be searching in.

Because the Internet has become such a popular tool in searching for real estate, this is most likely where your search will begin. Take the time to look through the homes you are interested in and start narrowing them down. Once you find some that you think would make a good match, you can do a couple of things. One, call your buyer’s agent with the list of properties to see. Two, if you don’t have a buyer’s agent yet, you can call the listing agent and let them know you are interested in seeing the property – they will instruct you accordingly.

Now that you are armed with a list, and are ready to start viewing homes with an agent, here are a few things to do to help you find your perfect home.

  1. Take a notebook. At each listing, take a lot of notes and have a copy of your priorities list as well as the MLS page from your real estate agent. Write down everything from your initial thoughts pulling into the driveway, to what the surroundings are like (trees, suburbia, etc), what amenities are available (pool, golf, tennis, walking trails, etc.). How far is the commute (if applicable), and is shopping close by? Check off the items the property has on your priorities list. Finally, rate each home as soon as you leave it on a scale of 1-10.
  2. Take pictures. Today’s smart phones are good for more than just talking. Many of them are camera and video ready which makes them an excellent tool to have while out looking at homes. Just be sure to label each picture so you won’t get confused later.
  3. Take a friend or family member. This may not work for everyone, but sometimes people can get caught up in the emotions of buying a home and can lose some of their objectivity. As an agent, it is my duty to assist you in buying a home, give you facts about the property but I cannot choose that home for you. Some will find that bringing a friend of family member that can help keep their feet on the ground and give their objective opinion very helpful in the process.
  4. Narrow it down and revisit. Once you’ve visited the properties on your list, take the ones that scored the highest on your list and revisit them. Review the property disclosure form (which should be available for most properties) and see what may need to be done to the property.
  5.  If you think you are ready and have found the home that is right for you, talk with your agent about making an offer. We will take you step by step through the buying process from the initial offer and counter offers, to inspections, and finally the closing table.

Finding and purchasing a home will be one of the biggest decisions – both personally and financially – that you will ever make. If you would like to speak with me about the home buying process, please contact me directly at 919-229-2013.