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Buying Tips
Buying a home can be extremely intimidating for the first time homebuyer and frustrating for a second or third time buyer. Here are a few tips that can make the process a little bit less painful, which will make your purchase that much more enjoyable in the long run.
1. Get Started on your Financing Early
One of the biggest issues that can absolutely destroy any real estate purchase is financing. The first thing you should do as a buyer is start the financing conversation with a reputable mortgage broker. The information you provide them will go a long way to helping you understand exactly how much you can afford when looking to purchase your home. Additionally, they can assist you in understanding the different scenarios if you are considering more than one purchasing option.
2. Engage your Realtor Early
You can help the process of purchasing a property by engaging your Realtor early. If you have taken care in choosing your realtor, they can be a valuable resource in assuring that your financing is put together properly and fits well with your budget. Remember, your Realtor is your advocate and advisor who should be willing to step in to help you resolve any issue, including financing.
3. Have the Home Inspected
Regardless of whether you are purchasing personal property or an investment property an inspection can be not only great to provide information about the property, but an excellent bargaining tool when requesting allowances. Utilizing your Realtor as a resource for ensuring that your inspector is competent and thorough is paramount when tipping the negotiating scale in your favor.
4. Stick to your Guns
If a situation feels wrong, then it probably is. Remember, this is the most important purchase that many buyers will ever make and being comfortable is every bit as important as how many bathrooms the property has. You should feel that you have negotiated the best possible position in any real estate deal that you engage in.
5. Expect the Unexpected
The closing table can be pretty intimidating to many first time homebuyers, its all so serious and you’ll get a cramp from all of the signatures. But you can set yourself up for ultimate success by planning ahead. Your mortgage broker will provide you with an estimate of closing costs. The rule of thumb that we recommend is to add 15% to the amount of closing costs that may be requested from you.
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