Getting Ready to Buy a Home?
5 Tips to Do It Right!
Buying a home doesn’t need to be hard, even if it’s your first time. First, find yourself a solid realtor and lender, and then consider these 5 tips to make the buying process much easier.
Meet with a lender before getting serious about your home search—Sure, it’s fun to dream and browse online sites and open houses, but you could be setting yourself up for disappointment before you even really begin. Have your lender figure out your maximum purchase price before you shop. It’s heartbreaking to find the perfect house and then discover you can’t afford it.
Distinguish between your Wants and Needs—No house is going to check off all your wishes, so you need to prioritize. Create a list of the things you simply cannot do without. Maybe it’s a 3-stall garage or a particular school district. Check those off your list first, and then hope to add some of your wants (maybe a fireplace or hardwood floors).
Make sure you’re informed of how much cash you need upfront—Your earnest money deposit is paid at the time your offer is accepted. In addition, things like the inspection and closing costs also come out of pocket.
Know your timeline—If you’re lucky, you can be flexible with your requested closing date, but most people need to coordinate with the end of an apartment lease or closing on the home you’re selling. Know your deadlines upfront, so you’re not met with unwanted surprises.
Know the local market and what is required to get your offer accepted in a Seller’s Market—I’m sure you’ve heard how quickly houses are selling, especially in the $220,000-and-under range. To give yourself the best possible chance, keep the following in mind:
Be ready! Have your pre-approval letter on hand because it should be submitted along
with your offer.
Have money in the bank to cover your earnest money deposit (due within the next business day of your offer being accepted).
Have whoever is part of the decision-making process at the first showing because there might not be time for a second showing.
Have the mindset needed to get the house you want. Again, know what you need and what you merely want. The right house might not come around again for weeks or months.
And finally, act with confidence. You have professionals guiding you along the way, and they will advise you if you’re making a bad decision.
Good luck and have fun! House-hunting should be enjoyable, even if you do have to make some hard and fast decisions. If you have any questions, contact me at 605-864-9922.