Local Buying Tips

Buying a home is a major undertaking, regardless of whether you’re a first-time buyer or an experienced homeowner. It can be confusing and overwhelming to try and navigate listings, offers, inspections, and price negotiations on your own.

To help you out in your home-buying process, here are some tips that will make your experience go much more smoothly.

1. Fix up your finances

The first step to buying your dream home is to get your finances in order. Pay off as much debt as you can, and avoid making any large purchases or opening new credit accounts for at least 6 months before you start your home search.

Because a home is such a large, significant purchase, mortgage lenders look for reliability and steadiness in your finances. Get on track now so that you don’t jeopardize your chance of affording your new place.

2. Choose a real estate agent

Buying a home can be a time-consuming and complicated process. If you want things to go as smoothly and quickly as possible, you need a great real estate agent on your side.

Real estate agents stay on top of the market and know what’s available in the area where you’re looking, sometimes before it’s even listed. They do all the heavy lifting of combing through listings to find the homes that check off all the items on your list. They coordinate inspections, negotiate offers, and make sure there are no loose ends left hanging by the time you show up to the closing table.

3. Get pre-approved for a loan

The next step is to get pre-approved for a loan. Your mortgage lender will need to see a complete picture of your finances in order to know how much house you can afford and which type of financing is best for you.

Getting pre-approved is not the same as being pre-qualified. Anyone can be pre-qualified, but only buyers who have met with a mortgage lender and received a letter stating how much the lending is willing to give you are pre-approved. That pre-approval letter is something most real estate agents will ask to see before showing you a home, so come prepared and keep the process running smoothly.

4. Research the neighborhood

If you’re planning to buy a home in a different area from where you currently live, you should spend some time researching the neighborhood before you commit.

If you have children or are planning to start a family, consider the quality and locations of local schools. If you have dogs, is there a park nearby where you can take them to play? How will the area affect your commute to and from work? Is the area experiencing an increase or decline in new development?

Decide what kind of neighborhood best suits your lifestyle so that your buyer’s agent can help you find homes in the right area for you.

5. Make a list of needs and wants

Just like with your neighborhood, make a list of things you need and want in your new home. Is having an office space important to you, or would you rather find something with plenty of lawn space? Do you need a house with several bathrooms, or are you looking for a finished basement where the kids can play?

This list is important because it will help your real estate agent find listings that fit what you’re looking for. And even if you can’t find a home that checks off every item on the list, you’re certain to find something that comes close.

6. Not every offer is equal

When do you find the perfect home, you’ll need to make an offer. And while the price you offer is very important, you should also remember that money isn’t everything.

For instance, if you and one other buyer both make an offer on a house, but you’re paying cash and their offer is contingent on the sale of their current home, a motivated seller may be more inclined to take the cash offer even if it’s for less money simply because it’s likely to close faster.

This is where having a great buyer’s agent on your side is crucial, because they’ll be able to advise you on how much to offer in order to compete with other buyers.

7. Insist on a home inspection

Once the seller accepts your offer, the process isn’t done just yet. You still need to pay to have the home professionally inspected. This lets you know what repairs to ask the seller to make, as well as which ones you can expect within the next few years.

A home inspection covers everything from the roof to the basement so that you know what you’re getting into. And if the inspection report reveals that the home needs significant repairs, like a new roof or septic system, your buyer’s agent can advise you whether to lower your offer, ask for repairs, or back out altogether.

Ready to find your dream home? I would love to help! Browse my listings or contact me to get started.