5 Steps to Being Prepared for Shopping for a Home
So you think you are ready to buy a home?
Stop! Before you go any further into that thought. Contact a local bank or licensed loan officer to get:
Step 1: Pre-approved
What is a pre-approval you may ask? A pre-approval is an analysis of your credit, finances, and assets, which ultimately will tell you your purchasing power. There isn't much time to waste when searching for the perfect home. Although it is a buyer's market, the buyer's in this market are well qualified and most understand the urgency behind being the first to submit a qualified offer.
Step 2: Know what area you would like to live in and why.
The most important factors to most families in today's age are:
Relationship to work (Gas prices are at record levels and increasing)
School districts (Proximity to good schools for your children are imperative for most parents)
Amenities (Being close to your favorite market, park, or recreational activities can increase your quality of life exponentially)
Keep in mind that buying a home is to increase quality of life and to invest into an asset that can be utilized and then passed on through generations. Housing is a necessary expense, either you will rent or you will own and in this market the cost are very similar. Due to low interest rates and high inventory homes you, in some counties, can buy the home you are rented and effectively pay less. If you followed step 1 properly you will have had this determined already.
Step 3: Know the Difference Between your Wants and Needs
We all want a mansion, palm trees, and an infinity pool on a 15 acre plot in Beverly Hills for $1,200 a month but let's face the facts. If it's too good to be true, then it's probably a want not a need. Here are some typical needs for buyers in this market.
If you are unable to climb stairs you will probably want to get a single story home or a home with a bedroom downstairs.
If you don't have a green thumb, you don't need a large backyard. Look for low maintenance homes or condos.
If you have kids, be aware that the schools in the direct area are the schools they will attend.
The number of bedrooms should reflect the amount of people in which will be sleeping in those bedrooms.
Overall, be aware of your budget and lifestyle before looking for the largest home or yard. You may live to regret those decisions. Remember in real estate bigger is not always better. The golden rule in real estate is and always will be; Location, Location, Location.
Step 4: Bring Decision Makers Along for the Ride
Now that you are finally ready to venture out and view potential homes, be careful who you seek advice from.
Don't forget, you will be the one living in the home and making the payments. Some of the homes you may view may not be in the best condition. Don't automatically count these homes out. Cosmetic items such as paint, carpet, appliances, and fixtures are generally very easy to change. If you are in a home that needs a little TLC, simply ask your real estate agent if they know someone who may be able to fix the items in which are not to your liking and how much would it cost. In most cases your agent will have a network of trust worthy contractors which should be willing to make those fixes before you move in. This may save you a lot of money and allow you to place your own personal touch on your home. Never forget to bring your real estate agent to the homes you are interested in buying. They are an invaluable resource when viewing homes. Be very leery of an agent that tells you to just go and view homes on your own. This is not common practice and you should firmly request that ฝากขายที่ดิน your agent be present when you are viewing homes, even open houses.
Step 5: Be Patient
By this time you should be ready to write offers. Be patient especially when working with foreclosed homes and short sales. Timeframes can vary from as short as 30 days and as long as a couple of years. Sometimes the bargain of a short sale or foreclosure is well worth the wait, in other cases it's an immense waste of time. Be sure to discuss in detail with your agent the timeframes surrounding these types of purchases. They can be very time consuming and very frustrating to deal with.
On the other hand traditional sales, although they are far and few between, are the easiest transactions to complete. You typically will spend 30 days or less in contract before receiving the keys to your new home. If at all possible aim for traditional sales if you are looking to move quickly or relocating.
Summary
In closing, buying a home is a major commitment. It is normally a 30+ year commitment and you should be sure to spend the proper time researching your real estate agent and loan officer, and the home you are purchasing. The professional help you receive during your home search will make the difference between you buying lemon or buying a diamond. Happy house hunting America!
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