5 Tips for Home Buyers
These are five tips that buyers should do prior to buying a home. As a buyer it can be confusing on what to do, and where to go when starting out on buying a house. These can set a great foundation on what to look for when starting!
Before Buying, Get Approved:
Once you are ready to buy a home there should be a consultation with a mortgage professional so that the buyer’s purchase capacity is known prior to your home search. This means that the buyer can tell their agent what the price point of their future home is in. Also, this gives you the buyer knowledge on what your monthly expenses will be total for the mortgage payments.
Before Committing, The Mortgage budget:
The home purchase statistically is the largest purchase and monthly expense that a family is involved with in their lifetime. Paying for a mortgage payment that may or may not include PMI (Private Mortgage Insurance) is typically the highest payment/bill for a family each month. A great rule of thumb for a buying family is to have one fourth of their take home pay set aside for the mortgage payment each month, which should include the PMI expense, property taxes, and insurance.
Before Looking, Talk to an Agent:
The buying experience should be a pleasant experience, and that is reason enough to make sure that as a buyer your expectations and needs are disclosed to your representing buying agent. Communication can get lost over e-mail, phone calls, and text messages. If there is ever a time to sit down and have a conversation, this is it. Your agent can hear and see the expectations, wants, needs, and fears when the conversation is in person. It is very hard to pick up all these little tidbits and body language while writing e-mails or talking on the phone.
Before Confirming the Area:
Make sure that as a future family and owner of the home you research the area to make sure that it would be well suited for you and your family. This includes checking out the area of the home, seeing if the home is on a busy street with noise and possible fast moving cars that cause a hazard for little kids. Are there proper schools within the area that are the right fit for your family and your children. Also, the conveniences of grocery stores close by, malls for clothe shopping, and easy access to major freeways.
Before Summiting the offer:
As the offer is going to be summited, sit with your agent tell the agent what the price offered will be, and if you along with the agent believe that this is a good affordable offer. Also, make sure the agent adds all the correct information, offer price, financing terms, closing cost concessions if any, and any other negotiating pieces that you would like to add into the contract to reduce the miscommunication and counter offers.
These five tips will be great to make sure the first offer is accepted as smooth as possible and the home fits all your needs as a buyer.