Looking to buy a home? Here are five essential tips for making the process as smooth as possible.
Get your finances in order.
Start by getting a full picture of your credit. Speak to a lender face to face if you can! Make sure the reported facts on your credit history and score are correct, and fix any problems you find. Next. This will put you in a better position to make a serious offer when you do find the right house. Understand what type of loan you are getting. If you do not understand this, ask me.(http://www.danfarkasrealtor.com/contact-dan-farkas...) There are differences!!!
Find a house you can afford.
Once you have met with a lender and are pre-approved, they will give you an amount that you can spend up to. They should also review your purchasing numbers with you. If they have not, ask me (http://www.danfarkasrealtor.com/contact-dan-farkas...) There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. I can help you understand all the numbers associated with your purchase. Understand the difference between closing costs and down payment. Ask me about this! I am happy to help!!! Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, HOA fees, water and sewer costs, ect....I will explain more if needed!!!
Hire a professional.
Look for an agent that knows his stuff. One that can help you understand all the stuff floating around on the dozens of websites out there. Recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process. Look for one that likes to negotiate on your behalf. I have met too many agents who are simply in for the easy buck. Look for a full time agent with advanced education (fancy alphabets behind their name) . Look for one who knows the market that they serve. One who is active in many markets allow you to become accustomed to the Greatness that West Michigan has to offer.
Do your homework.
Ask you agent to explain the current real estate market. They should have enough experience behind them to explain the past markets and tell about an areas growth rate and inventory rate. Knowing these will be helpful when you make an offer. Is it a sellers market? Is it a buyer's market? How long has a property been on the market also has an affect on the value. You and your agent should know these when making an offer on the house you like!!!! Always talk with your agent about getting home inspection!!
Think long term.
Todays purchase price effects tomorrows sale price. Make sure that you want to be in the area you are buying into for your specified time frame. Make you are understanding what you are buying and the possible outcomes for when you go to sell. Make sure these are aligned and you know what you are getting into. Make sure your agent can explain what may be potential hurdles down the road for when you do sell. Certain things like corner lots, school districts, busy streets and redevelopment around your home can have impacts on your homes value. Your agent should be able to discuss issues.
