8 Tips for Buying a Home
1. Set a Realistic Budget
Buying a home is a huge financial decision. It is important to know how much you can afford. A good rule of thumb is to set aside about 1/3 of your income for your mortgage. If you are a first time home buyer, you will also want to consider additional costs that you might not have had when renting a property such as maintenance, repairs, purchasing additional furniture, and homeowner association fees.
2. Get Pre-Qualified
Getting pre-qualified for a loan with your bank will prepare you to put in an offer quickly when you find a home you want to purchase. In this hot market, buying a home can be competitive. As a buyer, it is to your advantage to have all your finances in a row prior to making an offer. You can visit our preferred lender’s website to get started.
3. Don’t Make Any Big Purchases Before Buying a Home
With the excitement of purchasing your dream home, it can be easy to get swept up and to begin buying couches, new mattresses, dining tables, and other expensive pieces of furniture to decorate your home. If you are thinking about buying any of these costly items, it is best to practice a little patience and wait until you have purchased your home. This is to ensure the financing process is as smooth as possible so you are able to get the loan you need quickly.
4. Do Your Research
Your realtor will help inform you about the real estate market and what to expect during the home buying process, but it is important to do a little of your own research. Spend some time thinking about the commute, school systems, and the type of vibe you are looking for. Then head online and figure out what area will best suit your needs.
5. Work with a Great Realtor
A realtor is a huge asset in the home buying process. They should be well informed about the neighborhoods you are looking to buy in and should be your advocate to get you the ideal property at a price that fits your budget. Let your realtor take the headache out of the home buying process as they will navigate the paperwork, contracts, and negotiations for you!
6. Know Your Deal Breakers
Come up with a list of must-haves and deal breakers to help narrow your search. This will also help your realtor to find you the homes that will best meet your needs. It might be helpful for you to find a few homes you like on an online search platform to share with your realtor so they can get an idea of what you are looking for. How many bedrooms and bathrooms are you looking for? Do you like a traditional home? Rustic or farmhouse home? Modern home? Are hardwood floors a must or do you prefer carpet? Do you like to relax in a large Jacuzzi bath tub? Is your favorite form of exercise a swim in the pool? Let your realtor know your preferences so they can find your next home quickly
7. Think Like an Investor
Buying a home can be a fantastic investment that can put you and your family in a great financial space. Ask your realtor if they have any recommendations in terms of what will make a good real estate investment. Should you purchase an older home that is a fixer upper? Is it better to buy a home on the outskirts of the suburbs or closer to the major highways and bustling city centers
8. Don’t Make Decisions Based on Emotions
It is important to take your time and to make an informed decision when buying a home. Stick to your budget and keep your deal breakers and deal makers in mind. The real estate market can be competitive and unpredictable so if a deal doesn’t go through, take a deep breath and keep looking. With the assistance of a trained realtor, you will find a house that fits your needs.
Contact Me
As always, I’m here to meet your real estate needs. If you are ready to buy or sell a home, please enter your contact information below. It would be my pleasure to work with you to help you achieve your real estate goals!
With Warm Regards,
Nicholas D’Alessandro, Realtor