Buying Advice – Be A Confident Buyer When Purchasing Your New Home
This is ‘must-do’ advice that I give all of my clients before buying a new home. This advice will help make you a more confident, well-prepared buyer.
- Figure Out Your Price Point and get Pre-Approved. One of the first steps in the buying process, is to figure out what monthly mortgage payment is comfortable for you. The best way to do this, is to consult with a lender-preferably a local lender, and have him or her run the numbers for you. This way you can get pre-approved for a purchase price that you can manage from month to month, and it will then allow you and your realtor to proceed with your home search.
- Find Your Neighborhood and Pick Your Amenities. Secondly, focus in on the area in which you would like to move. Build your search upon your price range, what type of house you’re looking for, and the different types of amenities you desire. Your agent can create a search engine through the MLS, that can detail all the points you’re trying to cover, with regard to your search.
- Make Your Offer. After previewing possible homes to purchase, sit down with your agent and have him or her review comparable sales to the property that you’d like to make an offer on. You should be looking at recent sales, and you should be considering some of the following items, prior to making the offer: the size of the houses compared to the subject property, whether or not basements are finished, what kind of lot the houses sit on, etc.
- Get Inspections. Other things to consider for the contract, once you settle on an offer price, are the inspections you do. I always recommend a home inspection, even if you’re unable to make it a contingency to a contract. You should also be doing a radon inspection, especially in basements without egress. The bank(s) funding the loan will require a termite inspection as well