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MY HOMESMARTS BENEFITS |
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Buying Tips |
16 Steps to Owning Your Dream Home
1. Know your rights (US Department of Housing & Urban Development)
2. Get Prequalified
This will allow you understand exactly what price you can afford when buying a home. Many people choose to purchase a home that is below what they can afford due to upcoming expenses such as college, weddings or just because they don't want to be "house poor.” Whatever you decide, use our calculators to your advantage and contact us for information on interest rates and preferred lenders. What you can afford depends on your income, credit rating, current monthly expenses, down-payment and interest rates.
3. Shop for a loan (US Department of Housing & Urban Development)
4. Learn about home buying programs
5. Income + Lifestyle = Mortgage Payment
Sit down with a mortgage lending professional and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities and fix-ups. Your dream home is certainly worth a sacrifice but don't mortgage your entire future.
6. Choose a Realtor and demand
experience and commitment
The real estate profession is plagued by high turnover. This creates a workforce that is made up of many newcomers. While there are brand new agents with good intentions, why trust one of the largest investments you make to someone without experience? Another industry set-back is the large number of part time and recreational brokers. These agents have either retired from some other career, work in real estate seasonally or are earning a second income elsewhere. No matter how long they have been in real estate, their lack of full-time commitment makes it impossible for them to keep up with the vast changes in the market, contract, law and business practices that are occurring in the profession today.
7. View houses and make a decision
Be as confident and comfortable as possible when you make this incredibly important decision. Don't move too slowly but don't move too fast. A good home, priced well, sells very quickly. Sellers sometimes have the luxury of picking from several competing buyers. HomeSmarts will assist you with maximizing your buyer appeal and will help you view as many homes necessary to get a good overall perspective of the market. When you find the right property, all the leg work and preparation will be worth it.
8. Inspect, Inspect and Inspect
Go over the inspection report with a fine-tooth comb. Make sure the report was done by a professional organization. For properties that have a Homeowner Association (HOA), carefully review all HOA governing documents and financials. Be sure the HOA won't restrict your lifestyle and is financially secure. Don't take anything for granted – inspect everything!
9. Imagine the Property Vacant
Your furnishings and decorations will be the ones filling this new residence. Don't be swayed by the existing furniture; it leaves with the owner.
10. Utilize Your Team
By aligning yourself with HomeSmarts, you will have an entire team at your disposal. You'll work with an experienced real estate professional who has sold hundreds of homes and millions of dollars worth of real estate.
11. Be Columbo
Check out all costs and expenses before you sign, including utilities, taxes, insurance, maintenance and home owner dues, if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order. Ask lots of questions and be very detail conscious.
12. Do a Final Walk Through
Visit the property prior to closing to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk through are often unintentionally overlooked.
13. Plan For Flexibility
Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don't let these delays upset or frustrate you. You want to avoid delays, but they are not uncommon in a real estate transaction.
14. If It's Not In Writing, It Doesn't Exist
All promises and discussions should be in writing. Don't make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Get the seller's written approval on all agreements.
15. Loyalty Breeds Loyalty
Be open, honest and up front with your agent and lender. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate.
16. Legal and tax advice
Real estate agents will assist, advice and guide you with financing, understanding market conditions, strategy, finding a great home, requesting disclosures, preparation of real estate contracts and the entire home buying process. However, we are not attorneys or tax consultants. Seek competent legal and tax advice when necessary.
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