Buying a home is often the single-most important, largest investment in your life. Achieving the goal of homeownership requires research, dedication, patience and knowledge. Here are 8 common sense tips to help you find the best property.
1. Needs and Wants
Before you do anything, sit down and make a list of your wants and needs. Write down everything that comes to mind. This list will most likely change several times as you learn more about all your options. You may change what is the most and least important to you. Prioritize your list because unless you have an unlimited budget you will probably have to make compromises.
2. Establish a Price Range
This step is crucial. Figure out how much you are willing to allocate each month for your housing expense. A few of you will be able to pay cash, but you will still have expenses in the way of property taxes, insurance and maintenance. If you are getting a mortgage talk to your bank or lender to see what you qualify for or contact me for a list of mortgage brokers that I’ve had success with. You may be able to get a large loan but that does not mean you need or want to spend that much. It is important to match your budget with your needs and wants.
3. Mortgage Pre-Approval is a Critical Step
Get pre-approved for a mortgage before you start looking for homes. Often times a buyer wants to go find a home and then figure out how to pay for it. That is backwards. Find out what you can or are willing to afford and then start looking for properties. The key is to not waste time and create unrealistic expectations. Pre-qualification by a lender isn’t enough to put in an offer. It’s a pre-approval that sellers want to see.
4. Pick a Great Realtor
Given the complexities of buying a home, a real estate agent is a highly valuable resource of information and contacts who can help you navigate through the process of homeownership, put forth an offer, push paper work, and much more. Since there are many types of real estate agents, shop around for a real estate agent who is right for you and whom you trust.
5. Learn the Real Estate Market
Have your Realtor send you homes or condos that have recently sold within your price range for the last 3-6 months. Do you like any of them? Often times a home buyer only likes properties that are outside their budget. A buyer may love what they get for $700,000 but has a budget of $500,000. In this case only two things can happen. Either raise your budget or lower your expectations. A skilled Realtor can guide you to alternative options that you may never have thought of, like a location you weren’t aware of, or a different type of property.
6. Favorite Neighborhoods
Make a list of your favorite neighborhoods. Make sure your price range matches what those locations have to offer. Communicate to your Realtor why these neighborhoods are attractive to you. They may be able to match your needs and wants to an alternative location.
7. What is Currently for Sale
You figured out what you want, got pre-approved for a mortgage, established a comfortable price range, found a good Realtor, learned the real estate market and made a list of your favorite communities. Now it is time to start looking at homes. Have your Realtor provide you with a list of homes that match your needs, price range and are within your favorite areas. Drive by these homes or have your Realtor book appointment for private showings. Your Realtor who accompanies you may point out interesting details that you may overlook. Again, don’t do this until you are ready to purchase. The real estate market changes daily so if you find the perfect house today it may not be there tomorrow or next week.
8. Patience
You may look at everything for sale and not fall in love with anything. That is ok. Just have your Realtor put you on an automated email program to send you listings in your favorite communities as they come on the market. Your Realtor will also preview homes for you right when they come on the market to make sure you eventually find your dream home.
For more tips or questions feel free to contact me, it would be a privilege to help you find your dream home.
Kristen Jervey
Coldwell Banker Residential Brokerage
316 Washington Street • Norwell, MA 02061
Office 781.659.955 • Cell 617.285.8715
Owned and Operated by NRT, LLC
