It’s time, you are finally buying a new home! It is one of the most significant financial decisions that you will make in your lifetime. From figuring out which location suits you best, your budget and hiring a realtor, every single decision is so important. Below we will look over five things all buyers must do before purchasing a home. Mistakes at any stage in the house buying process can cost you more than time and money; they could cost you the home of your dreams.
Consult with a Trusted Real Estate Agent
Yeah, we know that real estate agents get paid a commission based on the sale and purchase of a home. Many buyers think that this is a solid reason not to hire a realtor however, we are here to tell you the expense of an agent working on your behalf is nothing in comparison to the price you will pay for the mistakes you make on your own.
It is important to remember that a realtor is paid their commission by the seller and not the buyer. Your real estate agent will make commission off the sale price of the home that is paid for by the homes seller. The buyer will not be responsible for any of this expense. Buyers agents will secure your interest in the home and guide you through the purchasing process from the first visit to the last signature. Having the support of a real estate is a solid investment for any buyer looking to purchase a home.
House Affordability and Mortgage Pre-Approval
Most buyers think of a pre-approval as the point at which they must buy a home however, this is not the case. A pre-approval is the amount that a lender is comfortable lending you however does not mean that this is where you need to start with your home budget. It just means that they think at this threshold you could make the payments on the home. If you decided to purchase a home of a lesser value it would mean that you would have more money in your pocket each month to save, spend on modifications, and such. It is important to look at homes that meet your need while being realistic on the amount you are interested in paying out monthly for mortgage expense.
You can do it yourself or your real estate agent can also do this on your behalf. It is advisable to ask your realtor about it. They not only have ample experience in the field, but they also can focus on your recommendations for the deal to be outstanding. In general, for your better decision, and as a result, to feel in control and command – you should go through good negotiation skills.
Take Your Time Looking for A Home
Never believe or work according to someone else’s timeline and don’t make commitments that will make things challenging if your property hunt takes a few months longer than you thought about it. If you are on rent, then it’s better to stay on a month-to-month agreement so that you would be able to move without penalty or charges.
A Buying Agreement Is a MUST
Keep in mind that buying a house includes an agreement. When you are purchasing a house, there are papers to sign. A significant number of those papers, just contracts, need to be well-arranged. In the event, that you need more opportunity to survey your investigation, or want to buy a home loan, then all of this can be made a part of the deal. That is the place a clever real estate broker can help.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com. To contact one of our real estate agents call 734-426-6060 today.