How To Be An Experienced First Time Home Buyer
Congratulations! You are thinking about buying your first home, you’ve been zillow-ing, HGTV-ing and dreaming away but what to do next? First time home buying means you might not have experience, but just because you’ve never done something before doesn’t mean you have to be new to it. I was a real estate agent helping other buyers before I bought my own home, so this is something you can research and learn. Below is the start of the tricks and tips you’ll need to appear like a seasoned home buying pro.
Establish a timeline. When do you want to move? Are you renting, do you need to do to break the lease? Are you relocating to another area? If so does this have any effect on your current work commute or schedule? Keep in mind it typically takes around 60 days from accepted offer to closing day. Money. Have your agent connect you with at least two mortgage lenders for your pre-approval.
This will determine how much you can spend on your dream home. Pre-approval is one of the key pieces to getting your offer accepted on the home of your dreams. It proves to sellers you are a reliable buyer and also helps agents begin to tailor your home search. Where, What, and Why. Now that you know how much you can spend, where do you want to spend it? Talk to your agent about price points/average price per square foot in different towns and markets. Determine why you are drawn to these specific areas; are you looking for a good school system, easy commute, moving back to your home town? What are important features of the home to you; do you want a garage, big yard, master bedroom, etc. Channel your inner interior designer. Are you interested in doing work? If so, have you ever remodeled a house and how comfortable are you mentally, physically, and financially.
Are you more of a turnkey buyer, looking for a completed project? Remember, walls can be repainted and the sellers (ugly) furniture will be gone when you move in, being able to look past temporary details. If you’re coming from a smaller home or apartment, remember to budget for purchasing more furniture. Be ready to move to improve your strength as a buyer. In the current market houses are selling fast and I mean fast. To be competitive, you need to be ready to submit an offer quickly when you find the house of your dreams. Remember; the early bird gets this worm. What do you need to submit an offer; first consult your agent on your offer strategy. Are you coming in under asking price, at ask, or over ask and why? Remember to have both you and your agent inspect the home visually, although you will have a formal home inspection if your offer is accepted. See if your agent can communicate with the selling agent to find out if the sellers are looking for anything specific in the offer. Remember, upon accepted offer you must write a check for $1,000 to be kept in the selling agents office escrow account. Then 5% (minus $1,000) of your total purchase amount is due upon signing the P&S, also to be held in escrow. Write a letter. It may sound corny, but
give the sellers a bigger picture of who you are and who would be the next owners of the home. Moving is hard for all parties involved, but buyers will feel more secure with someone the feel loves their home as much as they do. Parc Central Residences offer the best homes for staying of the residents. You can do proper research at the residences to select the right one. The buyers will feel safe and secure while staying in the home. The arranging of the parties is great to have the right results.