Home Buying Made Easy – 7 Tips Every New Home Buyer Should Know

 

Whether you’re buying your first home or moving to a different home, this must be a very exciting time for you. The moment you’ve worked so hard for is finally here and your adrenaline levels are through the roof. Your lifestyle experts here at Nan and Company Properties/Christie's International Real Estate are here to make sure you get the best out of your home buying experience.

 

1. Create A Plan

 

Take some time to write down exactly what type of home you’re looking for and how much you’re willing to pay for it. Having a clear idea of your budget and a grasp of the home you desire will make your buying process a seamless one. Keep into account any utilities, property taxes, potential repairs, home-owners association fees, or lawn maintenance needs as you begin to gather information about potential neighborhoods.

 

2. Team Up with A Real Estate Agent

 

Getting in contact with newly listed homes has never been easier. Today, you're able to get details on hundreds of homes at the click of a button. However, the substantial amount of home options makes working with an experienced real estate agent a must! Real estate agents are responsible for acting as a liaison between buyers and sellers. They have access to homes listed by other agents and their experience will help to ensure that you get the best deal possible. They have a strong understanding of the current market and can even refer you to mortgage lenders if needed.

 

3. Find A Trustworthy Mortgage Lender

 

Don’t limit yourself to just one lender or bank, shop around to see if you can find a deal that’s perfect for you. Compare rates, lender fees and loan terms with at least three different companies in order to get a better chance at finding the right deal. Lastly, pay attention to the fine print, weigh out your options and think long term.

 

4. Don’t Jump the Gun

 

Refraining from contacting a seller directly can be difficult, especially after it seems like you’ve found the home of your dreams. Regardless of the temptation, it’s always in your best interest to follow the right protocol. Informing your real estate agent on all possible leads guarantees that you’ll get a deal that’s best for you. Allow your agent the opportunity to facilitate the deal by reaching out to the listing agent who in turn will let the seller know of your interest.

 

5.  Invest in A Home Inspection

Most new homebuyers focus their attention on the parts of the home that can be seen. However, it’s not the color of the walls or cabinets that matter the most. It’s the maintenance needs that you can’t see at first glance that can cost you thousands of dollars. The best way to ensure your investment won’t become a liability is to order a home inspection. These inspections can cost anywhere between $300 to $600 per home so our advice is to have this performed on a home you’re already sold on.

 

6. Don’t Spend Your Savings Putting Down 20%

 

The minimum you’re required to put down on a home is 3%, however, the average home buyer usually puts down 13%. The incentive for putting down 20% is the option to not have to pay for mortgage insurance when getting a conventional mortgage. As enticing as that might sound, when deciding on how much to put down, resist making decisions that will put you in a hole. Put down an amount that doesn’t run you the risk of losing your emergency fund.

 

7. Keep A Written Copy of All Deals

 

Protect yourself and your investment by keeping written copies of all agreements. Legal jargon and real estate terminology can be confusing, so you’re encouraged to always ask a lot of questions. Keep from rushing into anything and read before you sign! Guarantee a seamless transaction by making sure your real estate agent is in the loop and up to date on any off-paper proposals.

 

As a new home buyer, purchasing a home is a huge investment and an even bigger commitment so making mistakes can get costly. The goal is to not put yourself in a tight spot, jeopardize your credit or stretch yourself too thin. Thankfully, with these sure proof tips, you’ll be on the right path to securing a home that’s just right for you!