Whether this is the first piece of real estate you are buying or the 100th, there are a few things you want to consider any time you buy. These 5 steps will go a long way to ensuring a successful buying experience.
1. What are you Comfortable Spending
As the increase of foreclosures over the past few years shows, responsible and sustainable should be what homeowners consider foremost. Start by identifying what you can spend, including down payment, closing costs, mortgage payment, and taxes. These are the single most important factors to consider before deciding if homeownership (or moving up) is right for you. You can use online tools like Real Estate Calculators or speak with a financial professional.
2. Find and Secure the Right Loan for You
The mortgage industry has tightened up credit requirements since the 2008 crisis to make sure surprise loans are not being given out. There are still many mortgages to be had of course but lenders are looking more closely at your credit history and including other factors. There are many different mortgage products available, from conventional to adjustable and FHA. Ultimately the options are still many and there is always one out there for you and your needs. In todays market it is also important to have someone who is checking this daily to help make sure you are getting the deal you thought you were.
3. Don't do it Alone
Today's consumer has more resources than ever at your disposal through many different websites, but as we have all come to realize, more isn't always better. Some of these tools and websites aren't as reputable as others and it's not always easy to tell which is which. One tool that's always been available has been the REALTOR®, an expert in the industry who can not only help you narrow your choices but guide you through many of the challenging aspects of negotiating and closing your purchase.
4. Making the Successful Offer on the Home of your Dreams
You've trudged through two dozen houses, and you finally stumble upon your next home. How do you make a successful offer? Sometimes there are multiple offers, and you need to overbid, other times you may be able to bid less than the asking price or negotiate something else in the offer. With the trusted advice and expertise of your REALTOR®, you have someone in your corner who wants to make your homeownership dream a reality.
5. Closing the Deal
Going from signed offer to the last signature at the closing tables can seem like an eternity. From home inspections to continued negotiations to finalizing the mortgage approval, it can be a nerve-racking experience. Again, your REALTOR® will help guide you through this process and be your trusted advisor every step of the way until you walk through the door of your new home.
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