Are you ready to buy a home? There is a formula to buying a new home that makes the process easier and more enjoyable for all parties involved. This is a guide to the do’s and don’ts based on our years of experience buying and selling real estate.
First the Do’s – Follow These Tips and Have More Confidence at the Closing Table
Do your research! Select a realtor who can spend the time with you and understand your needs, including price ranges and if the home is the right fit for your family.
Look at several homes before you buy. Buying the first house you look at can be compared to marrying the first person you go on a date with. Always make sure you see plenty of homes in various ranges to make sure you are selecting the right home.
Invest in a professional inspection. There may be underlying issues with the home that you might not see. The average buyer will spend less than half an hour in the home before they purchase it. A professional will help you find problems and issues which may work in your favor in negotiations, or possibly avoid headaches down the road.
Buy a home that is the right size for your family. Although the kitchen may be perfect, if the home only has two bedrooms and you need three, it is better to walk away. Make a list of your needs with your realtor and stick to the list!
Get Pre-Approved. Always know the right price range of the home you can afford before you start house shopping. Getting a pre-approval is standard operating procedure and ensures no time is wasted looking at homes you cannot afford.
Look past the décor. Are the rooms large enough to be practical for your use? Does the home have good flow? Are the main living areas of the home functional for your family? Ignore the décor and keep these key points in mind.
Work on your credit score. This small thing can make a huge difference when you obtain a mortgage. Taking a few months to repair your credit will be worth it in the long haul over 15–30 years of mortgage payments.
Hire a professional realtor. A professional realtor will help you navigate the entire process and take away some of the burden when you are buying or selling a home.
Here are Some of the Don’ts When You Are Looking to Buy a Home
If you follow this list, you are sure to be a happier home-owner!
Do not buy the largest home on the block. You will not get the same return on investment in buying the largest home on the block. Before you purchase a home, make sure there are many comparable homes in the area. You’ll be glad you did the research and will certainly sleep better at night.
Do not trust what you read in the realtor ad. Sometimes you need to read between the lines. Like any ad, the realtor will likely talk about all the positives about the home and little about the negatives. A savvy buyer will need to decode any clever phrases the realtor may come up with. For instance, the work “cozy” usually means “very small”. “Motivated seller” may mean “there are problems with the house that seller does not want to address”.
Do not change jobs. Some buyers change jobs without letting their lender know. Even if you changed jobs for a better salary, lenders are looking for past paystubs for a full 30-days so changing jobs can delay the closing.
Do not make major purchase on with your credit cards. If you are buying a home and the offer was accepted, this is not the time to go out and buy a new car – this will assuredly negatively affect your FICO score.
The first step in buying a new home is selecting a location and a realtor who understands the local market, homes, communities, pricing and schools. If you are preparing to buy a home in New Jersey, especially Monmouth County or Northern Ocean County, please contact Open Doors Realty by calling 917.690.5390 or email us at firstname.lastname@example.org.