As you probably already know, buying a home is one of the biggest decisions that you will ever make in your lifetime. Not only which home to buy, but also when to buy, where to buy, how much to spend, and how long do you want to pay for it.
I’ve put together 5 very important things to remember when buying a home. I feel that you’ll be in a good position moving forward if you follow these tips.
1.) DECIDE IF YOU’RE READY TO BUY? – Before you start looking for your new dream home, you need to decide if you’re ready to buy or if you should continue to rent.
2.) GET PRE-APPROVED – It’s a good idea to get pre-approved for a mortgage before you start looking for a new home. It’s also a good idea to shop around for the best mortgage you can get. This not only includes how much money they will lend you, but also at what interest rate, and for how long. Getting Pre-Approved also sets a realistic price range for what you can spend on your new home, and eliminates the possible disapointment of finding your dream home and then realizing that it’s beyond your reach.
3.) USE A REALTOR THAT YOU FEEL COMFORTABLE WITH – You might already know this, but as a buyer you don’t have to use the REALTOR that has listed the home that you’re interested in buying. In fact in some cases, it might work better to use your own REALTOR that is working directly for you. Remember, the listing REALTOR is already working for the seller. This ensures that YOUR REALTOR has your best interests in mind when buying a home.
4.) GET YOUR REALTOR WORKING FOR YOU – A Realtor can supply you with comparable information(comparables)to help ensure that you’re not paying too much for the home, or to prove that you’re getting an exceptional deal. A REALTOR can also set you up on an automated search that will give you some insightful and essential information. This information includes “what homes are listed right now”, “what homes have SOLD”, “the price that the homes SOLD for”, “how long the homes were on the market before they SOLD”, and “the difference between the asking price and the sale price”. And finally, a good REALTOR can help suggest other resources that are needed to close the sale. These include home inspectors, lawyers, and even mortgage specialists if needed.
5.) GET A HOME INSPECTION – This could be the biggest financial investment that you make in your lifetime. why wouldn’t you secure your investment? A home inspection will cost roughly about $500(depending on the size of the home), and a good home inspector will ensure that the most important items are addressed. This should include the structure, exterior, heating and ventilating, plumbing, electrical, and even the roof. With your home inspection you should receive a detailed report, and included will be a rundown of items that could be possible deal breakers. Remember, it will cost you about $500, but if you don’t know about these problems it could cost you tens of thousand of dollars down the road to repair or replace. Usually if you find something in the home inspection that you don’t like, you can walk away from the deal and get all of your deposits back(as long as you haven’t already waived your Home Inspection condition).
If you are interested in buying or selling a home, call me today!
Bruce Voigt -REALTOR
RE/MAX Rocky View Real Estate