HOW TO CHOOSE THE RIGHT REALTOR®
Your most important decision when purchasing your home is the selection of the person you choose to represent you. The job of your Realtor® is to
support you in purchasing your home with the best possible terms, and to aid you through the entire process.
Your Realtor® will explain the process of purchasing a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction. Please read below for additional valuable information.
BEFORE YOU BUY A HOME
By doing your homework before you buy, you’ll feel more confident about your new home purchase. Most potential home buyers are a “tad bit” daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. The Caywoods’ have more than 34 years experience selling real estate. We would consider it a privledge to help you make smart decisions about your largest investment of a home purchase.
FINDING YOUR NEW HOME
A solid game plan can help you narrow your home buying search to find the best home for you. When looking for your new house, make sure to take into consideration how long you plan to stay there. House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. The following tips will guide you through a smart home buying process.
Don’t Mentally Move in Until You Strike the Deal…
If you’ve already mentally moved into your home before closing, you will lose your ability to objectively determine whether that particular property is the best fit for you and your family. You may also lose leverage in negotiating fair terms since the seller can tell if you have taken the bait, hook, line and sinker.
If you proclaim, “I absolutely have to have THIS house,” is the seller likely to drop the price or make any repairs that might be found during the home inspection?
Instead, when you think you may have found your ideal home, do your best to blanket your excitement when negotiating with the seller and stay objective on whether it is indeed the best home for you and your family.
Set Aside Money for Home Repairs…
Your potential new home may seem to be operating just fine, but damages may surface just a few weeks down the line. Make sure you set enough aside to cover big ticket expenses.
For example, within 10 days of our home purchase in the month of July the AC quit! We had a Home Warranty fortunately. When buying a home, it is wise to purchase a Home Warranty. Err on the side of being conservative as to how much home repairs are likely to run.
If the seller has either disclosed flaws in the home or a home inspector identifies problem items, be prepared to spend money to fix those right away. If the seller has disclosed a troublesome hot water heater, washer and dryer, roof, etc., odds are it will need to be repaired sooner rather than later.
Set Aside Money for Interior Design…
In addition to home repairs, you will likely want to make some design changes, including purchasing furniture and other items for your new home. Personally my vote would be to budget for patio furniture, since you’ll be itching to enjoy the back yard once you move in.
Prepare to Close on a Mortgage…
Some first-time home buyers are surprised that it costs several thousand dollars to close on a mortgage for their home. It is smart to plan ahead and ask your mortgage broker for an estimate of how much the closing costs will run when you get pre-approved for a loan and not wait to find out how high closing costs will run a few days before closing.
Strategically Select Your Mortgage…
A 30-year fixed mortgage is not a one-size-fits-all solution for financing your home. We work with a savvy mortgage broker, ask whether a seven- or 15-year mortgage would best fit your circumstances as you may sell your home in the next few years.
Gather All Necessary Paperwork and Information…
Getting approved for a home loan can be a tedious, stressful process. Just when you think you have provided every single last possible bit of your financial details, the mortgage broker is likely to ask you for one more piece of information.
To keep from going crazy from the paperwork, plan for the time it will take to complete it. Ask yourself how much documentation would we need before loaning a large amount of money to a complete stranger.
Time Your Home Purchase Around Other Life Changes…
There are only so many hours in a day, and finding your ideal home, purchasing the home, getting approved for a mortgage and planning a move can be extremely time consuming. It’s ideal to focus on buying a home when you do not already have other big time commitments going on in your life. For example, try not to purchase a home when you are having a child, planning a wedding or changing jobs.
Beware of Your Own Vainglory…
The idea of paying a real estate agent 2.5 to 3 percent of the purchase price of your home might seem absurd at first, but you should involve an expert when you are making one of the biggest investments of your life. Get the help you need and don’t be overconfident that you can figure out all of the home-buying wrinkles on your own. The right real estate agent is likely to earn every penny of his or her commission by not only being a knowledgeable resource but by also being emotionally supportive and trustworthy. You will be glad you had one during the home buying process.
Buying a home is an exciting but stressful time. Hopefully these tips will help make the process more of a celebration!
