Are you considering buying a home? Whether you’re a first time buyer or you haven’t bought a home in a while, these are a few tips that might benefit you if you are starting the home buying process.
Your first step is to consider your Budget!
- Qualifying for a loan
- It’s important to find out what you qualify for, but more importantly you want to know what your monthly payment will be to ensure you’re comfortable with that amount.
- Often times you qualify for more than you want to spend.
- Additional Monthly Costs to Consider
- Home Owners Association (HOA) – is there a monthy, quarterly or annual fee? What does it include? Some HOA’s will include water, sewer, trash or cable.
- Taxes – did your lender include estimated taxes in your monthly mortgage payment estimate or will that be an additional cost?
- Insurance – did your lender include your monthly insurance amount or is that paid separately?
- Utilities – is the home you are buying bigger than your current home? Perhaps utilities might be more, so investigate the total cost.
- Maintenance – there are always little projects to be done – windows to be cleaned, roof leaks to fix, dishwashers that break. Things happen, so getting a home warranty can help, but there will still be routine items that cost money here and there, so be sure you have a financial plan to handle those.
- Realtor Fees
- Typically Realtor fees are paid by the Seller. If your hire a Realtor and they ask you to sign any documents regarding their commission or fees, check to see if they are asking for any fees to be paid by you directly.
Your next step will be to partner with a Realtor.
- We always advise hiring an experienced Realtor that understands the contract, your obligations as a buyer and how to find the best home for you and negotiate the best contract.
- You also want a Realtor that is skilled to ensure the smoothest possible closing and if there are hiccups…how to handle them.
- Be cautious or at least know what you’re getting into if you select a part-time Realtor or a Realtor who doesn’t do many transactions.
- Interview potential Realtors and ask for references.
- Ask friends, family and co-workers for recommendations.
The real fun begins when you start looking to select your home!
- Start by identifying an area. Location should be the first priority.
- Then narrow down the style of home and specifics.
- Once you start looking at homes and evaluating your options, focus on the big picture.
- Location, Size, Floorplan, Price
- You can always upgrade or modify a home, but you can’t move it.
- If the perfect home needs some work, see if you can make and offer that will make it attractive for you financially before you take it off the list. It never hurts to make an offer…all the Seller can say is no or counter.
The Quest for Perfection!
- So many buyers are looking for the perfect home and the reality is that no home is perfect.
- Any home you find you’ll end up wanting to personalize, so make sure the critical items are checked off your list.
- Even when you select the “perfect” home, you’ll probably end up modifying with paint or something to make it your own.
- Don’t buy a house for your furniture. Buy a house for you. Your right return sectional couch or dining room table shouldn’t be the priority….you’ll probably get a new one at some point anyway.
Good luck in your house hunting adventures! Need assistance? Contact Holly at 480-266-8785 or Holly@Henbest.com.