A lot of first time home buyers will ask the question "I want to buy a home but I don't know where to start?". My answer is always to get pre-qualified with a lender. Quality REALTORS® will have a list of lenders they have worked with and can refer you to a few that can assist you. You have the right to use anyone you like. However, a good referral can save you a lot of time and heartache when it comes to closing on your home or having the deal fall through.
2. Hold Off on Spending
When it comes to buying your home, one of the quickest ways to kill a deal is to start making big purchases. Most buyers know not to buy a new car but get excited to start buying the furniture, TV, new appliances, etc. This is a HUGE mistake, particularly if put on a credit card or you get it financed. It is a sure way to kill the financing on your home or disqualify you from obtaining a loan.
3. Discuss What is Important to You
REALTORS® are great at locating homes and helping you avoid the pitfalls of the transaction. They are not mind readers although sometimes you may think they are. You will need to be open with your REALTOR® and your significant other and discuss with them what is important to you when purchasing your home. You may be surprised at what you find out you really want. Most REALTORS® will discuss this with you at the very beginning of your home search so be prepared. It will maximize your time during the home search.
4. Take Notes
Once you start the search you may find the "right" home your first day! AWESOME!!! However, it usually doesn't happen this way with your first home. You may have noticed I used the term "right" instead of "perfect". This is because very rarely is their a perfect home in any price range. There are pros and cons to each property. It may be close to the school you want, but a smaller home than you like. Kitchen is beautiful, but the rooms are small. The price is right, but the home needs to be updated. Taking notes throughout the process will assist you in remembering which properties you like along with why you liked them. In turn, making your choice on the right home an easier decision.
5. Getting the "Best Deal"
To all my buyers who feel a need to negotiate everything to get the "Best Deal". Don't be so stubborn that you let a few thousand dollars keep you from buying the right home. At an interest rate of 4.5 percent, the difference between paying $200,000 and $195,000, assuming 1.25 percent property tax and 5% percent down, is a little less than $30 a month on a 30-year mortgage. According to www.mortgagecalculator.org. Don't let a lunch out for two be the reason you didn't get your dream home.
Author:Sergio Amesquita Phone: 602-859-4143 Dated: January 26th 2015 Views: 401 About Sergio: ...
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Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, curre nt laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
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One of the benefits of homeownership is that it is a “forced sa
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