1. Have a Plan
It's helpful to start the real estate process with an eye on the future. If you're planning to move within the next five years, you might want to purchase a home that requires minimal investment in repairs and upkeep. If you're setting down longer roots, feel free to consider properties with potential for renovations and other improvements.
2. Research is Key
Make sure to use effective online property search tools to stay informed about the current market. Research other homes in the area within your price range. Consult with your Realtor and have them run a comparative market analysis to ensure the house justifies the asking price. A good agent can educate you on this critical aspect of the home-buying process.
3. The Advice of a Professional
No one knows your local market better than a professional real estate advisor. Having an agent you feel comfortable with-someone who is looking out for your best interests-is one of the smartest moves you can make when buying a home.
4. Understanding Your Credit Rating
In today's market, it's important to understand your credit rating so you can qualify for the best possible loan. Talk to your real estate advisor for a referral to a mortgage broker to get pre-qualified and determine the exact loan amount you qualify for.
5. Don't Forget the Little Things
Provide as much information as possible about your wishes and requirements to your Realtor, such as local amenities, transportation, schools, shopping, and more. This way, your Realtor can find the perfect home that matches all your criteria.
6. Get the House Inspected
This is one of the most overlooked aspects of buying a home. When making an offer, it's a good idea to make it contingent on a home inspection conducted by an independent, authorized inspector. You should pay for this inspection yourself to avoid buying a house that could cost you far more in repairs down the road. If you're satisfied with the inspection results, your offer can proceed. If not, you may want to negotiate-asking the seller to pay for repairs or requesting a lower price.
7. Take Photos
In today's world, most people carry a digital camera or smartphone with them. Use it to take plenty of photos of the home you're interested in, especially key areas like the bedrooms, bathrooms, and kitchen. This will help you refresh your memory later when comparing properties.
8. Have Properties Emailed Directly to You
It's incredibly simple nowadays to have properties that match your criteria automatically emailed to you as soon as they hit the market. Consult with your local Realtor to get signed up for your very own eProperty Notice and enjoy having properties delivered straight to your inbox.
9. The Importance of Schools
Buy in a district with good schools, whether you have children or not. This will add to the resale value of your home and make it easier to sell in the future.
10. Have Fun
Whether you're a first-time homebuyer or searching for your dream home, shopping for a home should be an enjoyable experience. Rely on your real estate professional's expertise to alleviate some of the stress-and just have fun!