BUYING A HOME
Buying a home is one of the biggest investments you will make, with long-term financial ramifications. It requires many informed decisions and good advice from a real estate professional. When buying a home, you can benefit from the knowledge and skills of a real estate agent from WATSON STEWART HOMES LLC.
HOW CAN REAL ESTATE AGENTS HELP YOU
Real estate agents can help you determine how much home you can actually afford, suggest additional ways to accrue the down payment, explain alternative financing methods, introduce you to a mortgage counselor, and arrange for you to be “pre-approved.”
They can work for you as a buyer’s agent and help negotiate the best price and terms for you, or they can serve as a seller’s sub-agent (or disclosed dual agent), acting as a liaison between you and the seller to present offers and counteroffers until an agreement is reached.
FINDING THE RIGHT HOME
Real estate agents can help you work out a realistic idea of the home best suited to your needs, including size, style, features, location, accessibility to schools, transportation, shopping, and other personal preferences. They have access to a listing of all available homes in the multi-list system, can evaluate them in terms of your needs and affordability, and will not waste your time showing you unsuitable homes.
They can suggest simple, imaginative changes that could make a home more suitable for you and improve its utility and value. They can also provide information on real estate values, taxes, utility costs, municipal services, and facilities, and may be aware of proposed zoning changes that could affect your decision to buy.
TIPS FOR SUCCESSFUL HOME BUYING
Below are some tips you can use for successful home-buying.
- Research is the key to discovery.
Before starting the home-buying process, take some time to do research. Learn about the different neighborhoods, schools, and amenities in the areas you are interested in. This will help you narrow down your options and make informed decisions. - Make a plan and get pre-qualified.
Create a plan that outlines your budget, needs, and wants in a home. It’s also important to get pre-qualified for a mortgage so you know how much house you can afford and can present yourself as a serious buyer to sellers. - Value, value, value
Don’t just focus on finding the cheapest home possible. Look for a home that provides value in terms of location, features, and potential for appreciation. Remember, you’re making a long-term investment. - Create a list of amenities.
Determine the features you want in a home, such as a fireplace or fenced-in yard, and prioritize them. This will help you quickly identify homes that meet your needs and avoid wasting time on properties that don’t. - Fixed vs. adjustable rate mortgages
Consider the pros and cons of fixed vs. adjustable rate mortgages. While fixed-rate mortgages provide stability, adjustable-rate mortgages offer lower initial rates but come with the possibility of rates increasing in the future. - Sign a contract that protects you.
Make sure the contract you sign includes contingencies that protect you, such as the ability to inspect the home and negotiate any repairs needed before closing. - Put yourself in the seller’s shoes.
Understand the seller’s motivations for selling and the improvements they’ve made to the home. This can help you negotiate a better deal and make informed decisions. - Develop a mortgage shopping chart.
Compare different types of loans and fees from multiple mortgage providers. This will help you find the best deal and avoid being taken advantage of by lenders. - Get a quality home inspection.
Hire a qualified home inspector to evaluate the condition of the home and identify any potential issues that could cost you money in the future. This will give you peace of mind and help you make an informed decision about the home. - Get peace of mind with home protection plans.
Consider purchasing a home protection plan to cover unexpected repairs or replacement of major systems and appliances. This can save you money and provide peace of mind during your first year of homeownership.
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