Making the wrong decision in buying a home can have devastating and long-lasting effects, while making a wise decision in home buying can greatly enhance the overall value of the investment. It is necessary to learn all you can about the world of home buying and mortgages before setting out to purchase the home of your dreams. Get great information from Claudia S. Nelson local Woodbridge VA Real Estate Agent. Click here to have instant access to helpful information for home buyers.
While there are plenty of websites designed to help first-time homeowners learn all they can, most financial experts say that there is no substitute for the good old one-on-one learning. Fortunately, most mortgage lenders, home inspectors and real estate agents will be able to provide this kind of one-on-one learning. Claudia S. Nelson offers a first time home buyer seminar coming up February 27 and one on one home buyer consultations with anyone looking to purchase a home. Call Claudia S. Nelson today at 571-446-0002 or sign up to receiving great informational emails for home buyers.
When buying a home one of your most important first steps is choosing a Real Estate Agent but equally important is to getting pre-qualified by a lender.Most Real Estate Agents will be able to provide you with excellent referrals for a lender. I recommend Carol O'Connell. She is excellent and can help you with all your financing options. To apply go to her website. The application process is quick and easy.
Buying a home can be an emotional process, nevertheless it is imperative to keep your emotions under control and not let them cloud your judgment.
There are five basic ground rules when it comes to buying a home and shopping smart, and they are:
Get your financing before you get your home
There are few things in life as disappointing as losing out on the home of your dreams due to not being able to secure funding. While the desire to get out there are search for that great home is understandable, it is vital to line up the financing you will need before you start shopping for a home.
Getting the financing ahead of time has a number of important advantages, including knowing how much you can buy. Sellers will never accept an offer without a pre-qualification and in some cases they will not allow showings to buyers that are not pre-qualified. By knowing how much home you can afford before you shop you will avoid wasting your time looking at unaffordable properties.
It is also important to take a good look at the various types of mortgage on the market before getting started in the home buying process. These days, mortgages come in far more choices than the typical 15 or 30 year. You can get loans with Zero down payment and there are so many more options. For that reason, potential home buyers need to understand how each type of mortgage works, and to gauge which mortgage is the best choice for their needs.
Look at the community, not just the home
It is a good idea to look at the entire community, instead of focusing on a single home. This can be a particularly important thing to consider for those moving to a new metropolitan area, as these buyers will be unfamiliar with the local climate and lifestyle. It is crucial to determine the areas of town that are most desirable, and to consider things like distance from work and local shopping opportunities. Check out my community information on my website.
We have all heard that location is the key consideration when it comes to real estate, and that is certainly the case. Buying a house in the wrong area can be a big mistake, and it is important to choose the location as well as the home. Potential buyers can learn a great deal about the nature of the various neighborhoods simply by driving around town, as well as by talking to other residents.
Be fair with your first offer
Trying to lowball a seller on the first offer can backfire, especially if you really like the home and there is lots of competition, but also never pay too much. It is important to carefully evaluate the local market, and to compare the asking price of the home with what similar houses in the neighborhood have sold for. Your Real Estate Agent can always help you with this.
Comparing the sales of comparable homes, what are known as "comps" in the industry, is one of the best ways to determine what is fair, and to make sure that you neither overpay or underbid on the property.
Always get a home inspection
Always investigate the home for any possible defects before making an offer. Compared to the cost of the average home, the price of a quality home inspection is virtually negligible. Hence, get a good home inspection done before you buy. Once you are under contract we need to get a home inspector out within the time frame agreed upon in the contract.
To find the best home inspector, it is a good idea to seek out word of mouth referrals as many of the best home inspectors rely on word of mouth advertising. I work with several great home inspectors and would be happy to refer you to these home inspectors.
Do not alienate the sellers of the home
Many real estate deals have fallen apart due to the personal animosity of the buyer and the seller. It is important to avoid alienating the seller of the home during the process, and to avoid nitpicking every little detail during the sale.
Keeping the good will of the seller will help the transaction go smoothly, and it will provide the best environment for seller and buyer alike.
I tell all my buyers and sellers it is best to not communicate with the other party during the transaction. Despite my warnings not all buyers and sellers are listening to this. Having said that one of my sellers recently told me, we should have listened to you and not engaged with the buyers as it turned out to be nothing but a headache! In this case, it was just a headache in some cases it can seriously derail the deal.
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