Are you a first time home buyer? Are you looking for a vacation home or an investment?Â Regardless of what kind of buyer you are, it is important that you know a few tips before you start your search to avoid some common frustrations. It will also give you bigger chances of finding the best buy for you.
First things first: Down payment.
Do you have cash for your down payment?Â Are you using your savings?Â Family loan?Â Make sure that the money is available to you and ready to go, whatever the source of your funds is.
Now that you have the down payment is time to think about what you can buy. If you are working with a realtor, she can help you determine what kind of home you can afford and which loan will be best for you. She can also help you getting pre-qualified for a loan and therefore making you a better prospect for the seller. Without these steps you may lose a lot of time looking at the wrong properties. A Realtor will not only help you increase your chances of getting the perfect home for you but will also save you considerable time, which you can spend just enjoying your new home.
Third: Donâ€™t rush
You saw the first home and you like it. You are getting all excited as you see yourself owning it. But donâ€™t rush, take your time, breath and go see the next home. Let the realtor show you different areas that you may have not considered, let her show you different home types so that you are completely comfortable with your choice once you are ready to make that offer.
Fourth:Â Make sure the house is worth the price
Realtors have tools and resources that can help you make sure you are getting a good deal. Ask them to run a competitive market analysis so that you have all the information in your hands to make an offer.
Fifth:Â Make the offer
Ok, you did your homework, found the house you love, have the down payment and are pre-approved for your loan, so you are ready to make the offer. Donâ€™tâ€™ hesitate, donâ€™t get analysis paralysis. Close your eyes and if you really like the house go for it. Donâ€™t overanalyze as you will always find reasons not to buy. Go for it and enjoy it.
Sixth: What to do next
One thing that is sometimes overlooked is the inspection. Your offer is in and accepted. You are in the road to becoming a home owner. Do your due diligence. Get an inspection to lower your risk of bad surprises that can make an otherwise wonderful experience become sour.
Â Last but not least:Â Enjoy !. Keep a positive attitude to make your home shopping a fun and rewarding experience.