Essential advice for a better home-buying experience
As with almost everything else in life, you can get ahead of the game when you have the right knowledge on your side. This guide will provide you with handy tips so you can purchase your dream home with confidence.
Tip #1: Preparation is key.
Ask yourself this: am I really ready to buy a home? Buying a home can be the most expensive purchase of your life. Without proper preparation, you’ll likely end up losing the house, so make sure that you’re not just 100% certain, but also 100% capable.
Check your finances thoroughly. Don’t just calculate how much your down payment will be or the monthly loan payment you can afford. Buying a home comes with additional costs such as insurance. Get informed about all the expenses that come with homeownership. The best thing to do is make a strong financial plan and to talk it over with your financial advisor.
Then, make a budget and stick to it. Once you’re ready, you can start searching for great possible locations.
Tip #2: Get pre-approved for a mortgage.
Getting pre-approved for a mortgage helps you realistically define your options. You’ll have protection from a rise in interest rates, and be in a better position when bidding against other buyers who aren’t pre-approved.
A pre-approval letter shows that you’re in good financial standing and sellers will take this as a sign that you won’t be wasting their time. There are some Realtors that won’t even show a home unless the buyer has been pre-approved.
Tip #3: Look beyond the house.
The location of a home significantly affects its value in terms of both cost and livability. Pick an area that has a great combination of the features that will enrich your family’s way of life, like good schools, work opportunities, hospitals, parks, and so on. In the long run, these will have a positive effect on the property’s resale value as well.
Tip #4: Get professional help.
Sellers will often have real estate agents working on their behalf. It’s essential that you have good representation too. A Realtor® will look out for your best interests and can improve your entire buying experience.
Find one who’s an expert in the area you’re interested in and who has a long list of satisfied clients. Then interview them. Explain your wants, needs, and expectations. Ask them to explain the buyer’s broker agreement and negotiate the terms.
Tip #5: Exercise your imagination.
When viewing homes, try to look beyond the surface. Imagine what it would be like to live in the space. Don’t be distracted by cosmetic issues such as the paint color or the ugly furnishings. Pay closer attention to important details such as whether or not there’s enough natural light, if the roof is in good shape, or if there seems to be structural issues.
Tip #6: Don’t dawdle.
Make an offer as soon as you find a property you really like – it might suddenly go under contract, especially if it’s in a hot neighborhood. Your Realtor® will provide you with comps and guide you in coming up with an offer price that will be attractive to the seller and that you can be comfortable with.
Need more advice? Thinking about investing in real estate in Las Vegas Valley? Get in touch with us today!