Helpful Tips for Buyers
Whether you’re a first time home buyer, or you’ve been through the process before, when it comes to buying a property, there is certainly a lot to consider. Finding the right property can take a lot of time, investigation and evaluation. Here are a few things that all prospective buyers should know.
Location, Location, Location
This is a common phrase in real estate and it’s for good reason, too. Once you find a home that you’re interested in, always research the area. There are many things you need to consider in order to determine whether or not the property meets your current and future needs. Think about the transportation, schools, community, industry, shopping and parking, just to name a few.
Your realtor has experience identifying buyer needs and locating the properties that meet them. He or she can assist you in determining your location criteria and helping you find the perfect property for your family.
Many people overlook it, but getting pre-approved for a mortgage is a great advantage when you’re looking to buy. Not only does a pre-approved mortgage determine your maximum purchase price, but it also comes with some hefty negotiating power, as the seller knows you’re able to afford the property.
As someone looking to buy, you should meet with a number of mortgage brokers, private lenders and banks in order to discuss important factors such as best rates, mortgage penalties, down payments and fixed versus variable rate mortgages.
House vs. Condo Living
As a home buyer, you should also consider what type of property you’d like to buy. Have you weighed the advantages and disadvantages of owning a house versus a condo? While homes offer more privacy and freedom, you must also consider expenses such as property maintenance, taxes and renovation costs. On the reverse side, condos offer the ultimate in convenience and urban living, but maintenance, condos fees and included amenities must also be taken into account.
Making an Offer
When you’ve found your dream home and you’re ready to make an offer, you need to bear in mind what the property is actually worth. It might be the most beautiful home you’ve ever seen, but what is its true value? When making an offer, you also need to think about how high you’re willing to go without damaging your financial health.
Conditions on the offer are another important aspect that buyers should be aware of. Things like a home inspection, closing dates and financing can provide influential bargaining power when dealing with a seller.
Signing a Buyer Representation Agreement
It’s very important to give your realtor full disclosure. This is so that he or she can better understand your needs. By signing a buyer representation agreement, you are able to establish guidelines that create a comfortable and trusting relationship with an experienced professional.
A home is the most expensive purchase you will ever make and you want to make sure that you consider all factors before making a final decision. We’ll work with you to find a property that abides by your budget and meets every last one of your needs. Contact the Jared Rogers team today to start the search for your dream home.