The thought of buying a home for the first time is both exciting and challenging. It’s important to be well informed so that you can make confident decisions about the real estate market. Currently Inventory is still low so the more you know the better off you’re gonna be. Making confident and quick decisions and presenting Clear, concise contracts can make all the difference in getting your offer noticed and accepted by the seller. Following is a list of 10 tips that I think every Buyer should know:
- Financial preparation: financial preparation is the key to homeownership first you must establish your budget. You need to plan for the down payment and then work on improving your credit score because interest rates are based on the credit score. The higher, your credit scores the lower the interest rate.
- understand all the mortgage options that apply to you; differentiate between the mortgage types and try to understand how they will impact your monthly payments.
3. Research the neighborhood; look at the schools, the amenities, the crime rates and the future development that is planned for that neighborhood. These are all factors of future values.
4. figure out what you need and what you want; prioritize your preferences by distinguishing between the essential features and nice to have amenities. - Work with the real estate agent; you will benefit from the expertise of a real estate agent who can help you through the buying process and negotiate better offers that will get accepted.
- Attend the open house and go to learn what to look for during property visits, including property condition and the neighborhood.
- Always conduct your due diligence; you must get a property inspection review all the disclosures from the seller , understand the legal documents before you even make an offer.
- make your competitive offer strategies for making your offer competitive and be reasonable. Considering the current market conditions before you have your Agent prepare the offer.
- consider closing cost and the closing cost associated with buying a home such as loan fees, and title insurance and get organized.
- be patient; And celebrate the milestones throughout the buying process,
- Submitting your highest and best offer improves your chances for acceptance
- Understanding multiple offers and see a lender first for a written pre-approval if you are getting a mortgage. This letter needs to be included with your offer.