|
< About Buying Real Estate
- Research before you look. Decide what features you most want
to have in a home, what neighborhoods you prefer, and how much you’d be
willing to spend each month for housing.
- Be realistic. It's OK to be picky, but don’t be unrealistic with
your expectations. There’s no such thing as a perfect home. Use your list
of priorities as a guide to evaluate each property.
- Get your finances in order. Review your credit report and be
sure you have enough money to cover your down payment and closing costs.
Then, talk to a lender and get prequalified for a mortgage. This will save
you the heartache later of falling in love with a house you can’t afford.
- Don’t ask too many people for opinions. It will drive you
crazy. Select one or two people to turn to if you feel you need a second
opinion, but be ready to make the final decision on your own.
- Decide your moving timeline. When is your lease up? Are you
allowed to sublet? How tight is the rental market in your area? All of
these factors will help you determine when you should move.
- Think long term. Are you looking for a starter house with plans
to move up in a few years, or do you hope to stay in this home for a longer
period? This decision may dictate what type of home you’ll buy as well as
the type of mortgage terms that will best suit you.
- Insist on a home inspection. If possible, get a warranty from the
seller to cover defects for one year.
- Get help from a professional. Hire a real estate professional who
specializes in buyer representation. Unlike a listing agent, whose first
duty is to the seller, a buyer’s representative is working only for you.
Buyer’s reps are usually paid out of the seller’s commission payment.
< About Buying Real Estate
|
