10 Money-Savers for Home Buyers
1. Have A Loan Approval In Place. When you are pre-approved for a mortgage loan, you are known as a “cash buyer.” Statistics from the National Association of REALTOR®s (NAR) show that cash buyers have much more negotiating power than buyers without a pre-approval. You’ll have to get approved for a mortgage loan sooner or later; you might as well get pre-approved!
2. Develop A Plan. Instead of aimlessly perusing newspaper ads, sit down with an experienced REALTOR® and set up a strategy for getting into a new home: identify your goals and ask about the REALTOR®'s experience and creativity. Just because a REALTOR®'s services are usually free for buyers doesn't mean that you should just pick a name from the phone book. A great REALTOR® can save and/or make you thousands of dollars!
|3. Picture The Property Naked. Remember, it will be your furnishings and décor filling this new residence. Imagine the current owner’s belongings stripped away to picture how the home would accommodate your tastes.4. Look Closely. Do not underestimate the importance of inspections, which should be conducted by a professional organization. If you’re purchasing a condominium, go over things like bylaws and association fees meticulously. Do not make any assumptions about your purchase; inspect, then inspect again!|
5. Use Your Resources. If you’ve chosen the right real estate professional, you’ll have unlimited resources available at every stage of the buying process. For example, your REALTOR® will be able to refer you to a lender and title representative, and each of them should work together for your benefit.
6. Do Detective Work. It can’t be said enough: check everything out before you sign any paperwork. Look into costs of living in the property, like utilities, taxes, insurance, maintenance, and homeowner's association dues. You can’t know too much!
7. Make One Last Visit Before You Make the Move. Once the previous owner’s furnishings have been moved out, visit the property a final time, with all utilities turned on, to make absolutely certain that the property was left exactly as the contract specifies. Unintentional oversights can often be spotted and addressed during a final walk-through.
8. Leave Wiggle Room. As anyone who has been through the buying process will tell you, closing dates are never absolute. Have a backup plan and don’t lose your cool if there’s a delay. You or the seller may need a little more time to make final arrangements. This is definitely not uncommon in a real estate transaction; don’t let it be a source of frustration!
9. Get it in WRITING! Do not make any assumptions or take any verbal assurances as binding agreements. Even the most ethical of people can lose sight of what they’ve offered, so you or your agent should document all discussions and get sellers to put a pen to any promises.
10. Develop an Open Relationship. Honesty and straightforward communication with your team is the best method of ensuring a great beginning in your new home. Don’t destroy all your hard work and risk not getting the home you want by letting your feelings or concerns simmer! Choose the right people to work with, and the relationship will produce a positive experience!
I would sincerely like to help you with all of your real estate needs. My extensive knowledge of real estate investing, 1031 exchanges, and all aspects of home construction and sales can save you THOUSANDS of dollars and HOURS of time when buying a home. Please do not hesitate to give me a call.