Whether you own a home already or you are a first-time home buyer, you have made a decision to either get into the market, upsize your current home or downsize, there are a few things you should do in order to avoid disappointment and be the most efficient with your time.
1. Go to a lender and get pre-approved.
Many people think they know how much a lender will lend them to finance the purchase of their new home. Unless you speak with the lender, especially for first time home buyers, you should get a written pre approval to know exactly how much you have to spend. It is especially crushing to find the dream house only to then find out that the bank won’t give you the money you need to firm up on your deal. You have wasted your time and got your hopes up only to have the rug pulled out from beneath you
2. Find a realtor who you can trust to represent your interests.
Many people feel they can represent themselves and just deal with the listing agent to “get a deal” on the commission paid and buy the house for less money. Remember you are dealing with the listing agent who has a signed contract with the seller to get them the most money
he/she can. You are dealing with a trained negotiator who does this for a living. You are better off having someone trained to represent your interests and it costs you nothing as the seller pays the commission.
3. Include an Inspection clause
If you can get your offer accepted and still have an inspection clause in the offer, do so. It’s approximately 500 dollars well spent. An inspector will check out the attic, look through the walls in the basement if it’s finished with infrared cameras to detect issues behind the walls as well as checking the homes operating systems to make sure everything operates as it should.
The saying better safe than sorry definitely applies here.
4. Include a buyer revisit clause
Include a couple of buyer revisits in your offer as well. This allows you to revisit the house to take measurements for renovations or furniture placement. It also allows you to ensure that the home appliances and fixtures are still working properly when the sale closes.
5. Utilize your Realtor
Once your deal has closed and you have moved in don’t forget your realtor is still your source for advice and information about the area. If you have used a local realtor, and you should, you will have a constant valuable source of information about the area features and amenities.
This is by no means of an exhaustive list of all the things you need to do when you purchase a home, rather just a few general tips on how to maximize you purchasing ability and get the most house you can for your money.
