Home Buyer Tips
The following are a few home buyer tips that can help you get a starting point for everything you will want to consider when purchasing a home. Of course, there are so many things to know, which is why having a professional real estate agent like Jim Clark can provide so many benefits. Contact Jim Clark today to get personalized home buyer tips.
Get Real Estate Assistance
The purchase of a home is likely one of the biggest investments people make in their life. Choosing the right real estate agent to assist you in finding the right home in the right neighborhood, as well as, always representing your best interests is particularly important.
Get Pre-Approved to Purchase a Home
Have you checked to see how much you can afford to spend on your home purchase? There’s nothing that can be more frustrating than finding the “dream home” and realizing it is out of your price range. It’s advised you speak with a lender to learn about the different financing options that are available to you. After you have chosen the right lender, get your application processed so that you will be ready to buy when you find the right home. Don’t know which lender to choose? Contact me, and I’ll help point you in the right direction.
Limit Significant Purchases
When you meet with your lender, they will probably discuss how they determine the amount you can afford for a home purchase. Generally speaking, they will look at several criteria, but one important factor is debt-to-income ratio. This ratio is the percentage of your pre-taxed income that you spend on debt. Your debt ratio will generally include: monthly housing costs, car payments, credit cards, student loans (if any), and any other type of installments or debt. If you take on more debt right before buying a home it could have a significant impact on the amount of the loan that the lender will let you borrow.
It’s important to dedicate time to research different homes to see what features interest you the most. For example, number of bedrooms and bathrooms, having a pool, multi-car garage, and much more. You can browse active listings on the web, but if you work with me I can show you homes that are not available on the web. Once you’ve found a few homes that that you like, save those searches! The best homes will sell quickly, so if you find something you like never hesitate to give me a call!
Always Ask a Real Estate Professional
Nobody is going to know the property better than the seller, however its not always in the seller’s best interest to disclose all the information. Finding the seller’s motivation for selling may help to create leverage for negotiating a better deal. Try to find out the last time there were services performed on the property, like the roof, air conditioning, furnace, water heater, sprinkler system, etc. Asking the right questions can end up saving you lots of money in repairs in the long run.
Get A Home Inspection
Some inspections are mandatory before purchasing a home, but it’s good to have other preempted checks made to avoid purchasing a home that ends up being a “cash pit”. By “cash pit” what I mean more specifically is a home that has hidden defects that will end up costing you a lot more money than you thought. Save yourself tons of time, and possibly even litigation and extensive renovation by bringing in a licensed home inspector before you buy. If an problems are found, it may steer you away from a bad decision or help to negotiate a better price.