Whether you are going to be buying a home for the first time or not, the following tips will help you to ensure that what you end up buying is what you need and want. The whole process of buying a home can be a very scary one; by following the tips listed below you can make it more exciting!
Step One – Know how much you can afford
This is the most important factor, you do not want to be excited by a home and believe it to be the perfect home for you and your family, only to realize that it is quadruple the amount you can afford to spend! Most sellers are negotiable on their price, but no one is going to negotiate lower than their base, which could be way higher than your ceiling! For example, a home for $450,000 is not going to drop down to $200,000 just because you cannot afford more than $200,000!
Step Two – Attend a Buyer’s seminar
This is a very informative step, especially if you are a first time home buyer. These seminars are held by a variety of organizations. The point of a buyer’s seminar is to arm yourself with knowledge! Learn about the purchase contract, market trends, what to look for in a home which could indicate major repairs and other tips which will prove indispensible as you get closer to signing the purchase contract.
Step Three – List your needs and wants
Take a good look at the specific requirements of your family! Perhaps you want to move to a semi deserted area where there are still developments taking place and let your family grow with the new neighborhood, but your partner needs to be on the bus route so that they are able to commute to work and back. Consider what your needs are and make a list of them, as well as anything you want.
Step Four – Find a Real Estate Agent
Now that you have a good idea of what your needs are and you know how much you can afford, you need to find a realtor to work with. There are many reasons why you need a realtor as a buyer. Ensure to interview your realtor and work with the one that you are most comfortable with that meets all your requirements. Remember that you need to tell your realtor what your needs and wants are as well as how much you can afford.
Step Five – Down Payments
Do you have money stashed away for a down payment? Is someone going to be giving you the money for your down payment? Do you need to consider mortgage options which do not require down payments?
Step Six – Mortgage options and pre-approval
The realtor that you choose to work with will also be able to help you with this step. Find out what different types of mortgage options are available and which ones would suite you best. Apply to lenders for the maximum amount that you can afford and get a pre-approval from them for your home.
Step Seven – Neighborhood
Discuss the different types of neighborhoods that there are currently homes for sale in your price range with your Realtor. Consider what you want in the neighborhood and tell your realtor about them. Perhaps you have children and would like to move into a neighborhood where there are children as well as a community center and community activities in which you and your family can partake, you need to tell your realtor about this as they will be able to direct you to the neighborhoods which have these features.
Step Eight – Type of home
Speak to your realtor about the various types of homes available in your price range. Consider what type of home you want, the practicality of the home style and the location of the home. It is no point looking for a mansion if you not planning on having a large family and at the same time it is no point in purchasing a small cottage style home if you wanting to have children and place for overnight guests!
Step Nine – Maintenance
When you house hunting, look at the size of the gardens and how much effort it is going to take to maintain them. Also consider other costs like window shutters which might need to be tightened or oiled, and whether or not you have spare cash to hire people to do these things for you.
Step Ten – Pay attention to repair work
When you looking at a home you considering purchasing, open taps and close them again to check if they leak, open doors and close them again to check that they operate smoothly and check windows for cracked panes etc. you do not want to be spending all your money on the home of your dream only to find out that there are minor repair jobs that need doing and now you do not have any funds to do them with.
Buying a home is an exciting adventure, with these tips you can be sure to buy the home in Charleston WV of your dreams without having to take on an extra ten jobs just to afford the upkeep of the home as well as the mortgage!