How to Not Pay Too Much for Your Home

By
Real Estate Agent with Pless Properties 44820

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it's an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family's needs now, and in the future

Each of these decisions often involves money. When you consider all that money represents, you'll want to ensure that you don't pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, you'll be closer to finding your ideal home.

 

1. Before you shop, develop a needs vs. wants list
Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it's nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home.

 

That's why it's a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially.

With such a list in your hands, you're less likely to be caught up in the excitement of the pursuit. You'll have a good idea of what you want, within you price range, and if you can afford those additional items.

2, Get pre-approved prior to shopping
Visit your financial or lending institution prior to home buying. Quickly, you'll know the amount of mortgage you'll receive. Be sure to get a mortgage commitment in writing. Most importantly, you'll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You'll have less negotiating power if you have to wait for mortgage approval.

Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you'll be one step closer to purchasing your home.

Comments (7)

Prudential Preferred Realty Butler PA
Prudential Preferred Realty - Butler, PA
Very nice first post!  Welcome!
Jan 21, 2008 01:10 AM
John Nunnally
First Citizens Bank - Spartanburg, SC

Hi Manfred,

 Let me know if I can help with your pre-approvals for your clients.

 

John Nunnally

Carolina First

864.809.3700

Jan 21, 2008 06:42 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Manfred,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Jan 21, 2008 08:33 AM
Manfred Lewis
Pless Properties - Spartanburg, SC
Realtor Spartanburg and Greenville SC
Thank you
Jan 21, 2008 09:51 AM
Leo Namiot
Canopy Mortgage - Jacksonville, FL
Before you chose a lender check my rates and fees

Hello Manfred,

 Welcome to active rain!

It's a great online community

Leo namiot

Benchmark Mortgage

Connecticut Mortgage Lender

www.BenchmarkCT.com

 

Jan 21, 2008 01:12 PM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog
I just stopped by to welcome you to Active Rain. I hope that you get as much out of it as I have. It will give your business a boost! My main AR site is at http://activerain.com/charlottesvillerealestate please visit anytime.
Jan 22, 2008 08:35 AM
Manfred Lewis
Pless Properties - Spartanburg, SC
Realtor Spartanburg and Greenville SC

ty

Jul 31, 2012 03:15 AM

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