Why Buy?
Buying a home is one of the best investments you
can make. Home equity remains the largest single savings vehicle for
most Americans. In addition to the tax incentives of home ownership
and the ability to tap into your home equity if the needs arises,
buying a home is the wisest and most prudent financial investment for
most people.
Buy for Value.
It is very important to buy a home that will go
up in value. Slow, steady overall appreciation has been the rule
during most of the nation's history, and many residential real estate
investors became quite wealthy in that environment. They did so by
very carefully analyzing the appreciation potential of their
investment and they invested for the long term. Even if you plan on
living in your home just a few years, you will want it to have gone up
in value when you put it back on the market.
Use a Realtor.
Work with a Realtor. A Realtor can save you time
and money with their expertise. Make sure you have a buyers' agent.
Their job is to coordinate all aspects of your home buying process, as
well as negotiate and find a home...all in your best interests. As a
Realtor, I can find the best house for you.
Develop a Long Term Relationship with a
Good Realtor.
When selecting your Realtor, look for one with
experience in working with buyers, with knowledge of the
neighborhood(s) you are considering, and who does not have a
reputation for being "pushy". The purchase of a home is a serious
long-term commitment on your part and a good agent will recognize that
buyers need time and patience so they can satisfactorily sort out the
myriad of factors involved in a purchase decision.
Always have a Home Inspection Contingency
in your Offer.
Always have a home inspection contingency in
your offer and always hire a professional home inspector to provide
you with a written report, along with written "ballpark" estimates or
ranges of repair costs.
Don't rely solely on a friend or relative in
the building trades; they may be an excellent carpenter but have no
knowledge of electrical wiring. If the inspection turns up problems
that weren't readily noticeable, you can use it for negotiating
leverage to get the seller to make the repairs, provide you a
commensurate price reduction, or cancel the contract if necessary.
Get your Financing in Order right
away.
Start researching your mortgage options right
away. Your Realtor can help advise you here too. You should be
educating yourself while you are searching for your new home. You
won't have enough time in the five days sellers normally allow for you
to apply for a mortgage to get all you paperwork together.
Don't contact other Realtor after you have
chosen one to work with.
Once you select a Realtor to represent you, do
not contact or give information to other Realtors. You never know who
you are speaking with. Try as you might, it is difficult to avoid
saying things you shouldn't that could hinder your transaction. This
can also go for friends and family. You never know who knows who, and
before you know it, personal information has gotten to the seller.
Don't hide things from your Realtor.
Your Realtor is your home buying counselor, make
sure you let them know everything about your situation. Otherwise,
they won't be able to look out for your best interest.
Don't listen to so-called 'experts'.
You will receive a lot of "advice" from friends,
relatives and co-workers. They really want to help, but can end up
confusing you. Call your Realtor to get "the facts".
Enjoy yourself and Learn.
Be open-minded, patient, and ready to learn!
Buying a home is an educational and emotional process every time you
buy.
