Buying a home can be a very rewarding experience. On the other hand, it can also be a very stressful experience; especially for the uneducated or first time home buyer. That is why I have come up with five talking points you need to read before you begin the home buying process.
1. You need to know where.
Location is the most important factor when it comes to Real Estate. The location of your new home determines many aspects of your day like your daily commute to work, your local social networks, the school district your family is in, the cost per square foot, the property value, and the list goes on.
2. You need to know what type of property you would like.
Are you in the market for a single family home? Are you in the market for a condo? Maybe you would you like to live in new construction? These are the very basic questions that will help you in your home search.
3. You need to do some research.
Buying a home is a major decision and should not be taken lightly. Did you know that it is against the law for a Realtor or a Real Estate agent to comment on the crime statistics in the state of Maryland? That is why I encourage my clients to look at online crime statistics, drive by the property at different hours of the day/night, practice the commute to and from work as if you were living there, and become involved in the community by introducing yourself to the future neighbors.
4. You need to speak with a lender.
This step determines the property that you can afford and drives the entire sales process (unless you are a cash buyer). The lender will then provide you with a per-approval letter and per-qualification letter for you to show your Real Estate agent. This step is commonly overlooked by Real Estate agents, too. I have seen and heard of a lot of Real Estate transactions that have fallen through days before closing just because the home financing section was not completed correctly.
5. You need an organized Real Estate Sales Agent you can trust.
The Real Estate agent represents the client (you) and the client’s best interests in a Real Estate transaction. I have heard of stories from other agents in the office that their offers were accepted over another agent’s in a multiple bid situation; even though the offer was not the highest. The reason why their offer was accepted was because the offer was presented professionally, organized, and in a timely fashion.
Being prepared and organized before you begin the home purchase process will significantly help the home purchase process. Thank you or reading and please take the time to consider the five points listed above when you are thinking about purchasing a home. Please remember, buying a home should be a rewarding experience, not a stressful one.