April 2nd, 2017 8:48 AM by Jackie A. Graves, President
Being a first-time
homebuyer can be an intimidating prospect; it seems like there’s so much to
learn! The process doesn’t get less challenging the second or third time
around. Here are five tips to help you research and prepare for your next
Location, Location, Location
It’s a cliché but it’s true: location really is the most important part of the
real estate equation. However, the right location isn’t the same for everyone.
Take your family’s priorities into account and know where you would buy a home
and where you would not. Try to be flexible; if you’re longing for a place with
a yard, then a balcony might not cut it—however, a roof deck might! Always look
for the exception to the rule. It’s also a good idea to compare home prices
around the home that you’re considering. This will help you figure out if your
house is a good deal and in line with the market expectations.
Find Your Financing
Finding the perfect house can take years, but once you find it things will move
quickly. Most real estate markets are fast-moving and a great house at a great
price can easily go on the market in the morning and be under contract by the
evening. When you find that house, you have to be ready to jump on it. This
means that you should have your financing figured out before you make an offer.
Ask friends, family, any law or finance professionals your family uses, or your
REALTOR® for a recommendation for a mortgage company. Be sure to get
quotes from several different firms so you have a general idea of what your
rate really should be.
Understand the Vocabulary
You should educate yourself about some of the jargon that comes with the real
estate territory; otherwise, you might find yourself completely out of your
league when discussing purchasing terms.
Check Out the Neighborhood
If you’re looking for homes outside of the neighborhood you live in, the best
way to get a feel for it is to go and spend the day there. Find a few open
houses you’re interested in and go make a day of it. Have lunch, stroll the
streets, check out the parks and schools, and find out what kind of people live
there. These are the things that give a neighborhood its flavor, and things
that you can’t know until you go there and see for yourself.
Choose an Agent
A real estate agent can make or
break your home-buying experience. If you don’t have an agent you already know
and like, ask for recommendations and check local ratings sites. This can be a
very personal relationship, so if you find an agent you believe in, hang on to
Buying a home is an
exciting and stressful process, but with these tips, you’ll have a great
experience researching, shopping for and purchasing your next home.
By Dixie Somers - To view
the original article click here