Real Estate Home Purchase … Keep Current!
Buying a house is probably one of the largest purchases the average consumer will make. Most people know something about the real estate market and the internet definitely educates and increases overall knowledge. However, there are some aspects often overlooked which when taken into consideration can improve the experience as well as the investment. When making your Real Estate home purchase you must keep current. Here are 5 ways to do this.
1. The mortgage and interest rate is just as important as the purchase price.
This is a very significant part of the real estate transaction. Determine your comfort level with regard to a mortgage payment. Take advantage of low rates as this can increase your buying power. Statistics show that real estate purchases are a positive investment. Although short term prices can fluctuate with the economy overall, long term prices show a steady climb.
2. There is no perfect home… just the perfect home for you.
There are two cateegories for interpretation of this statement.
First of all, when you are actively looking for a new home, it is important to remember there will always be areas for improvement. The view isn’t great, not enough bedrooms, garage too small, no fenced back yard, too dated… you need to make a “pros and cons” list. What is priority for you and your lifestyle. This will make it easier to find the house that coincides with your needs.
Once you have found the right fit, the property inspection will identify areas which need attention. It is important to be prepared for the property inspection report! All homes have issues. Many issues are minor… as simple as replacing a light bulb. The age of the home is one factor and the maintenance sellers have completed is another. Either way, be prepared for a list of items which need attention or repair.
3. Listen to your realtor!
As a buyer (or seller), you can take the time to choose the right realtor. You can ask for references, interview several… take your time to make sure you get a great fit. Once you have made the right choice, develop a partnership…Your Realtor should be educating and helping you find a great property, not just selling you something. You are a partner in the relationship as well. And that means knowing and respecting each others boundaries. “Communication is key”.
“What is a normal response time? How much lead time is needed to arrange showings? What is the preferred tool for communication — text, call, email, or something else?” Determine these details from the beginning..
4. Finding a home is hard work.
Be prepared to spend some time and lots of hard work finding the perfect home. Make sure you understand the homebuying process … even what seems to be an insignificant question needs to be addressed so…ask your realtor!
5. Always think about resale!
Purchasing a home is such a personal/emotional choice that buyers sometimes get carried away and forget that a home is an asset. At some point you’re going to resell it and will want to maximize what you eventually get. Your realtor is a knowledgeable source in this case and can keep the reality check.