Diving into the real estate market for the first time can be a daunting task, but these ten tips can help you get off to a smooth start.
Start by getting your lender approval.
This is a crucial first step because it lets you know what your purchasing power is and ensures that you have realistic expectations about what you can buy.
Find a great Buyers’ Agent.
Your agent will not only be able to show you properties you are interested in seeing, but he or she will also act as a resource for any question or concern and will offer guidance and advice.
Understand the different types of sales.
Make sure you know the pros and cons of standard sales, short sales and REOs and decide if you are comfortable pursuing all three types.
Know your price range.
Don’t waste your time looking at houses that are way above or way below your price range. Once you see a few homes, you’ll know the right price range to be focusing on.
Narrow down your ideal locations.
Location is the only thing that you really can’t change about your house, so it’s best to pick a few areas you like and focus only on those neighborhoods.
Decide what types of updating you are comfortable with.
Are you looking for a fixer or a move-in-ready home? Know your comfort level with doing cosmetic upgrades and or major remodeling.
Keep an open mind.
You may have your heart set on a Spanish home, but you might find when you get out there that you fall in love with something completely different. Make sure you see a variety of homes in different styles.
Come to an Agreement.
If you are buying with a partner or spouse, make sure that you are on the same page about your wants and needs.
Identify possible compromises.
It’s highly unlikely that you will find a house with everything on your wish list. Have an idea of what features you are willing to compromise on.
Be ready to jump on it!
We are experiencing an extreme seller’s market right now, so buyers need to move quickly when they identify a house they love and be prepared for a fight.
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- Home Inspections: What You Need to Know - February 9, 2015
- How Aggressive Should your Offer Be? - December 9, 2014
