10 Important Tips For Home Buyers

  1. Get Pre-Approved For A Home Loan
 
Getting pre-approved means a lender has looked at all of your financial information and they've let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around and looking at houses you can't afford. 
 
         2. Location, Location, Location
 
One of the most important things to think about when buying a home is location. You can change everything else, but you can't change a home's location.

          3. Thoroughly Research The Neighborhood 
 
Before you buy, get the lay of the land-drop by morning, noon and night. Many homebuyers have been completely distraught because they thought they found the perfect home, only to find out the neighborhood wasn't for them. Drive by the house at all hours of the day to see what's happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with on a daily basis. One of your best resources is neighbors who live in the area. Ask them about the home and area, see if they would recommend that neighborhood. Research the schools and school district. If you buy a house in a good school district versus bad this could greatly enhance the value of your home. 
 
             4. Get A Home Inspection
 
Hire a home inspector. It will cost you a few hundred dollars but could end up saving you thousands. A home inspector's sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy. If the home inspector does find any issues with the home, you can use it as a bargaining tool for lowering the price of the home. A good example is a home a I am currently in Escrow with my buyer, the agreed upon purchase price was $699,000. After completing a home inspection, we found multiple issues with the home and were able to negotiate a new purchase price of $658,000. A $41,000 dollar credit. This would not have happened without a home inspection. 
 
                5. Don't Try To Time The Market
 
Don't obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is nearly impossible. The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and then it goes down then it goes back up again. So, if you try and wait for the perfect time, you're probably going to miss out. 
 
                 6. Don't Move Your Money Around Before Purchasing
 
About 3-6 months before going to buy a home and especially when you are in Escrow on a home, it is best not to make any major purchases that could affect your credit in a negative way. If you open new credit cards or buy a lot of big-ticket purchases, you're going to have a harder time getting the loan. 
 
                  7. Hire A Professional Realtor
 
Real estate agents are an important part of the home buying and selling process. Hire a reputable real estate agent. A real estate agent will guide you through and explain all the steps involved in the home buying process, help you to complete the offer, reduce stress, save you time, and advise you on which homes for sale on the market could be a good fit for you and your budget. Ask your real estate agent as many questions as you need to help you understand the entire home buying process. 
 
                    8. Never Neglect That Final Walkthrough
 
Even if you did a thorough home inspection, the final walk-through is crucial to verify that the home is exactly the way it should be on closing. Make sure the seller has not trashed the property or if there is anything missing that should have been left. There are many times when home buyers decided to waive the final walk-through only to discover that certain items were removed, trash was left, and certain repairs were not even made. Make sure that final walk-through is to your satisfaction. If not, extend the closing. 
 
                       9. Keep Shopping
 
If you love the first home, that's great, but check out multiple homes, It's important to look at a few houses so you can compare the pros and cons. Viewing more homes will give you a better understanding of your options, likes and dislikes. 
 
                        10. Know Your Property Boundaries
 
In order to know exactly what you are buying; it is important to get a survey done on your house if the boundaries are not clear. Knowing exactly where your lines of land are will save you from future conflict with your neighbors. Your property tax is also likely to be dependent on how much property you have.