The Do’s and Don’t of Buying a Home
Over the past few weeks, the market has transitioned from a seller’s market to a flat market and now into a buyer’s market. Buyers have been waiting for a few years for their chance to arrive.
Lucky for you, your time has finally arrived!
Here are a few tips to make sure you get the best experience from your new or first time home buying experience.
1. Find the best real estate agent for you! It seems like everyone and their brother has their real estate license, but should you really go with your cousin or friend who just passed the test? Probably not.
While it might help the agent out, there are many risks involved. They could miss something on the contract, they do not have the negotiation skills to get you the best deal or they just aren’t seasoned enough to know what you are looking for are all reasons to hire a professional.
Trust me, I know. When it comes to working with family and friends you hate to say no. But all parties involved need to understand that this is business, not personal.
I mean we are talking about a long-term investment here.,
Make sure your agent listens to your needs and wants.
Make sure your agent is accessible.
Make sure your agent has experience in the market you are looking in.
2. Don’t make extravagant purchases. You are about to purchase a home… I know, you are excited. So, you might want to go out and purchase new furniture. You might need to purchase a new lawnmower. You might need to purchase a new bedroom set.
All of these and any other major purchases need to wait until after closing.
The large purchase from your bank account or on your credit card could drastically affect your ability to get a loan or the interest rate when going through the final process of acquiring a loan.
3. The Dos:
Find the RIGHT Real Estate Agent.
Make a list of your Wants & Needs.
Go Out and Shop for Your home.
Take your Time.
4. The Don’t:
Don’t Spend a Large sum of Money after creating the contract.
Don’t Spend Your Down payment. Otherwise, you could be subject to a Mortgage Insurance Premium.
5. Find an appropriate insurance company for where you live. In SW Florida, we generally have cages in our homes to cover lanais or pools. Some insurance companies will not cover these additives; so make sure the insurance company you are working with will take care of you.
6. Have Fun. Everything about the home-buying process should be fun. Take your time and look at a number of different homes. Have fun looking at all of the different inventory that is available. Your real estate agent will be able to weed through all of the rubbish that you are not interested in. Have Fun… Period.