Buying a Home
Here are a few tips and items to consider when starting the home-buying process.
First, while many things have changed in recent years about the way our clients buy and sell homes, one adage still matters, a lot: location, location, location. While you may be happy living in any of several neighborhoods in your city, you won’t be happy if you choose the wrong location. And that’s where your research should start: deciding exactly where you want to live. A great way to do that is to visit our communities page for detailed information on some of the amazing areas Kathryn Taylor and her real estate team specialize in. You may also want to talk to friends and co-workers, drive around town, visit restaurants and stores in areas you’d consider calling home. Look at homes on the Internet, evaluating style, size, price, and how long they stay on the market.
Of course, your best resource in this process is going to be an experienced real estate agent. Whether you are a first-time buyer or well-versed in the purchasing process, there is no reason not to use a real estate agent. It costs you nothing, and our job goes far beyond finding the house. In fact, it’s after you’ve found the house that you’ll most need us the most, both to structure and negotiate the offer and assist you from purchase to close. Kathryn Taylor and her real estate team will make the entire home-buying process as smooth as possible. Contact us today to get started!
Here are 12 useful tips for buying a home:
1.
Make sure you’re ready to buy, both emotionally and financially. If you don’t have cash for a down payment, closing costs and other expenses, you may be better off waiting.
2.
Find the right team. The difference between deals that close and deals that don’t are the professionals involved. You want to make sure you find a real estate agent who will move quickly when a new listing goes on the market, as well as an agent who will advise you honestly on preparing your offer.
3.
Get your finances in order first. You definitely should meet with several mortgage brokers at the start of the process to find out how much house you can afford and how much cash you’ll need to close. Head to our Financing page to learn more about this step!
4.
Calculate each and every cost. The purchase price and the mortgage payment are just the beginning. Don’t forget homeowner or condo fees, homeowners insurance and real estate taxes. Plus, you’ll need to budget for utilities, repairs and maintenance. Our Helpful Tools section offers great resources to calculate home-buying costs.
5.
Don’t spend all your cash. Avoid emptying your bank account for your down payment and closing costs.
6.
When you look at houses, focus on the right things. Don’t be distracted by the owner’s odd décor, paint colors, dirty carpet or anything that is easy to change. Granite countertops and stainless steel appliances are easy to add later. You can’t easily add another bedroom, a better location or a more functional floor plan.
7.
If you're buying in a condo or homeowners association, know the rules. You’ll want to know about all rules and restrictions, from pet ownership to who can use the pool.
8.
Visit your favorite neighborhoods at different times. Most neighborhoods are quiet in the middle of the day. You should see what the area is like on evenings or weekends as well. What’s it like in rush hour in the morning or in the evening?
9.
Talk to the neighbors. Ask about the neighborhood and about the houses you’re considering.
10.
Consider which contingencies you’re willing to waive. In the ideal scenario, a purchase offer is contingent on a satisfactory home inspection, approval of your mortgage and an appraisal that equals the purchase price. In many areas, a buyer is smart to keep all those contingencies in the contract. But in a competitive market, you may be competing against buyers who have agreed to waive contingencies.
11.
Be ready to move quickly once you find the home you want. Good homes that are well-priced nearly always sell quickly. It’s okay to take some time to think before you make an offer, but you might not want to wait a few weeks.
12.
Know what’s important to you. No house will be perfect, so where are you willing to compromise? If you want a specific school district, are you willing to accept a smaller house? If you want to be near the water, could you be happy with a condo? Are you willing to accept a longer commute to get a larger house?
Your Kathryn Taylor Real Estate Team agent can provide invaluable advice on all these items. Contact Kathryn Taylor and her real estate team today to make sure you're on track and ready to buy a home!