Buying a house can be a nerve-wracking experience that brings a roller coaster of emotions but it can also be the start of the best thing you have ever done. Between finding the right place, securing the loan and finally moving in- you are likely going to experience some stress though. Buying a home is often the largest investment you have considered and the emotions of purchasing something so expensive and personal can sometimes cloud your best judgment, which is why Fairway is here to help.
1. Have the right partners Be open, honest and up front with your real estate agent and Mortgage Planner. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and memorable experience.
2. Income + Lifestyle = Mortgage Payment Sit down with your team to honestly discuss your income level and living expenses. Take into account future considerations such as children and plans you may have for amenities and fix-ups for the house. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.
3. View Several Homes See at least 7-10 properties. Don’t move too slowly but don’t move on the first property you see. With your agent’s help you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the legwork will be worth it.
4. Utilize Your Team By aligning yourself with the right real estate professional and Mortgage Planner, you will have an entire team at your disposal. Everyone should work together for your benefit and answer all your questions.
6. Be Colombo Check out all costs and expenses before you sign such as utilities, taxes, insurance, maintenance and homeowner dues (if applicable). Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order.
7. Inspect, Inspect and Inspect! Go over the inspection report with a fine toothcomb and make sure a professional completed the report. For condo purchases, go over the bylaws and association Fees. Don’t take anything for granted– inspect everything!
8. Do a Final Walk-Through Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
9. Plan For Flexibility Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
10. If It’s Not In Writing, It Doesn’t Exist All promises and discussions should be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements.
There is a lot going on when purchasing a home and while there might be some bumps in the road, Fairway and I are always here to protect our clients from any mistakes. Call me today to schedule an appointment to review your financial plans. I look forward to the opportunity to help you make the best home loan decision and show you how the path toward ownership.
Tags: First Time Homebuyer, Homebuying