BUYERS
Buying a property can be challenging. We make the process fun and exciting! Use our resources below to get a head start.
Steps to Prepare to Buy a Home
1. Talk to a mortgage broker or lender.
Prequalifying for a mortgage should be the first thing on your homebuying to-do list. Talk an agent who's a REALTOR®, a member of the National Association of REALTORS® for lender and mortgage broker recommendations. (Mortgage brokers don't fund loans; instead they offer options from several different lenders.) Shop around to find the best mortgage for your particular situation, ask questions about anything that's unclear, and make sure you understand the home loan process completely.
2. Be ready to move.
This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they can't act quickly enough.
3. Find a trusted partner.
It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process. Vertex Realty can be your trusted partner!
4. Make a good offer.
Especially in a low-inventory market, your offer is unlikely to be the only one on the table. Do what you can to ensure your offer is appealing to a seller.
5. Factor maintenance and repair costs into your buying budget.
Even brand-new homes will require some work. Lenders and insurance companies generally suggest setting aside 1% to 4% of a home's value for annual maintenance costs. Don’t leave yourself short and let your home deteriorate.
6. Think ahead.
It’s easy to get wrapped up in your present needs, but you should also be thinking about your long-term exit strategy. Buyers expect to stay in their home a median of 15 years.
7. Narrow down your search area.
Compile a list of three or four neighborhoods where you’d like to live in, taking into account factors that matter to you, such as nearby healthcare options, schools, recreational facilities, shopping and area expansion plans.
8. Develop a wish list.
Take your time and write down what you want, including a wide range of factors that matter to you—from noise levels to house layout to number of bedrooms and bathrooms. Prioritize items by dividing them into two categories—wants and needs. The needs are features you won't compromise on. The wants are features you can live without or add later.
Principles for Home Buying Success
1. Accept that no house is ever perfect.
The yard may be smaller than you had hoped. The kitchen may be imperfect. The roof may need repair. But if the home is in the right location and fulfills your shelter needs, don't immediately discount it. Make a list of your priorities, focusing in on those that are most important to you. Let the minor ones go. Accept that a little buyer’s remorse is inevitable and will most likely pass.
2. Know that there’s no “right” time to buy.
Found a great home? You risk losing it if you try to time the housing market and interest-rate shifts. Those factors usually don’t change fast enough to make a big difference in an individual home’s price.
3. Don’t ask for too many opinions.
It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.
4. Don’t try to be a killer negotiator.
Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may lead to hard feelings or cost you the home you love.
5. Remember, the home doesn’t exist in a vacuum.
Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on quality of life.
6. Plan ahead.
Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers.
7. Choose a home first because you love it; then think about appreciation.
A home is still considered a great investment, but its most important role is as a comfortable, secure place to live.
Calculate your monthly mortgage payment and view loan amortization!
