Tips for Buyers

Buying a home, especially for the first time, can be quite a daunting task.  There is a lot to learn and you get the feeling of entering into a whole world that you should really know more about.  While not a definitive guide, the following list will give you a few tips to think about for your future home purchase.

Get Prequalified – Being prequalified tells both agents and sellers that you are serious about buying.  Being prequalified can also help push your offer over your competitor’s offer in a tight bid.

Save up for your closing costs – ask your lender for an estimate on your closing costs and begin preparing for them.  Generally this will be somewhere in the 3-4 point range but can dip higher or lower depending upon your situation.

Use the internet to your advantage – The internet has put the advantage of the power agent in the consumer’s hands. Currently somewhere over 80% of home searches start on the internet.

Require a home inspection – Make the sale contingent upon this.  Moving into your new home is too late to find out that there are significant problems with your new home.

Manage your dates – Try to make sure that you can move into your new home a the same time that you are leaving your old home.  Even one day difference can really make things difficult for you.

Don’t see too many homes at once. – Whether it is online or in person, keep your searches manageable.  After a very short time your mind will begin to combine aspects of different houses leaving you more confused than informed.

Look more than once – If you have a list of homes that you have narrowed it down to, visit them more than once and at different times of the day.

Consider the seller’s motivation – Did they just get a job in another state? Are they facing foreclosure?  Use this information to your advantage.  A little homework in this area can be worth a lot of money.