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Tips for Home Buyers
Hire your own buyer's agent
Your own buyers agent, works for you and has a fiduciary duty to their client, that means they work in your best interest. The listing agent works for the seller, not you. A buyer's agent doesn't cost you any money. Yes, hiring a buyers real estate agent is free to the buyer. Your buyer's agent can walk you through every step of the process, helping you to find the best lenders, contractors, and home inspector. They work in your best interest to ensure you aren’t taken advantage of or accidentally waive rights you are fully entitled to. You can choose any real estate agent to represent you as a buyer. Do not just let the seller's buyer talk you in to using them. Check with friends, family, co-workers. Good personal recommendations are a great tool. I can even provide you with agents whom I know and trust.
Let’s look at some reasons why you should use an agent to buy your new home. When you hire a buyer’s agent then they will be able to assist you in securing financing for your purchase. The most likely option is that an agent will assist you locating a lender who has provided funding for previous deals handled by this particular seller or somebody else connected with the developer. I recommend finding a lender to secure loan approval before choosing which property to buy. A good agent will put you in touch with a lender that can help you based on your credit worthiness and budget.
Choose the correct mortgage for you
There are several ways to pay for your new home. If you are a veteran, there are VA loan programs available to you. Some have no fees, and the VA will waive the funding fee if you are a disabled veteran. There is also the FHA loan where you have a small down payment for first time home buyers. There are also fixed and variable rates, points, 15 and 30 year loans, etc. Be sure to talk to a qualified mortgage broker. Your mortgage broker can help you prepared in advance so that you know exactly what kind of financial outlay you are about to undertake.
Set a price range based on your budget
Many home buyers are excited, and start shopping without setting a budget or knowing exactly what amount they can even borrow. Just like with cars, don't go shopping for a Ferrari if you can only afford a used Ford. See what you are pre-qualified to borrow. It hurts falling in love with a new house you cannot get financing for. Be realistic when crunching the numbers. Your lender will teach you what you can afford right down the penny. Don't be afraid to ask questions. Let's make this transaction go as smoothly as possible.
Do your research
Especially if you are new to the area. Do some home work on the area. If you have children or plan to have children, check out the school district. How close is the nearest mall? Where are the grocery stores in relation to the home. You'll go there frequently, so it is worth checking out. Spend time analyzing the commute. Pay attention to how busy traffic will be in that area when you need to travel to and from work. The commute and school districts are the top two concerns most people have about the area. They have a big impact on your decision and can affect how much you enjoy your new home.
Get a Home Inspection!
The only way to know what the condition a home is in is to pay for a quality home inspection. Hire an inspector who knows what he’s doing (me) and you will not regret it. Don’t get cheap right now. if you price inspectors and there are a couple significantly cheaper guys, that may be a red flag . A good inspector is trained, and has experience and tools to do a good job. Those tools cost money. You can buy a home that has defects or needs work. Be sure you are okay with that up front. Sellers will try to polish up the place to make it look good, but a thorough inspection can provide you with information needed to make your decision. It will be money well spent. I will provide you with a thorough report and many, many pictures. An inspection can also be used as a bargaining tool. If I find defects that need attention, you can use that to your advantage in negotiating with the seller.
