Saturday, July 27, 2013

5 Real Estate tips for home buyers

By Miriam Engeln, blogger since 2004.

Buying a house is an exciting time for most people. A fresh start in a new home brings a lot of hope and promise for the future. There are few decisions in life that are more personal than choosing the place you will call home. And although we aren't usually in a business mindset when we make personal choices in our lives, it's important to remember that your home is a business venture. After all, it is probably your single largest investment. So go ahead and get your mind into business mode for a moment and think about these real estate tips when conducting your real estate transaction.

1. Hire a Qualified "Real Estate agent"

Purchasing a home is a lot of work. Eliminate a lot of stress by hiring a professional real estate agent to arrange showings, inspections, appraisals, contracts, and negotiations. Talk to the people you trust and get recommendation of. Keep searching until you find an agent who is right for you.

2. Get Pre approved with a lender

Without a preapproval letter you are nothing more than a "wannabe" buyer; and no seller will negotiate their best deal with a "wannabe" buyer. Plus, knowing how much you'll be able to borrow from the bank will help you stay realistic when it comes to the purchase price.

3. Know the Difference between your needs versus wants

We all like to dream about our perfect home, but for most of us, our dreams don't usually equal reality. Your budget will dictate how much of your dream you'll be able to achieve, so prioritize a home's features by their level of importance. Is a three-car garage non-negotiable? Or is it more important to have a private lot? Think about your priorities and be aware that you will most likely re-prioritize several times throughout the buying process.

4. Don't look at too many homes

Many home buyers find themselves feeling overwhelmed and confused after a long day of touring homes. Sometimes you're pressed for time, but be reasonable when scheduling home tours; too many in a short period of time and everything will run together in your mind. Refer to your list of needs and wants, as a way to narrow your search.

5. Get an Inspection

Unless you are home inspector by trade, your skills will only get you so far so hire a professional inspector. A good inspector will identify problems, explain the extent of the problems, and also recommend the appropriate repairs. They can run tests to determine the status of many systems. Certain things such as a roof or electrical wiring are considered major issues and may warrant a specialized inspector all their own. These inspections cost more upfront but they can save you thousands in the long run.

1 comment:

Anonymous said...

Pretty good real estate tips. I've been thinking about moving to Aruba! After my Aruba vacations trips over the years through I've grown to love the place. Will keep all this in mind!

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