Tips & Tricks When Purchasing A House
Buying a home is typically the biggest financial investment that people ever make, so it is important to consider this purchase very carefully. While it can be a difficult and stressful process, there are ways to minimize your frustration and find the most ideal home for you and your family. Here are some home buying secrets and tips that can help you along the way.
Before you begin searching for a new home, it is wise to get pre-approved for a loan. This is much different than being simply pre-qualified for a loan. If you have this pre-approval, it means that a loan officer or lender has looked over your finances carefully and determined exactly how much they will lend you. This not only helps make the whole home buying process easier, it also gives you leverage when you make an offer. A seller with multiple offers tends to choose the buyers that are pre-approved because they know that their home is far more likely to sell and more quickly.
Don't begin a home search without some serious thought as to what you need and want when selecting a home. You need to think about location, home size, amenities and associated costs such as dues from a homeowner's association as well as the property taxes and insurance costs for a property. Buying a home needs to be a decision based on balancing the pros and cons of a home and should never be led by emotions. You might fall in love with a specific home and decide you want it at all costs, but it simply might not be a realistic or proper home to fit your needs. In addition, when you negotiate the purchase price and other details, you have less power when you react emotionally. There is always another home out there to consider, so be practical and know that no home is every truly 100% perfect, but many could be an excellent fit for your needs.
You might be tempted to offer way under the asking price or even throw out a price well above the asking price. Either of these options might not be the best idea. You need to look at the area comps and not just the listing and selling prices, but actually what people are getting for their money. Maybe you can offer less because your home choice isn't in the perfect, prime location or needs a long list of updates. A house in a great neighborhood in great shape is more likely to be worth the asking price, so you probably shouldn't expect to get the home for much less than that. Still, don't be afraid to offer a bit less. After all, the seller might agree or perhaps counter with an offer that is still acceptable to you.
Be prepared to walk away from a home. You might really love it, but perhaps the owners will counter with an offer that is just too costly or perhaps the inspections will reveal issues that you simply don't wish to handle. Sometimes a seller will cave and give you the price you want, even if you have to wait a week for the result. Sometimes, they'll even offer to fix problems or put money in an escrow account for repairs. If not, then that's ok too, always remember that there are other homes on the market and simply keep looking.
When searching for Danville real estate, Moraga real estate, Walnut Creek real estate, Alamo real estate or homes in any city in Alameda County or Contra Costa County, it helps to have the assistance of a real estate agent that truly knows this area inside and out. The team at 1stInSite.com, for example, has years of experience in matching clients to the perfect property in San Francisco's East Bay cities and towns. They can help you sell your existing home, purchase a new home and even look into commercial or investment properties.
Before you begin searching for a new home, it is wise to get pre-approved for a loan. This is much different than being simply pre-qualified for a loan. If you have this pre-approval, it means that a loan officer or lender has looked over your finances carefully and determined exactly how much they will lend you. This not only helps make the whole home buying process easier, it also gives you leverage when you make an offer. A seller with multiple offers tends to choose the buyers that are pre-approved because they know that their home is far more likely to sell and more quickly.
Don't begin a home search without some serious thought as to what you need and want when selecting a home. You need to think about location, home size, amenities and associated costs such as dues from a homeowner's association as well as the property taxes and insurance costs for a property. Buying a home needs to be a decision based on balancing the pros and cons of a home and should never be led by emotions. You might fall in love with a specific home and decide you want it at all costs, but it simply might not be a realistic or proper home to fit your needs. In addition, when you negotiate the purchase price and other details, you have less power when you react emotionally. There is always another home out there to consider, so be practical and know that no home is every truly 100% perfect, but many could be an excellent fit for your needs.
You might be tempted to offer way under the asking price or even throw out a price well above the asking price. Either of these options might not be the best idea. You need to look at the area comps and not just the listing and selling prices, but actually what people are getting for their money. Maybe you can offer less because your home choice isn't in the perfect, prime location or needs a long list of updates. A house in a great neighborhood in great shape is more likely to be worth the asking price, so you probably shouldn't expect to get the home for much less than that. Still, don't be afraid to offer a bit less. After all, the seller might agree or perhaps counter with an offer that is still acceptable to you.
Be prepared to walk away from a home. You might really love it, but perhaps the owners will counter with an offer that is just too costly or perhaps the inspections will reveal issues that you simply don't wish to handle. Sometimes a seller will cave and give you the price you want, even if you have to wait a week for the result. Sometimes, they'll even offer to fix problems or put money in an escrow account for repairs. If not, then that's ok too, always remember that there are other homes on the market and simply keep looking.
When searching for Danville real estate, Moraga real estate, Walnut Creek real estate, Alamo real estate or homes in any city in Alameda County or Contra Costa County, it helps to have the assistance of a real estate agent that truly knows this area inside and out. The team at 1stInSite.com, for example, has years of experience in matching clients to the perfect property in San Francisco's East Bay cities and towns. They can help you sell your existing home, purchase a new home and even look into commercial or investment properties.
About the Author:
Madeleine Glazier enjoys writing about the real estate industry. If you are looking for Alamo real estate agents, or to find Alamo homes for sale, please check out the 1stInsite website now.