By Leland Howard, Medway Realty in FL
Use a Real Estate Agent
Buying a home seems easy. Just find the right one and make an offer, right? Well, the process and transaction involved in buying a home is actually very complicated and fraught with potential problems for you. Using an expert Realtor agent to represent you in what is likely one of the most expensive financial transactions you will ever have is the smart choice. A Realtor does more than show you houses. The expert knows how to properly handle things for your benefit. An agent knows how to properly price a property and negotiate the best terms. Moreover, there may be as many as 20 (or more) people involved in a real estate transaction – title companies, underwriters, loan managers, inspectors, contractors, lawyers, other real estate agents, and, of course, the buyers and sellers. A Realtor knows when, how, why and at what cost things need to be done and by whom. A good real estate agent will assist you through the entire transaction, protecting you along the way, and ensuring that you end up in your new home under the best circumstances.
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Make Lists of What You Want
Knowing these three things is really important when searching for a new home: What MUST we have. What would we LIKE to have if we can find it. What do we NEVER want. We have been involved in a lot of transactions and we often see people start to get confused with the LIKE and MUST lists. When you start searching properties for your next home, it can be overwhelming and it is easy to forget what exactly you NEED in your new home vs. what you would just LIKE. And that can cause you to lose out on a really good property that you would have loved if you had bought it (all because in the moment you thought you NEEDED white cabinets, forgetting that was a LIKE and a fairly easy and inexpensive fix). Tell your Realtor your lists and let him or her guide you through the search process, focusing on that NEEDS list.
Don’t Expect an Older Home to Be Brand New
If you are buying a home built in 1995, you shouldn’t expect everything about the home to be in perfect, brand new condition. There are going to be some scrapes and bruises in a house 20+ years old. Don’t make the mistake when negotiating a purchase price of demanding that the Seller replace every appliance, the AC, the water heater, the roof, and repaint everything. If all of that was done, undoubtedly the price of the home would be higher. Remember what you are buying.
Always Get a Home Inspection
Please don’t make the mistake of choosing not to get a home inspection so you can save a few hundred dollars. Again, home inspectors are experts. They crawl around homes all day, every day. They know more about the conditions of homes than you do – no matter how many basements you’ve drywalled or new outlets you’ve put in. Take advantage of the opportunity to have a real expert examine the home and identify any potential costly issues BEFORE you continue with the transaction.
Get Your Financing in Order
It is best if you actually talk to a lender or mortgage broker before you start seriously searching for homes. This will give you an idea of what you can afford and how much it will cost. These answers will guide your home search. A lender will give you a basic pre-approval letter that will be necessary to send along with any offer – so you don’t want to be in a position where you’ve found a house you love but don’t have the necessary paperwork to actually make an offer. Further, if you need to repair some credit or save a little more before proceeding, a lender can let you know those things as well and give you some advice about how to move forward.
Buying a home can be one of the most fun, yet challenging, things you ever do. Make sure you plan ahead, use experts, and get the home that is perfect for you.
Leland and Carrie Howard 