There are few purchases that bring about more trepidation than buying a new home. After all, this is probably the biggest purchase we make in our lifetime, so it's only natural to feel a bit of stress during the process, even if you are a seasoned veteran of home buying. To make it all a bit easier, consider following some of these helpful tips.
Many people get pre-qualified for a loan before they start the home search, but you really need to be pre-approved for a loan. This means that you actually have sat down and met with a lender, and that person has determined an amount that the financial institution will be willing to lend to you for the home loan. The determination for this is based on a careful study of your finances and income over the last few years. Once you are pre-approved, it means that the home buying process can be faster because that step is already out of the way. Another reason to be pre-approved is because it gives you more power when making an offer, as the seller is more likely to agree to your terms if you already have loan pre-approval.
Knowing what you really need and want in a home is important, so make a list of all the things you are looking for, including size, location and amenities. While this is crucial information, don't expect that you will find a home that fulfills 100% of your list. No home is perfect, but many homes can be a great fit for your family. Resist the notion that you have to "fall in love" with a home before you buy. Often when we get too enthusiastic with a property, we tend to ignore areas of concern and negotiate poorly. It is always wise to consider the pros and cons of every house you see and create a short list of potential candidates. That way, if your first choice falls through, you will still have several others to consider.
Making an offer is a tricky business. You don't want to insult the seller with a low-ball offer, but neither do you want to pay more than a home is truly worth. Take a look at the competition and what houses of the same general size and condition have sold for recently in the same neighborhood. Feel free to bid less than the asking price. After all, the seller can simply just say no or counter the price with one of their own.
If you cannot get the house for a good price or you find out through inspection that there are costly repairs that you are unprepared or unwilling to make, you need to walk away. Many times people are hesitant to step back and look elsewhere because they really like a house, but you should never be so attached to a property that you won't walk off if it's really what is best for you. Besides, this willingness to leave also sometimes empowers you when it comes to negotiations.
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.
Many people get pre-qualified for a loan before they start the home search, but you really need to be pre-approved for a loan. This means that you actually have sat down and met with a lender, and that person has determined an amount that the financial institution will be willing to lend to you for the home loan. The determination for this is based on a careful study of your finances and income over the last few years. Once you are pre-approved, it means that the home buying process can be faster because that step is already out of the way. Another reason to be pre-approved is because it gives you more power when making an offer, as the seller is more likely to agree to your terms if you already have loan pre-approval.
Knowing what you really need and want in a home is important, so make a list of all the things you are looking for, including size, location and amenities. While this is crucial information, don't expect that you will find a home that fulfills 100% of your list. No home is perfect, but many homes can be a great fit for your family. Resist the notion that you have to "fall in love" with a home before you buy. Often when we get too enthusiastic with a property, we tend to ignore areas of concern and negotiate poorly. It is always wise to consider the pros and cons of every house you see and create a short list of potential candidates. That way, if your first choice falls through, you will still have several others to consider.
Making an offer is a tricky business. You don't want to insult the seller with a low-ball offer, but neither do you want to pay more than a home is truly worth. Take a look at the competition and what houses of the same general size and condition have sold for recently in the same neighborhood. Feel free to bid less than the asking price. After all, the seller can simply just say no or counter the price with one of their own.
If you cannot get the house for a good price or you find out through inspection that there are costly repairs that you are unprepared or unwilling to make, you need to walk away. Many times people are hesitant to step back and look elsewhere because they really like a house, but you should never be so attached to a property that you won't walk off if it's really what is best for you. Besides, this willingness to leave also sometimes empowers you when it comes to negotiations.
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 loves blogging 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.
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