Buy A Home

Simply put…STAY PUT (and that includes your money). We suggest that you not “move around” within 3-6 months of purchasing a home. Lenders need to see that you are stable and reliable. They also want to see a paper trail so they can get you the best loan possible. Refrain from opening new credit cards, amassing to much debt, and buying big ticket items – this could hinder your chances of getting a mortgage loan.

Survey says… GET A SURVEY done on your property of interest so you’ll know exactly what you’re buying. Know precisely where your property lines are to avoid border disputes in the future with neighbors. Also, your property tax is likely based on how much property you have, so stay informed and have an accurate map drawn up.

NOW is the right time to buy. Don’t obsess with trying to time the market and figure out when is the best time to buy. When you find the perfect house and you can afford it… THAT’S the right time to buy. Real estate is cyclical…up and down, and then back up. Don’t miss out by trying to wait for the perfect time or you’re likely to miss out!

Bigger isn’t always better. Have you heard the saying, “Don’t buy the biggest, best home on the block” and wondered what that means? It means that if you buy a house for $500,000 and many of your neighbors have paid $250,000 to $300,000, your appreciation is going to be limited. Sometimes it doesn’t hurt to buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house. #ReadAgain

Be prepared for “Sleeper” Costs. Many new homebuyers only think about their mortgage payment. However, please remember that you must be aware of other expenses associated with home ownership, such as, property taxes, utilities, home-owner association fees (some are hefty!), upcoming repairs, maintenance, and potential property-tax increases. Make sure you plan ahead and budget.

Your new home is not your “date”. Do not buy a home based on sheer emotions, you may end up with a broken heart (aka making a bad financial decision). Go with your instincts (and intelligence) and not your heart. Buying a home based on instinct and intelligence involves recognizing that you’re getting a great house for a good value. In contrast, buying a home with your heart means being obsessed with a paint color in the backyard. Buying a home is an investment… let your instinct (and homework) guide you and rely on your realtor to help.

HIRE A HOME INSPECTOR. It may cost you upwards of $400, but it’s worth it! Hiring a home inspector is really the only way to get an unbiased (certified) third party opinion. If your inspector finds any issues with the home, he will let you know. From there, you can use this as a negotiating tool for lowering the price of the home or requesting repairs. It’s better to spend a few bucks up front to hire an inspector, than to find out later that you have a major issue with the home! Your realtor knows some well-versed, experienced home inspectors that she can recommend.

The Science of Bidding. Hire the right realtor to get help with negotiating and bidding on the home of your dreams. Your realtor will have inside information on market activity, price per square foot, and what other properties have sold for in your desired area (these are called “Comps”). From there, your opening bid should be affordable for you and what you (and your realtor) really believe the property is worth. Make sure your bid is reasonable and fair and try not to offend the seller.

Walk-the-walk. Walk (and Stalk) the neighborhood. Ride through the neighborhood at different times of the day to determine if your dream home is in a neighborhood that is right for you. Determine how long your daily commute to work will be from your new home. Research, research, research schools. This affects home value by as much as 20%. Also, how close is the nearest grocery store and retail shopping?