5 Tips For Buying A Home

Dated: 02/20/2018

Views: 265

Featured Image

Looking to buy a home? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

Blog author image

Taylor Bothun

Taylor Bothun is Realtor in the greater Twin Cities area. As a hard working and dedicated agent, Taylor seeks to educate and empower his clients to make the best possible decisions for their future. T....

Want to Advertise on this Site?

Latest Blog Posts

Seventy Percent Of Buyers Qualify For This Type Of Down Payment Assistance

What is Down Payment Assistance?Down Payment Assistance takes on many forms.  When most people think about Down Payment Assistance, they think of getting the money for the down payment

Read More

3 Things To Consider Before Using A Short Term Rental Site

Once upon a time, the idea of renting out your home to a stranger while you left for vacation was considered quite odd.Enter changing consumer attitudes, the "sharing economy" and online services

Read More

Have The Chickens Come Home To Roost

Is you Son living in the basement working on his second basket weaving degree doomed to never leave home?  Is your boyfriend getting his car repossessed for the third time because he does

Read More

How Accurate Is Zillow According To Zillow

In Zillow's own words they tell you the following:The Zestimate® home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting

Read More