Hi folks, here are five tips you need to know before buying a home
1. You need to be pre-approved.
A lender will ask you questions and require you to provide paperwork plus pull your credit. That loan officer will get you a total loan balance or maybe a total purchase price. If you’re considering a condo or townhome, then you need to get maximum payment. On condos and townhomes, this can vary greatly because the HOA payments can be several hundred dollars difference between homes.
2. You need a list of your must-haves that will be on the property.
This is usually the minimum number of bedrooms, bathrooms, and off-street parking spaces or garage spaces. It may also include needing handicap accommodations or a view from the kitchen to the backyard to watch kids playing outside.
3. What is the maximum amount of time you feel comfortable commuting to work, i.e. “windshield time”
You may still walk, bike, or take mass transit to work, but there are always times when you’ll be stuck driving. Number four, a list of the neighborhood must-haves. This can vary greatly. If you’re young and single looking to buy your first condo, then you may need a neighborhood that has great restaurants or clubs nearby, or maybe a gym or the beach. If you’re someone with small children, then maybe it’s a backyard and a good elementary school. If you don’t have any kids, maybe you love hiking and so it’s going to be close to trails. I even have rural clients who must have paved roads instead of just dirt roads.
5. An exit strategy.
I know I can hear you saying to me, but I haven’t even bought my home yet. It’s still important to think about what will happen to this asset when you don’t live there any longer. Will you rent it, sell it, let family members stay in it. It will change how you think about potential repairs or maintenance when you are shopping. As always, I look forward to helping you find the right home for good value. Call or text me and I look forward to serving you.