Dos and don'ts of buying a house.
choose a real estate agent first! And, yes, you do need one. A good real estate agent can save you thousands of dollars, hours of time and buckets of tears. Interview at least 2-3. Find someone you’re comfortable with who has expertise and experience. This is a big financial transaction. You need to trust your agent!
Jump from agent to agent! You may think this gets “everyone” working for you, but in reality, it means “no one” is working for you. If you want a loyal agent you need to be loyal to them. Don’t go to showings without your own agent. The listing agent represents the seller’s best interest, not yours!
Get pre-approved for a loan. Your real estate agent can help guide you toward a reputable lender. Please, don’t just randomly apply through online sites! You’ll drop your credit score, end up frustrated and possibly destroy your opportunity to buy a house. There are many different loan programs. The right lender will help you find the right loan and determine how much house you can afford.
Start looking at homes before getting pre-approved! A seller isn’t going to take your offer seriously without a preapproval letter. And, you need to know how much you can really afford. Many varying factors go into your mortgage payment (taxes, insurance, HOA fees, etc.) There’s nothing more disappointing than finding a house you love then learning that it doesn’t qualify for your loan or it’s beyond your budget!
Save as much money as you can. Even if you get a loan that doesn’t require a down payment, you’re going to need money for moving expenses, utility connections, appliances, furniture, etc.
Empty your entire savings account for the down payment! You’re going to need money for utility connections, moving expenses, appliances, furniture, etc. There are many loan types with different down payment requirements. Be honest with your lender about how much you can realistically pay down.
Check your emotions and expectations. We understand you’ve always wanted that house that looks like Grandma’s. Or you’ve always wanted to live in a certain neighborhood. We aren’t saying you can’t get those things but that perfect house probably doesn’t exist and you may not be able to afford some neighborhoods (yet). But, with realistic expectations and professional guidance from your real estate agent & lender you can start moving in the right direction.
make the mistake of thinking the house has to check ALL the boxes on your wish list! Prioritize your needs and find a home that meets “most” of those. The perfect house is a unicorn.
Ask your real estate agent all the questions you need answered. If you have unanswered questions you may start to second guess your decision after you’re under contract (buyer’s remorse). That’s a terrible feeling for you and possibly a serious legal entanglement.
Let well intentioned friends/family talk you out of a good house! There are so many things about a house that can be easily remedied. Cosmetic issues can be distracting, but it’s the costly issues that should be the concern. Lastly, don't be shy! Speak up!
Tammaro Realty is dedicated to helping you find your dream home and assisting with any selling needs you may have. Contact them today so they can guide you through the buying and selling process.
