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.
Before you begin searching for a new home, it is wise to get pre-approved for a loan. This is much different than being simply pre-qualified for a loan. If you have this pre-approval, it means that a loan officer or lender has looked over your finances carefully and determined exactly how much they will lend you. This not only helps make the whole home buying process easier, it also gives you leverage when you make an offer. A seller with multiple offers tends to choose the buyers that are pre-approved because they know that their home is far more likely to sell and more quickly.
Don't begin a home search without some serious thought as to what you need and want when selecting a home. You need to think about location, home size, amenities and associated costs such as dues from a homeowner's association as well as the property taxes and insurance costs for a property. Buying a home needs to be a decision based on balancing the pros and cons of a home and should never be led by emotions. You might fall in love with a specific home and decide you want it at all costs, but it simply might not be a realistic or proper home to fit your needs. In addition, when you negotiate the purchase price and other details, you have less power when you react emotionally. There is always another home out there to consider, so be practical and know that no home is every truly 100% perfect, but many could be an excellent fit for your needs.
When you are ready to make an offer on a home, there are many items to take into consideration before you decide on a purchase amount. You need take into consideration the comps in the area, as well as the location and condition of the home. Comps are important, but they aren't always showing the whole picture. For example, perhaps the home you like has a much better view than the other comps or maybe this home is completely upgraded and move-in ready. On the other hand, maybe the house you want needs some major updating while the competition includes mainly updated homes. Either way, you can certainly always ask less than the asking price, and you shouldn't feel shy about asking for less. Obviously a ridiculously low number would be insulting, but there is no harm in asking for less.
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.
For people looking for homes in San Francisco's East Bay and throughout Contra Costa and Alameda counties, it is a good idea to contact the real estate experts at 1stInSite.com before you begin your search. They can help you find Danville homes for sale, Orinda homes for sale, Walnut Creek homes for sale, Alamo real estate, Lafayette homes for sales, Moraga real estate and homes in all other East Bay cities.
Before you begin searching for a new home, it is wise to get pre-approved for a loan. This is much different than being simply pre-qualified for a loan. If you have this pre-approval, it means that a loan officer or lender has looked over your finances carefully and determined exactly how much they will lend you. This not only helps make the whole home buying process easier, it also gives you leverage when you make an offer. A seller with multiple offers tends to choose the buyers that are pre-approved because they know that their home is far more likely to sell and more quickly.
Don't begin a home search without some serious thought as to what you need and want when selecting a home. You need to think about location, home size, amenities and associated costs such as dues from a homeowner's association as well as the property taxes and insurance costs for a property. Buying a home needs to be a decision based on balancing the pros and cons of a home and should never be led by emotions. You might fall in love with a specific home and decide you want it at all costs, but it simply might not be a realistic or proper home to fit your needs. In addition, when you negotiate the purchase price and other details, you have less power when you react emotionally. There is always another home out there to consider, so be practical and know that no home is every truly 100% perfect, but many could be an excellent fit for your needs.
When you are ready to make an offer on a home, there are many items to take into consideration before you decide on a purchase amount. You need take into consideration the comps in the area, as well as the location and condition of the home. Comps are important, but they aren't always showing the whole picture. For example, perhaps the home you like has a much better view than the other comps or maybe this home is completely upgraded and move-in ready. On the other hand, maybe the house you want needs some major updating while the competition includes mainly updated homes. Either way, you can certainly always ask less than the asking price, and you shouldn't feel shy about asking for less. Obviously a ridiculously low number would be insulting, but there is no harm in asking for less.
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.
For people looking for homes in San Francisco's East Bay and throughout Contra Costa and Alameda counties, it is a good idea to contact the real estate experts at 1stInSite.com before you begin your search. They can help you find Danville homes for sale, Orinda homes for sale, Walnut Creek homes for sale, Alamo real estate, Lafayette homes for sales, Moraga real estate and homes in all other East Bay cities.
About the Author:
Madeleine Glazier enjoys writing about the real estate industry. If you are searching for Alamo real estate agents, or to discover Alamo homes for sale, please go to the 1stInsite website today.
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