Everyone knows that in the real estate business the good houses sell fast or faster than the less desirable homes. Here are 5 simple tips to follow to help you be the first person or party to buy a good home.
Tip 1: Get pre qualified and walk with your check book in hand.I’ve been in the business for 5 years and after 75 closings, I’ve worked with a number of buyers who wanted to wait until they found the perfect home or the home that inspired them to do the legwork of getting pre-qualified. Qualifying for a mortgage takes 3 things: as assessment of your assets, a look at your credit history, not just your scores, and a understanding of what you can afford monthly given your current debt to income ratio. Usually, as a general rule of thumb you can afford to buy up to 3 times your income.
Tip 2: If you are a first time home buyer or downsizing, you are likely to get up to 80% of your wants and needs met. I’ve sold new construction homes, old homes, fixer uppers, mint condition and pristine properties. There is always something to fix and budget for.
Tip 3: Don’t overlook homes with fewer bathrooms. First time home buyers generally say to me: “I’d like a house with 2 bathrooms or at least a home with a bathroom and a half.” The one bathroom house needs as much buyer love as any other and for not having the additional facilities; many sellers expect to negotiate on price simply because their house may not offer what’s desirable. If it has room for another bathroom, consider installing or fitting the bill yourself. A bathroom installation can generally costs 5k-10k-15k, depending on your tastes. BCBK82SUTRPY
Tip 4: Go with Your Gut. As a buyer’s agent, there are a number of occasions where I walk into a house with a client, and I immediately know it’s not the right house for them, but for some reason, my buyers might insist on looking at the whole house. My suggestion to you would be to go with your gut and look at the rooms or sections of the house that matter to you most first. Two years ago, I had a client who was 6 feet 8inches and he and I would immediately walk into the basement first of every house he was interested in buying. We called it the basement test. If he was uncomfortable in the basement, we wouldn’t look at the rest of the home. Create your own test and exercise it as you look at different houses. This will help you save time and prevent you from compromising or settling.
Tip 5: Make Reasonable Offers. Present the offer that is in line with the market, unless there’s a reason to offer less, which is often referred to as a low ball offer or more depending on the seller’s or selling situation. In my career, I’ve witness two buyers over pay despite my advice and guidance. One was a celebrity and the other inherited a substantial sum of money of which both parties did not want to negotiate. Both were cash deals. If you are financing your purchase, there are checks and balances in the system that prevents you from overpaying. If you get in the habit of making reasonable offers on homes that are priced right, you’ll find your home faster and with less headaches.
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