There are many benefits of homeownership: equity buildup, tax incentives, pride in ownership and strong community ties to name a few. If you have a goal for 2017 that includes buying a home here are five tips to achieve your home buying goals.
1.Start Planning Now
The home buying process should start a few months in advance of a home purchase. Start your home search by meeting with a real estate agent who knows the area where you want to buy. It is important to work with someone with whom you feel comfortable since you will be spending a lot of time with him or her; ask family and friends for recommendations.
2.Get PreApproved for Your Mortgage
Discovering your buying power is an important step in the home buying process as it saves time in your home search by defining the price range in which to look. A pre-approval also allows you to submit a strong, competitive offer which may give you an edge over other buyers in multiple-offer or negotiating situations.
To get an idea what you can afford try using HUFF Realty’s HOME FINANCING CALCULATORS. These tools will help you estimate how much mortgage you can afford.
3.Identify Your Needs Versus Wants
Many people must compromise on home features when buying an existing home. It’s a good idea to prioritize your needs and wish-list items from most important to least.
4.Start Your Home Search and be Prepared to Act Quickly
Visit neighborhoods and homes that align with your budget and needs based on your discussion with your lender and real estate agent. Recently, home inventory has been low which can often lead to multiple offers and bids over asking price so be ready to move quickly!
5.Make a Realistic Offer
You want to make sure your offer is consistent with the sale prices of similar homes in the area. Make sure to review the list of comparable sales with your agent so that your offer stands out among the rest.
The home buying process can provoke many questions, some frequently asked questions and answers can be found here. If you would like to explore the fine details of home buying as they pertain to your specific needs, contact your local HUFF agent or visit www.HUFF.com.