Whether you’re a first time home buyer or downsizing to your retirement home, purchasing a house can be a stressful situation. Don’t worry; our team at Roger Fazendin will be with you every step of the way. We’ve come up with five tips to help guide you with your purchase:
Create a budget
Before scheduling an appointment with your REALTOR®, review your finances in order to determine what you can afford. If you are planning to move to a more affluent neighborhood, the cost of living should be a determining factor for your price-range. Once you’ve set your budget, work with a bank or lender to obtain a pre-approved home loan. Your budget should include:
- Monthly earnings
- Monthly expenses
- Lifestyle and miscellaneous expenses
- Cost of living in new neighborhood
Discuss needs, wants and perks
In addition to creating a budget, discussing what you want in a new home with your partner is key. Make a list with your top essentials, wants and perks you’re looking for. This will help your realtor research homes, in your price-range, with as many priorities from your list, ahead of time. Having a written list of your determinants can help influence your decision, when trying to choose between two homes.
Research the area
It’s okay if you aren’t sure which neighborhood you’d like to move to. However, if you already have a general idea, do some research prior to viewing the listing. Depending on your stage of life, research the following things:
- School district
- Proximity to local attractions
- Value of neighboring homes
Make an offer
When you’ve found a home you love, work with your realtor in order to make a comprehensive offer. Review the asking price, your budget, appliances or features you’d like to stay with the home, and include this in your offer. Also, be sure to include specifics such as when you want to close, and purchase will be conditional to the home passing a certified inspection.
Schedule an inspection
Last but not least, have a certified home inspector view your home for any structural, mechanical or electrical imperfections. If the inspection unearths any issues (major or minor), this can be another negotiating tool in your final offer. If not, then you will have peace of mind, knowing your future home is safe and secure.
Congratulations on your new home! We hope you’ll love every nook and cranny, and we’d love to hear how you’re settling in.