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Preparing Yourself for a Home Purchase

When you make the decision to purchase a new home, you generally know what you are looking for and where you want to relocate. However, oftentimes what we want and what we can afford are two different matters. It is beneficial to do preliminary research before hitting the road with your real estate agent.

How To Do Your Initial Search

Start your search with a list of everything you need and want in a home. Consider signing up with an online real estate search company like SRNRealEstatePros.com that gives advanced search options to pinpoint available homes that meet your criteria. If your list doesn’t produce many houses, then you can begin to alleviate the less crucial items from your wish list. You can get specific by choosing options like the following:

  • Community Style – Do you want to be in a gated community?
  • Home Style – Are you looking to live in a condo, ranch, or split level?
  • Pool Home – Do you prefer a heated, caged, or pool with a hot tub?
  • HOA Fees – Do you have a limit on what you will pay for HOA fees?
  • Exterior Features – Do you need an aircraft hangar, a greenhouse, or a boathouse?

During this initial research period, opt to get notices of new homes that hit the market in your specified relocation area and that match your criteria. You can see how often homes come up for sale and how quickly they are sold to give you an idea of how fast you need to jump on a property you are interested in.

How To Get Prepared

During this time, you should also get pre-approved by your mortgage lender. This will tell you what you are able to actually pay monthly and the extent of your financing amount. With this information, you can concentrate your search based on that price range. This alleviates finding your dream home and getting your heart broken because you are turned down by the lender. Not being pre-qualified will cause frustration and will waste your, the seller’s, and the real estate agent’s time. 

How To Find Your Agent

Now that you have selected a handful of homes that appeal to you and fit into your wish list, contact a local real estate agent to work with. A professional agent can assist you in getting into the homes you have selected and are able to guide you with any further information you need about the property and the community. Being local, your agent is better suited to guide you based on the current market of that area.

Referrals from family and friends are the best way to find a real estate agent. You might be spending quite a bit of time together, so finding someone you can relate to and trust is important. Remember that your agent is there to work for you and get you the best deal in this home purchase transaction. Don’t be afraid to ask questions, make suggestions, and look outside the box in negotiations to get what you want.

When you find your dream home, your agent will guide you in making a competitive, fair offer to increase your chances of acceptance. Being pre-approved gives you the advantage of getting your offer accepted over others. Your agent will work with you throughout further negotiations and settling the purchase.

Preparing yourself with initial home research and working with your lender for pre-qualification will benefit you in your home search. The work with your real estate agent will be more productive and efficient, and you will be moving into your new home in no time.

 

Makeba Giles is a Digital Content Producer and founder of Faith Health and Home, a digital space with information and resources for physical, emotional, and spiritual well-being to help families live an inspired lifestyle.

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