Most people will agree that purchasing and owning real estate is one of the most important milestones in your life. Like any large item, thought has to be put into the longterm effect a home or other property will have on your lifestyle and family. If you are thinking about getting out of the renter's mindset and moving up to owning your own home, here are seven tips that might be useful.
1. Get an experienced real estate agent on your side. Instead of trying to find a house on your own and then negotiating with the owner or their representative, take advantage of a qualified agent's experience and the resources he or she has. A real estate agent could have hundreds of real estate transactions under his or her belt, and this can be used to help you get the best possible home for your money.
2. Get your real estate agent to prepare a Comparative Market Analysis of the property you have in mind. This will show what similar real estate has sold for recently, and show you how the asking and selling prices of various homes compared.
3. Have the home inspected. For this inspection you need a third party inspection company. This will let you know of any problems with foundation, roof, etc. Before you buy is the time to know the true condition a home is in.
4. If possible, try to get pre-qualified for financing, with a mortgage rate guarantee. This will help find homes that you can afford, and avoid disappointment if you fall in love with a house out of your price range. It will also streamline the buying process later on.
5. Don't let your eagerness and emotions get the better of you. It is easy to find a home that you just have to have. You need to talk to your real estate agent and weigh the pros and cons before you make any decisions.
6. Be aware of different negotiating tactics and styles. An offer that is too low may upset the seller, and make counter offers less appealing. An experienced real estate agent can help you get through offer situations.
7. Know and understand the legal documents before you make an offer on a home. Ask your real estate agent to explain the clauses and agreement, and make sure you know your rights as well as your obligations once the offer is put forth.
Remember, your best bet is to find a real estate agent that knows the ropes, and that is working to find you the best home you can afford. Good luck finding your perfect home!
