REAL ESTATE 101 - Home Search Tips

By
Real Estate Agent with RE/MAX Realty Specialists

 

  • Plan first then look - What do you need (i.e. Number of bedrooms, etc), what can you afford to pay each month on a mortgage, what things do you want (and are willing to forgo if necessary)
Want Vs. Need
  • Be practical - You are not going to get everything you want or need in a house.  Evaluate each property, if you get 80% of your needs and 50% of your wants, go for it.

  • Do a financial self review - Do you have a down payment (usually 5% of the purchase price) and enough money to cover closing costs (usually about 2%).  Of so, get pre-approved to ensure you're not disapproved later.
Financial Review
  • Trust to your own judgement - Many buyers hesitate to make their decisions and have their parents, their siblings, their friends and acquaintances comment on their potential purchase.  It is best to select one or two to turn to.  Having too many opinions will quite simply mean you'll pass on a home perfectly suited to you!

  • Decide on the time for your move - Whats best for you?  When do you have to move?  Do you have a lease?

  • What are your goals - To find the perfect "forever" home, or, a home as a perfect starter?  Knowing this at the outset will help you decide both on the home you'll buy and the mortgage terms best for you.
GOALS
  • Home Inspections - Insist on having one done.  The relatively small costs of one could save you many dollars in unexpected repairs down the road.

  • Use a Realtor - One who specializes in buyer representation and who will work diligently on your behalf.  If you are uncomfortable or uncertain about any, choose another.

  • It's your money and your future - Many people spend more time planning their next holiday then they do planning their home purchase - don't be one of them!!

 

Posted by

Remember, the more you know about factors affecting real estate transactions, the wiser your purchase or sale will be!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Mark Brian 12/11/2010 02:35 PM
Topic:
Home Buying
Location:
Newfoundland
Groups:
ETHICS and the REALTOR
Newfoundland and Labrador Real Estate Blog
Realtors®
RE/MAX Active Rain Bloggers

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Show All Comments
Rainmaker
697,695
Cindy Edwards
RE/MAX Checkmate - Johnson City, TN
CRS, GRI, PMN - Northeast Tennessee - 423-677-6677

And get a pre-approval letter in hand!

Dec 07, 2010 08:07 AM #1
Rainmaker
296,982
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

You hit upon a key point here Bill, no buyer gets everything they want.

Dec 07, 2010 08:32 AM #2
Rainer
30,155
Bill Dilny
RE/MAX Realty Specialists - St Johns, NL

@Cindy - Absolutely necessary to have a pre-approval!  Thank you.

 

@Dan & Amy -  But using a Realtor helps the buyer to get the most possible!

Dec 08, 2010 03:08 PM #3
Rainmaker
954,820
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
CNE - ASP - SRES .... Uxbridge Ontario Real Estate

Bill- ..... At this beautiful season let us all remember that the greatest gift of all is love. May you have a loving Christmas, surrounded by family and friends.

From our House to Yours
We wish You all the Blessings of Christmas
and
A Super New Year

Dec 24, 2010 11:35 AM #4
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Rainer
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Bill Dilny

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