Top 10 Tips for Buyers

1. Check your credit before looking for a mortgage lender. You’d be surprised how many people think they have good credit, only to find out that there are inaccuracies on their credit report that will affect their ability to get the loan they want.

2. Get pre-approved before looking for homes. This not only helps us know what price range of home to look for, but also makes the process significantly smoother when we go to make an offer. If needed, I can help you find a loan through my many industry contacts.

3. Don’t become “house poor”. Some people will buy the most expensive house they can afford, but then have no money left for home maintenance, furniture, etc.

4. Set your expectations up front. I want you to be satisfied in your purchase, but there is no such thing as “the perfect home”. Buying a home is always a compromise between what you want, what you need, and what you can afford. To facilitate this, I highly recommend that before we start, we sit down and discuss what features you must have versus what features you’d simply like to have.

5. Before we actually start looking at homes, try to decide if you want to look at new homes or existing homes. Going back and forth between the two usually just makes the home buying process more confusing. By the way, many people don’t realize that REALTORS can help with the purchase of new homes, but it’s true. In fact, one of my specialties is new home sales and my fees are generally paid by the home builder. Also note that regardless of your decision to go with a new or existing home, you’ll get the same quality service from me.

6. Don’t ask too many people for opinions about what makes a good home, or whether a particular home is a good purchase. This will drive you crazy if you let it. Keep in mind that everyone has a different idea of what makes a good home so I recommend selecting just one or two individuals to turn to if you feel you need a second opinion. If you wish, I’d be happy to be one of those people.

7. Decide when you’ll be able to move. If applicable, knowing when your lease is up, whether you can sublet and how tight the rental market is will greatly help in this regard. If you need to sell your existing home first, we have to coordinate your home sale vs. purchasing your new home. When and how we market your existing home is highly dependent on the local market where you are buying and selling.

8. Make sure you consider resale value when purchasing. Many people think they will be in their new home forever so they don’t think about this. Unfortunately, people average about 7 years in a home before they sell. Even if you don’t relocate or move up sometime soon, by thinking about resale value beforehand, you’ll insure your investment is sound. I can help in this regard by using my industry knowledge and area expertise to advise you on the resale value of your home purchase.

9. Don’t be dumb: get a home inspection. There are too many potential hidden defects. A home inspection won’t guarantee there are no problems, but it may find something major you would not have known about otherwise. Also consider getting a home warranty from the seller to cover anything that crops up after the sale.

10. Get help. Buying a home is likely the largest purchase you will ever make. Doesn’t it make sense to hire me as your buyer’s representative? Unlike a listing agent whose first duty is to the seller, I, as your buyer’s representative will work only for you. Plus, my fees are generally paid out of the seller’s commission payment so you probably won’t have to pay me anything for my services. What a deal!