Real Estate Tips For The Home Buyer

Real Estate Tips for the Home BuyerBuying and investing in real estate is probably the largest purchasing decision you will ever make which will have a dramatic impact on your life. The tips offered here will give you more confidence to go out there and make sound decisions, and avoid potential mistakes on your real estate journey.

  • Know Your Credit Score: Before you begin your search for a new home, obtain a copy of your credit report. Carefully review the report and report any issues that you see. Good credit will assist you in obtaining a mortgage, so give your credit report a going-over before you start looking for homes.
  • Determine What You Can Afford: There are many mortgage calculators available online that allow you to calculate what you can pay for a house. We have Resource Tools for you to use. These calculators attempt to take into consideration your income and expenditures. The resulting figure approximates what you can reasonably afford, without overextending your finances. Also, investigate different payment assistance solutions available to you. Doing this, in conjunction with the seller contributing towards the closing costs, can save a lot of money when buying a home.
  • Get Your Mortgage Loan Preapproved: Before you start talking with a REALTOR®, set up a meeting with a mortgage lender to go through the loan preapproval process. This is save everyone time in the long run, and will identify any obstacles that may prevent you from purchasing the home you want. Being preapproved for a loan may also entice sellers to work with you a little more. Waiting for approval can cost more and will stretch out the process of buying the property.
  • Don’t Go It Alone: If the home you are purchasing is just for yourself, take someone with you who has home buying experience for perspective and another set of eyes. Other people will be able to notice things that you might overlook. Additionally, ask them to become involved in the process by asking questions of the REALTOR®.
  • Don’t Depend on Public Records: As you’re comparing properties, take the time to measure a house you thinking about buying, as it is difficult to compare public records with the actual square footage if you do not take the time to measure. You always want to be certain that the listed square footage and the room sizes are accurate. The square footage recorded in both places should be no more than 100 square feet in difference. If they don’t match, investigate further or reconsider the transaction. Measuring the room sizes is equally important because you want to make sure your furniture will fit in the desired rooms.
  • Hire a Professional Home Inspector: Have a professional home inspector look over any home you are considering making an offer on. A home inspector will look over every part of the property to ensure that you are not buying a house with serious issues that are unseen. This makes the inspector an extremely cost-effective and safety-conscious choice that should never be bypassed.

This is not an all-inclusive list but the points made here will certainly help you on your journey to homeownership. Remember, your REALTOR® can help you but the decisions are always yours.

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