Information for Buyers
Beginning Your Search
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Searching for a new home can be a daunting task, but there are several steps you can take to make the process easier and more manageable. Here are six great tips to help you get started:
Managing Credit
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Preparing your credit for purchasing real estate is an important step in the home buying process. Here are the steps you can take to get your credit in shape: more...
Choosing Your New Home
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When choosing a new home, there are many factors to consider that can greatly impact your comfort, lifestyle, and overall satisfaction. Here are some important things to keep in mind: more...
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Home Inspections
As a new home buyer, it's important to inspect the property thoroughly before making a purchase. Here are some inspection items to look for: more...
Beginning Your Search
Determine your budget: Before you start looking for homes, it's important to determine your budget. This will help you narrow down your search and avoid wasting time on properties that are out of your price range.
Decide on your must-haves: Make a list of the features and amenities that are important to you in a new home. This could include the number of bedrooms and bathrooms, a certain location, a backyard, or a garage.
Research neighborhoods: Once you have an idea of what you're looking for, start researching neighborhoods that meet your criteria. Look at things like crime rates, school districts, and local amenities to help you narrow down your options.
Find a real estate agent: Contact Sherry and Tom to help you search for a new home. We can help you navigate the buying process, find properties that meet your criteria, and negotiate on your behalf.
Get pre-approved for a mortgage: If you need a mortgage to purchase your new home, it's important to get pre-approved before you start making offers. This will give you a better idea of what you can afford and help you move quickly if you find a home you love.
Start looking at homes: Once you have a good idea of what you're looking for and have found a real estate agent, start looking at homes that meet your criteria. Be sure to take your time and view multiple properties before deciding.
Overall, searching for a new home requires patience, research, and careful consideration. By following these tips, you can make the process easier and increase your chances of finding the perfect home for you.
Managing Credit
Check your credit report: The first step in preparing your credit for purchasing real estate is to check your credit report. You can request a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your credit report carefully and check for errors or inaccuracies.
Dispute errors on your credit report: If you find errors or inaccuracies on your credit report, you can dispute them with the credit bureau. You can do this online or by mail. The credit bureau has 30 days to investigate your dispute and respond.
Pay down your debts: If you have high balances on your credit cards or other debts, it's important to pay them down as much as possible. This can help improve your credit score and increase your chances of getting approved for a mortgage.
Avoid new credit applications: Avoid applying for new credit cards or loans before you apply for a mortgage. New credit applications can lower your credit score and make it harder to get approved for a mortgage.
Keep old credit accounts open: Closing old credit accounts can lower your credit score. If you have old credit accounts that you don't use, consider keeping them open to help improve your credit score.
Pay your bills on time: Payment history is an important factor in your credit score. Make sure you pay all your bills on time to avoid late payments or collections, which can negatively impact your credit score.
Employment: When you apply for a home loan, the lender will assess your income and employment stability to determine whether you are a suitable candidate for the loan. If you have recently quit your job, it could raise red flags for the lender because it suggests a decrease in income stability and an increased risk that you may struggle to make your mortgage payments.
Additionally, lenders often require proof of employment and income for the past two years, so if you quit your job before applying for a loan, you may not be able to provide the necessary documentation. This could result in your application being denied or delayed, which can be frustrating if you have already made an offer on a home.
Therefore, it is generally recommended that you do not quit your job before applying for a home loan. If you are considering a career change or are unhappy in your current job, it may be better to wait until after you have secured the loan and purchased your home before making any major employment changes.
By taking these steps, you can help prepare your credit for purchasing real estate and increase your chances of getting approved for a mortgage with favorable terms.
Choosing Your New Home
Location: Consider factors such as proximity to work, schools, transportation, shopping, entertainment, and other amenities that are important to you. Also, think about the overall safety and desirability of the neighborhood.
Size: Think about the amount of space you need, both in terms of the number of bedrooms and the overall square footage of the home. Also, consider factors such as storage space, outdoor living areas, and any special requirements you may have, such as a home office or a guest room.
Condition: Consider the overall condition of the home, including any repairs or upgrades that may be needed. Also, think about the age of the home and whether it has been well-maintained.
Style: Consider your personal style preferences and whether the home's architecture and design match your taste. Also, think about any special features you may be looking for, such as a fireplace, a pool, or a large backyard.
Price: Consider your budget and how much you can afford to spend on a new home. Remember to take into account additional expenses such as property taxes, maintenance costs, and utilities.
Resale value: While it may not be top of mind when you're purchasing a home, it's worth considering the potential resale value of the property should you ever decide to sell it in the future.
Environmental factors: Think about the home's environmental impact, including energy efficiency, water usage, and any potential environmental hazards in the area.
Community: Consider the overall community and whether it is a good fit for you and your family. Think about factors such as schools, parks, and community events that may be important to you.
By taking these factors into account, you can make an informed decision when choosing a new home that meets your needs and preferences.
Home Inspections
Hiring a professional home inspector is highly recommended when purchasing a home for several reasons:
Expertise: Professional home inspectors have the knowledge, training, and experience to evaluate a home thoroughly and objectively. They can identify potential issues that a regular home buyer may overlook.
Safety: A home inspector can identify potential safety hazards, such as electrical issues, gas leaks, or structural problems, that could pose a risk to the occupants of the home.
Cost savings: By identifying any potential issues early on, a home inspector can help you avoid costly repairs or renovations down the line. You can negotiate with the seller for repairs or a reduction in price, or decide not to purchase the home altogether.
Peace of mind: A home inspection provides peace of mind for the home buyer, knowing that the property has been thoroughly evaluated and any potential issues have been identified.
Overall, a professional home inspection is a smart investment for any home buyer, as it can help you make an informed decision about the property and avoid potential issues in the future.