7 Things to Never, Ever Do When Buying a Home Make sure you find an agent to work with before you start looking at homes. Well, let’s take a step back. Look at all the homes you want
7 Things to Never, Ever Do When Buying a Home
7 Things to Never, Ever Do When Buying a Home
Make sure you find an agent to work with before you start looking at homes.
Well, let’s take a step back. Look at all the homes you want online, takes notes and figure out exactly what you want to have in your dream home. But, when it comes time to seriously take a look at some of these beauties, make sure you have an experienced agent by your side to help guide you through the process. Buyers agents know all about this process and have been through it many times. They will have your back when it comes time to put in your offer and make sure everything goes smoothly. You want to find an agent who is going to get you the home of your dreams at a price you can afford.
When searching for a mortgage lender, shop around.
Mortgage lenders want to work with you. They will work around your schedule and do everything in their power to get you to pick them. Make sure you pick someone who you feel comfortable with. There are tons of forms to fill out and even more information you will need to provide to get approved for your mortgage. Finding a lender you work with is important because you will certainly be spending a lot of time with them. Find someone who you know has your best interest in mind and won’t take advantage of you. Pay attention to the details and make sure your agent takes a look at everything before you sign on the dotted line.
Be honest with your agent, it will makes things much easier.
Your agent is here to help you. They want to make your home buying experience as painless as possible. Let them know the high and low ends of your budget so they can provide you with the best home options in your area. Many people think agents are only going to show them homes at the very top of their budgets to ensure the highest commissions for themselves, but that is far from the truth. If you tell your agent your budget is $300K, but it is really $500k, you will not be getting the best you can get, and that isn’t good for anyone involved. Be honest and upfront and your agent will find you exactly what you are looking for.
Sorry to tell you this, but the perfect house might not exist..
Everyone always tries to find their dream home, or the “perfect” house, but unfortunately it might not be available. Work with your agent to put together a list of “wants” and “needs” and they will find you something that has all or most of what you want. You may not be able to find a four bedroom, three bathroom home with an inground pool that overlooks a lake, but you might just find one that has the rooms without the view. The market isn’t always going to have exactly what you want, but you can definitely find something that checks most of the boxes.
Don’t risk losing the home by making a lowball offer.
Of course everyone wants to get the best deal, but if you come in too low you run the risk of the seller not wanting to do business with you. Take a look at what the asking price, discuss things with your agent, and make an offer that everyone will find reasonable. Putting in an offer that is too low can be offensive to the seller and will make them not take you seriously. Talk it over with you agent and make an offer that is appropriate.
Don’t forget to factor in the closing costs.
The average closing costs range anywhere from 2%-7% which could end up being a pretty sizeable amount of money if not properly planned for. The seller will chip in, but as the buyer you are responsible for the majority of the closing costs. Your mortgage lender should be able to provide you with an estimate of what these costs will be and help you plan for them when taking out the mortgage.
Don’t make any large purchases until it is official.
A common mistake people make is purchasing large items to go with their homes before they have officially closed on the property. Once the deal has been approved you still have to go through the underwriting process to make sure your credit score hasn’t dropped drastically since you were pre-approved for your mortgage. In some cases, people have been pre-approved for years before actually buying a home and have had some not so great things happen to their credit report during that time. Make sure to keep your credit in good standing throughout your entire home buying journey.
Buying a house is a lot of work, make sure you do it right!
Following these seven simple rules will make you home buying experience much more enjoyable. Finding the right agent will help right from the start. They will guide you in the right direction and get you the house that is right for you. They will make sure you have the right mortgage and make sure your offer is right. If you would like to work with an agent to help you find the right home, please give me a call at 614-668-4646.
Born and raised in Washington DC but making his home in Columbus, Kareem Jackson has lived in Ohio since the fall of 2001. Majoring in Communications at the Ohio State University, Kareem graduated wit....