5 Essential Tips for Making the Process as Smooth as Possible
Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. JayJay Levine, believes very strongly that this will put you in a much better position to make a serious offer when you find the right house. Time is of the essence.
Find a house you can afford.
As with buying an engagement ring, JayJay Levine remembers there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.
“Hire a professional” says JayJay Levine
While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. You are worth protecting and deserve a seamless enjoyable home buying experience. JayJay Levine says, “you’re better off using a professional agent than going it alone.” If possible, recruit an exclusive buyer agent, who will have your interests at heart and will get you the home you want. It is a highly competitive market and with proven strategies during the bidding process you will have the confidence every step of the way.
Do your homework.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, JayJay Levine says, “you may end up just ticking off the seller.”
JayJay Levine is always thinking long term.
Obviously, you shouldn’t buy unless you want to be staying put for at least a few years. Beyond that, you should buy close to where you work to avoid long commutes, a safe neighborhood, with good schools. JayJay Levine says, “whether you have children or not, this will have an impact on your new home’s resale value down the line.” When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.