Finding a new home can be an exciting journey. Your family’s needs are changing, and your new home needs to accommodate those changes, be it a new baby, an empty nest, or buying your first home after college. When it comes to finding the right home, however, it involves more than just touring homes and comparing features. Here are my top 5 tips for a successful house search.
#1 – Know Yourself
Every home comes with its own special amenities that can make it appealing to a potential buyer. Identify what neighborhoods and local amenities you want to be close to. Is the neighborhood close to your job? Getting a feel for what you want in terms of location and amenities within your new home can help you in your search.
#2 – Make sure your financial house is in order
Before starting any home search, it is a good idea to find out how much you can finance. Often, this means going over your finances and determining your budget for a home. Ideally, your mortgage should not be more than 30% of your monthly income.
Working with a lender means you can get a pre-approval. Part of this process should also include checking your credit score and making sure the items on your credit report are accurate.
#3 – Work with a Realtor
When you choose to work with a realtor, you are tapping into their market expertise. During the search, be sure to give yourself enough time to explore the houses. Riding with your realtor can help you to go over each home, giving feedback and debriefing.
If you find one you like, working with a realtor means that you can sit down and write up an offer right away. Plus, your realtor can help you to determine the best offer price based on the current market. To make sure that your realtor is able to work solely for you, it is important to consider signing a buyer’s agreement.
#4 – Save for a down payment
Even before you begin your home search, it is important to start putting money away for a down payment and closing costs. The more that you can save, the better the interest rate you may be able to get. If you do not have 20% down payment, remember that there are financing options available that allow you to put down less.
#5 – Secure your financing
It might seem like a no-brainer, but many individuals find the perfect home, only to discover that they can’t get financing. By going through the pre-qualification process with your lender, you will know how much you qualify to borrow and also if there are any conditions you would need to satisfy to close your mortgage.
Having your financing in order also will make your offer more attractive to a seller, which can give you an edge over your competition for any property. Our team at Elevation Mortgage can walk you through the financing process. We even provide conditional approvals. Contact us today to find out more!