If you intend to buy a house in the foreseeable future, it pays to prepare. That way, you can enter the real estate market as an "extraordinary" homebuyer, i.e. someone who knows exactly what it takes to find a great house at an outstanding price.
Now, let's take a look at three tips to help any homebuyer go from ordinary to extraordinary.
1. Learn the Ins and Outs of the Housing Sector
The real estate market is complex, particularly for someone who is pursuing a house for the first time. Fortunately, plenty of housing market data is available that can help you gain the insights that you need to make an informed home purchase.
Take a look at homes that are currently available in your city or town. By doing so, you can better understand the prices of houses that match your expectations. Then, you can tailor your home search accordingly.
Furthermore, don't forget to assess the prices of recently sold residences in your area. This housing market data will help you determine whether you're about to enter a real estate market that favors buyers or sellers.
2. Get Your Finances in Order
Meet with banks and credit unions to learn about your mortgage options – you'll be glad you did. If you get pre-approved for a mortgage, you can begin your home search with a budget in hand, thereby reducing the temptation to spend too much on a house.
Lenders are happy to provide you with information about a broad range of mortgage options. Also, if you ever have mortgage questions, lenders employ friendly, professionally trained mortgage specialists who are ready to respond to your queries.
In addition, it usually is a good idea to evaluate your credit score prior to applying for a mortgage.
You can obtain a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). If you review your credit report closely, you can identify and resolve any potential credit problems and increase the likelihood that you can obtain a favorable mortgage.
3. Work with a Real Estate Agent
When it comes to becoming an extraordinary homebuyer, it is important to note that it can be difficult for even the most diligent homebuyer to succeed on his or her own. However, if you employ an expert real estate agent, you can streamline the process of acquiring your dream residence.
A real estate agent is committed to your homebuying success, and as such, will do everything possible to help you find the perfect residence.
Typically, a real estate agent will set up home showings, negotiate with a seller's agent on your behalf and provide honest, unbiased homebuying recommendations. This housing market professional will even help you alleviate homebuying stress and ensure that you can quickly go from homebuyer to homeowner.
Ready to embark on the homebuying journey? Use the aforementioned tips, and you can become an extraordinary homebuyer in no time at all.
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While "the perfect neighborhood" means different things to different people, everyone can use the same process for narrowing down their options. Choosing the right neighborhood is an integral aspect of the buying process. You want an area that matches your needs for community, lifestyle, price range and more. If you're planning to rent or sell the house in the future, you should also consider the resale value of the neighborhood. Even though areas change over time, some areas can be relied on to maintain their value. Often this is due to other longer-term location features such as a university or access to a city's main shopping or services. Current price range and property values will always vary by neighborhood.
You’ve probably considered how long of a work commute you’re willing to make. While this is helpful as a starting point, it's vital to consider everywhere else you'll need to go on a regular basis. If you eat out or order in, how close are restaurants? Do you have choices within walking, biking or jogging distance? What are the alternatives for delivery? Find the nearest grocery store options and check to make sure they carry the kinds of food you want to buy. Be certain that their parking or public transportation access works for your shopping needs. Don't forget the business hours. If you get off work at 5 pm, then have an hour commute home, and the grocery store closes at 6:30 pm, your shopping will always be stressful, and the timing will inevitably be tight. Speaking of commutes, where is the nearest gas station? Find it and visit a view times to figure out how busy it is during rush hour or when you expect to need it in a hurry.
If you have or are planning to have children while living in this house, schools are an essential neighborhood feature. Visit schools for different ages and find out how the school district works in the community. Talk to administrators about dress codes, honor policies, class availability and how your kids will get there. Some schools have dedicated buses or walking routes. Some offer free or discounted public transportation passes. Others have strict rules about driving and drop-off times, so ask all these questions upfront.
Access to healthcare is a vital feature of any neighborhood. If your insurance requires your doctors and hospitals to be part of a particular health network, do your research. Find all the doctors, dentists, hospitals and pharmacies, and map them out. Use this map to ensure your favorite neighborhood isn't a considerable distance away from your emergency room, just in case.
Finding the perfect neighborhood can seem like a chore, but it is mandatory that you put the right amount of time into it if you want to get the most out of your new home purchase. Talk to your professional real estate agent about your specific needs and use their inside knowledge to help eliminate or favorite the areas on your list before searching for your forever home.
