BUYING TIPS
Home hunting can be a pleasant exercise or a frustrating one depending on how well prepared you are.
Preparing to buy
Answer to yourself the following questions before setting out. The answers could help you determine the kind of features and facilities you desire in your new home.
A general idea about the type of Home you picture and the neighborhood.
The price range
Your current financial and mortgage status and your estimated down payment.
By when would you like to move into the new home?
Reasons for your purchase.
Before you set out
Make a comprehensive list of the facilities and characteristics of the neighborhood and your new home should cater to or must have in your property e.g. the school system the neighborhood feeds into, the schools national scores, recreational and shopping facilities etc.
Prepare another list for features or amenities that you would prefer e.g. a fireplace in the living room.
Be clear about what you do not desire in the property e.g. a noisy neighborhood.
You also need to be clear on whether you would like to engage the services of a Buyer Agent. The Buyer Agent would represent you and your interests in a fiduciary capacity and assist you to locate a suitable property, negotiate the price, arrange for the mortgage and inspection, and generally make buying a smooth process.
If you are hiring the services of a Buyer Agent, negotiate the terms at the outset. Clarify the services the Buyer Agent would render and fees for the services.
Scan daily through newspaper ads, fliers and other media.
Compare the property description with the list of features you prepared earlier.
Shortlist those that meet your "must have" criteria.
You may now contact the listing agent for more details.
If you have appointed a Buyer Agent, you should ask your agent to not just assist you in locating a property but also negotiate the transaction but also assist in procuring the best financing.
The features list that you have prepared will help you rank or rate the various properties that you inspect.
Tips on rating a home
You already have a wish list of features. Rating a home is usually done by assigning points to each of the features according to its importance.
While selecting a home, you can't change these: Location, floor plan, school district, view, size of lot, neighborhood noise. If you cannot compromise on these factors, you need to look for another home. Try to obtain the best possible ratings for things that you cannot change.
You can change these easily if they don't suit your taste: Furnishing, wallpaper, carpet, window coverings, wall colors. You will find it easier to compromise on these if the home otherwise meets your requirement.
Dealing with your REALTOR
Share your new home wish list with your REALTOR.
This will reduce your frustrations. It will also quicken your REALTOR'S task of identifying the right home for you.
Communicate freely. If you do not like any aspect of a property, express your opinion. Maybe your REALTOR could negotiate with the seller on that aspect.
Get to know the prevailing market situation and demands.
Enquire about the neighborhood - transportation, community services, schools and other facilities.
Preparing for the mortgage
Get your credit rating done. You can close the transaction faster.
For the same reason, get yourself pre-qualified by a mortgage lender.
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