At Oakstrand Realty, we understand that purchasing a home is a big decision. To help make the process smoother, we've put together a list of tips to help you get the best deal when buying real estate and avoid any potential scams.
When looking for a mortgage, shop around to compare lenders. Different lenders offer different incentives and closing costs, and your ability to qualify for certain programs may vary. Taking the time to compare lenders could save you thousands over the life of your loan.
Carefully consider who you hire to inspect the home. If possible, get both professional and personal recommendations from the inspector's previous clients. This will help you get a clear picture of the condition of the home and any potential issues you may have to deal with in the future.
If you don’t have the money for a down payment, look for lenders who offer 80:20 loans. This is two separate loans, one for 20% of the down payment amount and the other for the 80% needed for the purchase loan. This type of loan is often offered by the same lender, but with different payment amounts and interest rates.
If you plan on relocating your family to a new area and have children under the age of 18, it’s important to check the National Sex Offender Public Registry. Realtors are not legally obligated to inform prospective buyers of sex offender information, so it’s important to do your own research.
Keep your options open. Visit multiple homes and auctions, even up until closing on your home of choice. Doing your research will help make sure you don’t miss out on any potential deals.
If you want to speed up the purchase of your new home, consider getting a certified or cashier’s check for the amount you owe a few days before closing. Trying to locate the funds you need at the last minute can be stressful and delay the closing process.
When buying or selling a house, it’s best to start off with a fair offer. Asking too high a price when you are selling, or making too low an offer when you are buying, can destroy the negotiation process. Check out what comparable homes have sold for and work from there.
If you are investing in real estate, be prepared for the possibility of losing some money. There are always other investment properties available, so it’s important to keep your emotions in check. If you lose a potential investment property, remember that another one is just around the corner that could be even better.
Finally, when you are going to buy a home, make sure you have money for the associated bills. Many people forget to factor in bills when making an offer on a home and end up struggling to pay them each month. Make a list of what each bill is expected to cost you so you can budget accordingly.
At Oakstrand Realty, we hope these tips help make your home buying experience a successful one!