Top 5 things you need to know before you buy your next home.
Top 5 Things to know.
Maybe you’re a first time home buyer or you’ve done this a few times, well before you schedule moving trucks and update your address with the post office, you will want to knock out a few big items.
Find out what you qualify for. Knowledge is power and understanding what you can realistically borrow and stay within your family’s budget will go a long way when you start the homebuying process. One of the first calls you should make before you even start looking at your next home is to your trusted lender. They will help you understand what loan programs are available to you. Getting this done in advance also puts you in a more competitive position as a buyer when you come to the table with a pre-approval letter from your lender instead of a pre-qualification letter.
Choose a rockstar real estate agent who will help you narrow down your home search. They will be able to guide you to a neighborhood that will match the lifestyle you envision for you and your family. A real estate agent uses their knowledge of the local market to show you the best houses available with all of the niceties and features that you imagine in your new home.
Determine which aspects of the home are most important to you. If you are purchasing your dream home with your family, have each member make a list of their need-to-have and nice-to-have features. It can be helpful to do this task alone and then come together to compare lists. You may learn that the large yard that is important to you is lower on the list of your partner, while their two-story home doesn’t fit your ideal of a sprawling ranch. This will also help you decide what are the dealbreakers when you looking at new homes.
Consult with a real estate attorney early. Ideally, you will want to begin your relationship with an experienced real estate attorney before you even consider making an offer on a house. Your Home Legal provides collaborative legal services, working closely with your real estate agent, mortgage broker, and your closing team to ensure that you protect your investment by knowing your legal rights.
Know all of the expenses upfront. There’s nothing more frustrating than being surprised by expenses you weren’t planning for. When you’re buying here are some fees you can expect to pay before you even have the keys to your new place: earnest money deposit, credit reports, home inspection fees, appraisal fees, movers and packers, storage, lender origination fee, mortgage insurance or funding fees, one year of homeowners insurance, HOA set up fees, funding your escrow account with your lender, title and escrow fees, lender’s title insurance, and attorney’s fees. Some of these fees are relatively standard (like your inspection, appraisal and credit report fees), but others are entirely dependent on the price of your home and the amount of your loan.
Your dream home may be your forever home or it could be your first of many dream homes. Want to know more? Schedule a strategy session to plan your next big adventure!