Search, Financing, And Negoation Tips To Help You During The Home-Buying Experience
Buying a home is an event that many dream of for years, as it establishes roots for your family and gives you ownership of a piece of real estate. But buying a home does not need to be complicated or intimidating, and there are many great resources and information to help you during the process. Here are some steps to simplify the home-buying process and find the home for your needs and your budget.
Start Your Search
The internet today provides a great deal of available information on homes for sale and new listings, and is a great place to start searching during your free time and weekends. Register with several free listing websites, and you can sign up for updates of new listings as soon as they come available fitting your search requirements. Most of the listings will provide several photos of the interior and exterior of the property to get a good idea about the property's condition, and some may provide a virtual tour.
If you have a neighborhood in mind you want to live in, you can search for homes specifically in that area, or do a drive through the neighborhood to find homes for sale. You can also hire a real estate agent to work for you in the search. They will additionally be able to help you through the entire purchase process with negotiating, contract writing, and closing on the home.
How you are going to pay for the home is just as important as finding the right home. For this reason, you should talk to your bank or a mortgage broker early on about the financing for your home. Whomever you work with will look for loan programs that offer a low fixed rate or an adjustable rate, depending on your income and credit situation. Be sure to ask about first-time home buyer financing or Veterans Administration (VA) loans if you qualify for either program.
Apply for financing to get a pre-qualification from your lender before you make an offer to buy a home. Some sellers will want to make sure you have your financing arranged before they accept your offer to buy their home, and this can strengthen your offer against others who are bidding on the same home.
Negotiate the Purchase
When it is time to make an offer on a home and negotiate the terms of the purchase, it is important to pay attention to small details in the contract. You can include contingencies in the contract to protect your position as the buyer.
For example, your offer to purchase the home should be contingent upon completing an acceptable home inspection. This gives you the chance to back out of the purchase and get any earnest money back from the seller if there are major problems to the home. Or you can renegotiate the contract to lower the purchase price to accommodate any repairs needed.