Preparing for Your Home Buying Journey
The homebuying process is very rewarding but is not without its challenges. In a seller’s market, it can be especially difficult to find and secure the house of your dreams, but with a little preparation, you can avoid some common pain points on your way to the closing table.
Know what you want.
In the current market, it’s important to move fast when you find a home that meets your needs. So, before you start viewing houses, make sure you know what you’re actually looking for. What locations, price range, and features are non-negotiable, and what options would just be nice to have?
Check your credit scores.
Make sure your credit scores from all three national credit repositories: Equifax, Experian, and TransUnion, are accurate. Errors reported by one of these sources could delay or negatively impact your credit approval. Make sure you take care of potential issues as soon as possible.
Different lenders will be able to offer you different interest rates, but that’s not the only factor you should consider. Make sure you choose a reputable company with excellent customer service. That way, when you find a home you love and need to move fast, you’ll have a financial backer you can count on.
You probably have an idea of how much you want to spend on your next home, but you should also be aware of how much buying power you actually have. Getting preapproved will give you some more specific pricing guidelines, which can help you zero in on the home you want.
3 Home Investments You Shouldn’t Compromise On
Budgeting is an important life skill, but as a homeowner or renter, there are some things you shouldn’t compromise on. Here are some investments that are worth spending more on now, to save you money down the road.
Poorly constructed furniture will wear out quickly and repurchasing broken pieces can actually end up costing more than buying higher quality furniture from the start. Make sure your furniture essentials, such as your mattress, bed frame, couch, dining table, and chairs are sturdy enough to last for years.
If you’re having work done, make sure it’s done right. Ask your friends and neighbors for recommendations, check reviews, and make sure the company you choose has a proven record of quality craftsmanship.
Bargain paint isn’t always the deal it’s made out to be. The savings you net per can may actually be lost as you require more layers of paint to get the job done. Higher quality paint often goes on more smoothly and evenly, meaning less aggravation and better results. It will also typically stand up to more wear and tear, meaning your paint job will last longer than a bargain paint option.
Negotiation 101 for Home Buyers and Sellers
Whether you’re buying or selling a home, negotiation is a key step in getting the best deal. Make sure you’re ready to close on the best price with these tips.
Negotiation factors for buyers
Before you place an offer on a home, you should be preapproved for a loan so you know how much you can actually afford to pay. In a tight real estate market, you may have to offer more for a home than the seller is asking. However, if a house has been on the market for a while or has a listing price that isn’t comparable to the market analysis, you may have some wiggle room to go lower. Working with the seller’s personal needs, such as a specific time frame can also give you some room for negotiation. Knowing which situation you’re walking into will give you a better idea of what to expect from your offer and potential counteroffers. Depending on the home you’re interested in, I can help you put together a strong offer that can help you stand out from other interested buyers.
Negotiation factors for sellers
While buyers typically want to get a low selling price, sellers benefit from higher sales prices that let them monetize their home equity. Before you open your home for showings, have a professional appraiser and inspector give your home a once-over. Having your own reports will give you a strong indication of what your home may be worth. You can also use the inspection report as a pre-sales checklist of items to repair before a buyer has their own inspection. This could result in a better sales price.
Every home, buyer, and seller is unique. As such, each negotiation is also unique. That’s where I come in. As your real estate agent, I’ll help you negotiate to get the best deal possible. If you or someone you know is ready to start the buying or selling process, let me know!
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