Whether you are about to buy your first home or are planning to make a move to your next home...
it is critical that you inform yourself about the factors involved.
If you're like most home buyers, you have two primary considerations in mind when you start looking for a home. First, you want to find a home that perfectly meets your needs and desires, and secondly, you want to purchase this home for the lowest possible price.
Although your agents negotiating skills are important, there are three additional key factors that must come into play long before you ever submit an offer. These Steps Will Help You Save Thousands When You Buy a Home.
1. Make sure you know what you want: As simple as this sounds, many homebuyers don't have a firm idea in their heads before they go out searching for a home. In fact, when you go shopping for a place to live, there are actually two homes competing for your attention: the one that meets your needs, and the one that fulfills your desires. Obviously, your goal is to find one home that does both. But in the real world, this situation doesn't always occur.
When you're looking at homes, you'll find that you fall in love with one or another home for entirely different reasons. Is it better to buy the 4- bedroom home with room for your family to grow, or the one with the big eat-in kitchen that romances you with thoughts of big weekend family brunches? What's more important: a big backyard, or proximity to your child's school? Far too often people buy a home for the wrong reasons, and then regret their decision when the home doesn't meet their needs.
2. Don't shop with stars in your eyes: satisfy your needs first. If you're lucky, you'll find a home that does this and also fulfills your desires. The important thing is to understand the difference before you get caught up in the excitement of looking.
3. Get Pre-Qualified: being pre-qualified has many benefits. a) It can minimize your anxiety and remove last-minute loan surprises that could disqualify you. You'll sleep better at night knowing that the home you selected is yours. b) It gives your offer more credibility so that sellers will be more likely to immediately accept your offer. c) You can enjoy a faster closing period (sometimes less than 30 days) because there is no window period while your loan application is processed.