Tips for a Stress-Free Journey
Buying a home is a big financial decision and one that needs to be made knowing all of the facts. Educating yourself about the home buying process and what to expect is a great way to make sure you are in the best position to make a bid and get into the home of your dreams. It is also a great way to make sure the home buying process is as stress-free as possible. Take a look at seven things to consider when buying a home and make sure your buying experience is positive from start to finish.
#1: Consider Your Budget
The first step when starting the home buying process is to define your budget. When determining the budget, it is best to think about it as a range — define the highest and lowest points when it comes to home prices. By setting a budget range, you can make sure to get a broad sense of what you can afford in the current market.
#2: Get Pre-approved
Before you begin shopping for a home, make sure to get pre-approved from a certified lender. A pre-approval letter shows the buyer that you are ready to commit to purchasing a home and makes everyone much more comfortable when an offer is submitted.
#3: Define Your Ideal Home
Once the budget is set and you know that the bank has you covered with a loan, it is time to dive deeper into understanding what you want in a home. To do this, make a list of all the credentials you want in a future home. Think of it as a pros and cons list. What must your home have, and what are the deal-breakers when buying a home? Think about the following items:
- Home location
- Home Size (square footage)
- Lawn size
- School districts and assigned schools
- Amenities (proximity to amenities)
- Age of home
- Home Layout
- Number of bedrooms
- Number of bathrooms
- Attached or detached garage
- Outside/Inside storage space
- HOA or no HOA
#4: Get a Trusted Realtor
An informed real estate agent has a firm understanding of the local market and access to an extensive wealth of information. With real-time listings found on the local MLS to a wealth of professional contacts, a real estate agent has a network of invaluable connections when purchasing a home.
#4: Don’t Feel Pressured
You found a house that fits your budget and requirements! Congrats! Now, take your time to envision yourself living there and understanding what the home will bring on a daily basis. Don’t feel pressured to make an offer unless you are 100% committed to living in the home and comfortable with the transaction.
#5: Think About the Long-term Commitment
While it is important to look beyond the chipping paint and potential cosmetic concerns when envisioning yourself living in the home. It is critical to assess it through a lens of a long-term commitment. Think about the following:
- What repairs will have to be made to make the home what you envision?
- What will the budget look like for those repairs?
- Will you be able to afford the home with the repair costs?
- What will be the upkeep cost for the home?
- Are there any recurring bills that need to be addressed when owning the home?
#6: Make Sure There Is NO Buyer’s Remorse
Think about the long-term commitment…check!
Envision yourself in the home…check!
Feel comfortable with making a potential offer…check!
Now, all you have to do is verify that the home is a good fit for you and place a bid that you feel comfortable with even after the papers are signed. No one wants buyer’s remorse, so make sure this is really the home you want for a fair price.
#7: Get Ready for the Home Buying Ride
After you make a bid on the home (and it is accepted), there are a ton of things to think about and do. From the home inspection to setting a closing date, it is a whirlwind of emotions and information. Make sure you are ready for the home buying process because the due diligence period can be a bumpy ride. Want to read more about the home buying process? Take a look at a few more of our blogs:
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to purchase a home or an investor wanting to diversify their rental portfolio, our full-service property management company is here to help.
If you’re interested in learning more about our services or want to speak to one of our agents, give us a call at (919)-232-9222 or Contact Us. Feel free to also check out our website at oakcityproperties.com.