You’re looking to buy a new home. Maybe it’s your first house or condo. If so, here are three things you need to know before you take the plunge. If it’s not your first home purchase, you may have learned the following the hard way. In any case, it’s good advice that will pave the way for a smoother, more enjoyable home search.
1. Before you do anything else, determine how much home you can afford. The National Association of Realtors recommends entering your income, savings and other financial information into a home affordability calculator. A lot more than the sticker price of a home goes into the cost, such as mortgage insurance, homeowners insurance, property taxes, and more. To be sure you’re not looking at properties out of your financial reach, you can obtain a pre-approval letter from your lending institution, which will determine for you how much they are willing to lend you.
2. Don’t call the listing agent if you see a home you love. You have your own real estate agent who is looking for a house specifically for you, so contact him or her to ask about the house in question. The owners of the house you’re interested in have their own agent. It’s the two agents’ jobs to discuss the buying/selling deal. Not yours. If you contact the sellers’ agent directly, you are doing yourself, and your agent, a disservice and you could come out on the short end of the deal, notes NAR.
3. You don't have to check out every house that’s listed. That’s what your agent is for, adds NAR. If you have a good rapport with your agent — and you should — he, or she, will find the homes that fit your wants and needs, making your house hunting so much easier.
Inland Real Estate Group : 201 E Veterans Parkway, Yorkville, IL 60560 : 630.553.3600