6 Buying Tips to Consider When Purchasing a New Home

1) Determine how much you can spend

Beware of how much you spend on a home. Spending too much can sacrifice your future and make it impossible to save for retirement, take vacations, and provide for children’s education

*What you can buy depends on:

Understanding Mortgage Fees and Closing Costs

2) Identify where you want to live

Do you want to be close to work, friends, family and good recreation? Narrow down your choices by deciding what neighborhood to live in.

*Characteristics of quality neighborhoods:

3) Get pre-approved for a mortgage loan

Perform this step before shopping for a home.

*Why?

 

4) Select the best home to buy

Start by making a list of the minimum requirements for your dream home. Then visit homes to observe and take notes. Make sure you hire a professional home inspector and work with your agent to find the right house.

* Consider:

 

5) Negotiate the best price

Evaluate the price with your agent, ask your agent for a comparable market analysis, consider other negotiating points, decide how much to offer and on what terms.

*Negotiating Tips:

  TIP 1.  Size up your seller’s reason to move

  TIP 2.  Don’t waste your time on sellers who won’t negotiate

   TIP 3.  Find out if the seller needs a quick sale

   TIP 5. Don’t waste your time by offering low ball offers

 

6. Close the deal and move in

Closing day is usually 30-45 days after the buyer and seller agree on terms and sign a purchase agreement.

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