1. Determine Your Needs

The process of purchasing a home can be especially daunting if you don’t take the time to determine your needs. A real estate professional will be able to best assist you if you are willing to answer a few important questions:

• What is your current lifestyle and how will that play into the neighborhood or community you choose? e.g. sports enthusiast that requires hiking trails within the neighborhood
• Size of home including bedrooms, bathrooms, and specialty rooms such as media or pool room.
• Style of home: Ranch vs. Two-Story and Tudor vs. Cape Cod

2. Consider the Cost of Homeownership

There are various financial commitments to consider, most importantly how a new home will fit into your budget.

You need to ensure that you can afford the monthly mortgage payment, as well as any expenses including utilities and/or possible homeowner’s association fees.

3. Interview a Real Estate Professional

The interview process is one of the important first steps in buying a home. An experienced sales associate, like myself will be eager to share  expertise and skills so you can make an educated decision.

Ask for references and listen to what other people have to say about their experiences with a particular agent. Ultimately, you want to find someone that knows your area, has a good grasp on current market conditions and that you feel comfortable with.

4. Decide if You Will Build or Buy Resale

Are you going to buy an existing home or build something new? There are pros and cons to both, with each a reflection of your lifestyle and needs.

This calls for thorough research to identify which of the above is beneficial to you as an aspiring homeowner.

5. Location, Location, Location

Location is one of the key factors to consider in any home purchase. Make sure that you buy a home in areas where the value of property is set to increase as opposed to those with low prices and high chances of stagnation.

6. Understand Mortgage Options

Speak with a mortgage professional about your options and make sure to share details about your current financial situation, including your monthly budget for a new home. They will be able to offer guidance on which loan program will work best for you.

7. The Benefits of a Home Inspection

A home inspector will inspect the home prior to purchase to examine for structural and safety issues. An inspection is not required, but a wise choice as it will determine if the home is structurally sound and wiring and pluming are up to code.

They will also check for safety hazards, including loose railings, rotted or damaged porch or entryway steps and broken windows.

8. Get Everything in Writing

The best way to protect yourself is to ensure that every part of your transaction is captured in writing. An example of this would be repairs the seller agrees to make prior to closing.

Your real estate professional is there to make certain those repairs are added to an addendum which becomes a part of the purchase agreement. You do not want to have a casual conversation with the seller that could be left to interpretation when it comes to the largest purchase you will probably ever make.

9. Finalize the Purchase

To avoid problems at the closing table, make sure you have a clear understanding of what to expect. Go through your loan details one last time so there are no surprises when it comes to interest rate, loan amount or mortgage term.

There will be a substantial amount of paperwork to sign so give yourself plenty of time to adequately review the details.

10. Home Improvements

Your home is a valuable asset. Once you close, continue to put aside money on a monthly basis for any necessary repairs or maintenance.

It’s also important to note that certain upgrades may contribute to lower insurance premiums. This makes it important for you to stay in touch with your real estate professional. They can provide guidance on value boosting renovations.

“A home that meets my needs, at the lowest possible price”, is what every home-buyer states. Yet, when a home buyer goes shopping for a home, two homes compete for their dollar: a home that meets their needs, and a home that fulfills their desires. The goal is to find a home that best meets these two criteria. However, in the real world, this rarely happens. Usually, it is a compromise of needs against wants relative to price.

Sometimes, a buyer falls in love with a home for the wrong reasons. Later, they regret the choice because the home does not match their needs. It may be too big, too far away from work or school, or even too large to maintain. In the long term, a dream home ends up being a costly investment.

To buy a home you will be happy with sounds simple, but it can be very traumatic if you do not decide what you want in a home before you shop. Take off the rose-colored glasses. As much as possible, look at your needs and the home you are considering, objectively. To get you started, fill out the following items below:

What do I absolutely NEED in my next home:
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What would I absolutely LOVE in my next home:
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How prices are set
Usually, four common strategies are used to price a home. Understanding these techniques can help you get a better deal on your home, while matching your needs.

1. Greatly overpriced
Every seller wants to get the best price for their home. In a hot market you need to be careful with multiple offers, the battle may be won by inflating the price, anywhere from 10-20% of its true market value. We will Determine a fair offering price range before getting into a bidding war.

Or, too high a price could leave the home on the market for months. The home could be great, just offered at the wrong price. If it does not sell, it could be considered a problem. The price may have to be reduced to sell it.

2. Somewhat overpriced
Homes in this category also tend to sit longer on the market. The reasons: there may be room for negotiation in the price, or the seller is emotionally attached to the home.

3. Priced at fair market value
These homes tend to sell within a reasonable time, at close to the asking price. Competitively priced, their price represents a thorough analysis of other homes on the market.

4. Priced below fair market value
For various reasons (including health, relocation, condition of the home, divorce), a seller may want to sell a home quickly. This type of sale often results in multiple buyers, with the home being sold quickly.

I can provide you with a thorough analysis of any home you are considering. This price will be based on market conditions, similar homes in the neighborhood and condition of the home. At the same time, your Real Estate Professional will work with you to match your needs to the price, in a great neighborhood.