Successful home buying is a daunting process and will require the services of your local real estate agent. The professional will offer guidance and legal advice and also negotiate the property’s price. Like other big projects, there are a lot of things that your need to know about buying a home.
Here’s what your local agent wants you to know.
- Saving is key
Buying a home is a significant financial commitment. Therefore, Balmain real estate agency advises clients to save early enough. This is for;
- Down payment: down payment is the amount you’ll be required to pay depending on the mortgage and the lender. It’s a necessary amount you will need to pay to start the buying process.
- Closing costs: Closing costs are the fees and expenses you’ll incur to finalize your mortgage. It’s all the money you’ll pay on top of your down payment.
- Move-in expenses: After buying your home, you will need cash to move in or to cater for furnishings, upgrades, and home repairs.
Additionally, you need to have a budget when buying a home. Every local agent will insist on having a budget to ensure you acquire a home you can afford.
- Explore mortgage options
You’ll have endless options for mortgages with different payments and eligibility requirements. Some main options include conventional mortgages, Federal Housing Administration loans, and the U.S Department of Agriculture.
Additionally, get mortgage preapproval. Preapproval is a lender’s offer to loan you a certain amount under specific terms and conditions. Having it will show the seller and their agent that you’re serious, and they will qualify you as a buyer.
- Avoid sleeper costs
The main difference between owning a home from renting is sleeper costs. Most concentrate on mortgage payments and overlook other expenses such as property tax, utility, and home association dues. As a homeowner, you will incur repair costs, maintenance, and the increasing property tax. Therefore, be sure to include the sleeper costs in your budget.
- Utilize the services of a home inspector
Buying a home before evaluating it is a huge mistake that any estate agent will caution you against. It’s advisable to hire a home inspector to examine the house. Besides, it’s better to incur that cost than to buy a home only to realize that it has no functional appliances, such as gutters.
- Stalk the neighborhood
When buying a home, you should stalk the neighborhood extensively. You might have spotted the right house, but after stalking, you realize that the neighborhood is not for you. You can drive to the specific house at different hours to see what’s happening in the area.
- Negotiate with the seller
Effective negotiations with the seller will save you money. You can request the seller to do the repairs or lower the price to cater to the repair costs. Though the lender might limit, you can negotiate with the seller for them to pay a portion of the closing cost.
Buying a home should be a fun and smooth process. A professional agent is all you need by your side to ease the process. Local agents offer numerous benefits, so hire the best and watch yourself buy the home of your dreams!