PDF Buying A Home in 2018

Buying A Home in 2018:

What You Need to Know

Authored by

Myron Curry

Real Estate Sales Consultant Phone (310) 968-9868

Myron@

Copyright - 2018

Table of Content

Page Build a Home Buying Plan of Action and Get Ready..............2 Advice for First-Time Buyers.............................................4 Choosing a Real Estate Agent..........................................6 Don't Confuse "Pre-qualified" With "Pre-approved.................7 How Your Credit Score Determines Your Rate.....................9 Dos & Don'ts for New Home Buyers.................................11 How to Choose the Right Neighborhood............................12

Buying A Home in 2018: What You Need to Know

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Build a Home Buying Plan of Action and Get Ready

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It's important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.

Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.

First, ask yourself how much you can afford to pay for a home. If you're not sure on the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford, allowing you to look for homes in your price range. Getting preapproved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.

Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:

? convenience for all family members ? proximity to work, school ? crime rate of neighborhood ? local transportation ? types of homes in neighborhood, for example condos, town homes, co-ops,

newly constructed homes etc.

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Advice for First-Time Buyers

Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.

Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.

Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

One or more detailed maps with your areas of interest highlighted.

A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.

Paper and pen, for taking notes as you search.

Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.

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Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?

Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?

Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.

Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:

Include inspection & mortgage contingencies in your written offer.

Have the property inspected by a professional inspector.

Request a second walk-through to take place within 24 hours of closing.

You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).

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