Buying a Home? Things to Consider….
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When considering buying a home there are several important details to consider. Our team’s real estate experience has given usthe skills to help you locate your perfect home, while leveraging your buying power. Here are some suggestions we can offer to ensure a successful home purchase!
1. Know what you want.
a. There are select features you want out of a home and other features that you do not. Don’t waste your time looking at properties that don’t suit your needs and wants.
b. When buying a home, know the difference between things that are relatively easy or inexpensive to fix, versus those that are not. Costs for large-scale repairs can often be deducted from the cost of the home.
2. Do not make any credit card purchases until after closing.
a. The more you have in credit card debt each month, the lower amount you qualify for when applying for a loan.
b. You could lose the final approval on your mortgage due to a large credit card purchase at the last minute.
3. The listing agent should not represent you.
a. There are different laws associated with an agent that represents both the buyer and the seller. Instead of just fighting for the best price for YOU, the agent is required to work for both parties.
b. The agent has to conduct business confidentially with each client, and therefore is more apt to work for the deal rather than for you. When buying a home, opt for single agency, so YOU are getting the best representation you can.
4. Select a professional real estate agent and lender.
a. Choose a real estate professional that you can trust. This is the most important purchase of your life so make sure it is with the right person. There are so many minute details that an inexperienced person may miss important aspects that impact you.
5. Get Pre-approved for your mortgage.
a. A pre-approval will give you an extra push to get that home on which you’ve been bidding. This is not the same as being “pre-qualified” for a loan. Because this is not official documentation, it does not stand for much.
6. Watch what you say.
a. Be absolutely truthful with your representation. However, when bargaining, only discuss what is absolutely necessary to disclose.
b. When speaking to the Seller’s agent, do not mention the amount you qualified to borrow. The agent can use this information to push up the price.
If you’re looking to buy a home, Call Boise’s Best Realtors to see properties that fit your ‘wish list.’