Buying real estate, while once touted as a wise investment toward your future wealth, has become somewhat of a scary prospect to first-time buyers. The market, right now, is moving at warp speed.
Home buying is a process and, like any other, there are steps you should take to get you to your goal. While it’s natural to be anxious about becoming a homeowner, take the time to follow the steps and, before you know it, you’ll be in your own home.
Finances, get professional advice! Call RE/MAX Achievers 610-326-1200 or 610-489-5900!
One of the unpleasant tasks in the home buying process is figuring out how much money you can spend on a house and then locating a lender to give you that money at an attractive rate and good terms.
You’ll need cash for the down payment and, unless you find a seller that is willing to help with them, you’ll also need cash for the closing costs.
Don’t forget to plan for increased real estate taxes, future major repairs, utilities and exterior property maintenance. If you plan to redecorate have a budget and stick to it!
No matter which route you decide to take you’ll need to shop for a loan. Take your time when looking for a loan, as rates and terms may vary widely between lenders. There are lenders here at RE/MAX Achievers NFM Lending, Scott Tomlinson 484-467-6375 and loanDepot, Ward Kerlin 610-304-1604. Both loan officers have earned 5 STAR ratings!! Ward & Scott are full of great, positive energy!
Shopping for your Home
Real estate buyer’s agents will tell you that making a wish list is one of the most important steps to take before looking at houses. You’ll actually make the list and then edit it several times. If you’re half of a couple, you should both make your own lists.
Your original list should be an exercise in dreaming. Write down everything your ideal home would have – even if you think these items may be too expensive.
Let your imagination run wild. After it’s complete, go back over it with a more realistic eye. If you’re on a tight budget you may wish to cross off the stables and tennis courts.
Once you’ve whittled the list down so that it fits your real world, choose one or two items on which you will not compromise. Then, compare your list with your partner’s.
Anything that shows up on both lists is a “must have.” That, along with your top must have and your partner’s can’t-live-without, gives your agent a clear idea on which types of homes to show you and which to exclude.
Next, you’ll need to decide on a neighborhood. If you have children, proximity to your chosen schools may be the deciding factor.
You’ve Found a Home – Now What?
Finding a house you wish to purchase is the first step toward what may be smooth sailing or an absolute nightmare. Prepare yourself for the worst and, if all goes well, consider yourself lucky.
First you’ll make an offer. Determine what you want to offer on the house and then follow your agent’s advice as to how appropriate the offer is.
Once the offer is accepted it’s important to adhere to the time limits in the contract. Order your home inspection and shop for homeowner’s insurance immediately.
