Common Questions From Potential Home Buyers

When it comes to purchasing a home, especially if it’s your first time, you probably have a lot of questions that need answering before you can truly consider making the switch to home ownership.

To help you get started on your way, I’ve put together a grouping of the most commonly asked questions.

1.) How do I come up with the price that I can afford? Several factors come into play such as your income, the amount of cash you have available for a down payment, any outstanding debt, and the current interest rates. However, when it comes to my clients, I always have them speak with a lender because I truly believe it’s the best option. A lender from a bank or mortgage company will be able to have a private conversation with you so you can determine what’s comfortable for your lifestyle.

2.) How can I be certain that the home I’m purchasing is in the condition I expect? While it’s obviously extremely important to hire a professional home inspector before you close on the property, it’s still a good idea to walk the property on your own as well. Make a point to look for signs of settling, sliding, or soil problems, as well as flooding or drainage issues. From there, don’t be afraid to make a checklist of specific areas such as interior/exterior walls, ceilings, windows, fences, driveway, sidewalks, floors, doors, roof, and the electrical and plumbing system. An experienced Realtor can also help guide you.

3.) How do I negotiate? When it comes time to make an actual offer, it definitely pays to have an experienced Realtor strategizing on your behalf. At the end of the day, no two sellers are alike, which means they’ll most likely price their homes differently. Generally speaking, a seller’s advertised price should be treated as a rough estimate of what they’d like to receive; however, know that their motivation for selling may come into play. For example, a lower price with a speedy escrow may be more acceptable for someone looking to make a quick move, while a low-ball offer to another seller may immediately sour the sale.

4.) What steps should I take when looking for a home loan? While not a complete necessity, it is strongly recommended that potential home buyers are either prequalified or pre-approved for a loan before they begin the process. By making sure that first step is taken care of, buyers will not only know how much house they can afford, but they can make more informed decisions regarding the market place. From there, an actual application needs to be submitted to a lender and all of the necessary documentation will need to be completed before the loan is disseminated.

5.) Is it better to buy a new home or a resale? At the end of the day, there are pros and cons with each option that are still somewhat dependent upon location, growth in the local housing market, and the general state of the national economy. However, while purchasing a new construction may seem somewhat riskier since you’re dealing with an as-yet established neighborhood, there is also the thought that things won’t wear out and need replacement as soon with a brand new house. Again, your Realtor can help you assess the pros and cons, and ensure that you are making the right choice for your lifestyle and budget.

Pamela Evans | Hello Pam Evans Real Estate | www.hellopamevans.com | 678-778-6551