Top 5 Tips on What it Takes to Buy a Home

While many of us are eagerly awaiting the arrival of Spring, many are also prepping for a serious search for a new home. The continuation of low interest rates, a tight inventory of properties and an uptick in consumer confidence are just a few of the reasons that we expect to see a pent-up demand among house-hunters this year. In order to prepare you to be best prepared, I wanted to take a minute to share my top 5 tips on "What It Takes to Buy a Home": 

1. Get Pre-Approved  I can't stress enough how important getting pre-approved by a mortgage lender prior to conducting a home search is. Not only will the pre-approval process give you a clear idea of what you can comfortably afford but it also positions you in front of many other home buyers when it comes time to make an offer. 

2. Community First, Home Second  While it's easy to fall in love with a home's interior, its amenities and even the backyard, where the property is located is of utmost importance. I encourage my clients to drive by the homes first, check out the local markets, and even plan on a night out for dinner at a nearby restaurant. You'll appreciate the time you take to research the community when it comes time to actually go see the home. If you want to make yourself at home, get to know the neighborhood first. 

3. Expect a Roller Coaster Ride  The entire process of buying a new home (from offer negotiations, inspections, financing, lawyers, etc.) can be stressful but it doesn't have to be. An Accredited Buyer's Representative (ABR) will inform you of what to expect; answer all your questions; walk you through every stage; and be at your side providing you insights, support, counsel and, hopefully, a sense of calm. 

4. Take Your Time  Even if your plans aren't to purchase a home for several months, there's no time like the present to start your search. By educating yourself early on about what you need in terms of a new home, you'll start to build reasonable expectations. Looking at dream homes online is a fun exercise but your time is better spent looking at well-priced homes that you can comfortably afford. Being better informed makes you a better buyer. 

5. Narrow Your Search  While it may sound like a good idea to see as many homes as possible in one day, resist doing that. Why? I've found that seeing more than six homes in a single outing can be confusing when it comes time to choose "the" one. Which house had the nice yard? Was it the Colonial that had the central air? How did we forget that pink bathroom? When you walk through a home, try to visualize yourselves already living there. Stroll, pay attention to what appeals to you (and what doesn’t) and take notes. I advise my clients to use a simple grading system: A+ for a “Sure Thing” to an F for a “Never Mind.” Narrowing your list down to "must see again" homes is the smartest way to find your ultimate dream home.