You're buying a home! Take a deep breath and exhale slowly. You can do this and Mayo Realtors is here to help. Make no mistake; this is a big investment. With the right planning and some informed decisions, you can find the home of your dreams.
Prepare Financially: For three to six months before buying a new home, keep your money where it is. Any big purchases or new credit debt will raise red flags with lenders and possibly lower your credit score.
Get pre-approved: And no, being pre-qualified doesn't count! Being pre-approved means a lender has reviewed your information and advised you on what you can afford. This also allows you to shop for the best deal and interest rates.
Don't try to play the market: Ask the experts: anticipating the housing market is impossible. The best time to buy is when you find your perfect house which fits your personal and financial needs. Interest rates fluctuate and your Mayo agent will keep you updated to changes in inventory and rates.
Budget for costs: Buying a home is more than a mortgage payment. You need to budget for closing costs, property taxes, utilities, homeowner association dues, repairs, and potential property surprises.
Follow your instincts: Buying with your emotions can lead to bad decisions. It's an investment, so stay calm, be smart, and focus on getting a great house for a good value that fits your current and future needs.
Hire an inspector: Paying the cost for an inspections is a wise decision. It's the only true way to get an unbiased third-party opinion about the house and any possible repairs. Consider this as an important step in your home buying process.
Bid smart: Base your bid on what you can afford and what is the property is actually worth. Your Mayo REALTOR® agent will provide comparable sales information to help you support your offer.
Get the lay of the land: Drive through the neighborhood morning, noon, and night to see what's happening. Try running your daily commute from the house too. Find the distance to the nearest grocery store and other services, and always get a sense of the school district. Whether or not you have kids, school districts play into a home's re-sell value.
Home warranty: Be sure to insert a clause in your contract asking the seller to provide a one-year home warranty for any unforeseen repairs, and become familiar with what it covers.
Count on your agent: Choosing a May agent means you will have a full-time real estate professional to represent your best interests in finding the home of your dreams. They will also help you negotiate the many phases of the purchase to maximize your benefits.