Content Written By: April Wilson, Ryan Winter LLC contributing writer
The top 7 things your realtor wants you to know before buying a home.
Buying a home can be a daunting process, but many people, especially first-time homebuyers, enter the market with fresh, hopeful eyes ready to purchase their dream home. Reality sets in hard for homebuyers as they soon learn that buying a home is more challenging than simply choosing a house they like.
As a first-time homebuyer, you need first to make sure you are emotionally and financially ready. Having a good idea of what to expect when buying a home helps you prepare for the lengthy, tedious process that is buying a home. Understand your options and read up on the top 7 Things Your Real Estate Agent wishes you knew before buying a home. It could save you some stress.
1. Prioritize your wants in a home but be prepared to be flexible
Creating a list of things you would like to have in your first home is an exciting first step in the home buying process. It’s essential to keep in mind that having strict must-haves makes finding a home more difficult. Homes come in many shapes and sizes, and the perfect home likely is not on the market. Understanding that you can get many things that will make you happy but being rigid in your demands makes the home buying process more stressful. Be willing to listen to your real estate agent with their recommendations as they do what they can to get you your wish list within your budget.
2. The location should be a top priority on your list of wants
When purchasing a home, make sure the location is a place you want to live. Once you purchase the house, you cannot change where it’s located, unlike if there was a feature that you didn’t like or needed, you could always renovate. When choosing a location for your home, be sure it’s in an area close to your work or in a good school district that you would like your children to attend. The location should match your lifestyle, budget, and goals.
3. Real estate agents work on commission and do more than just find you homes to view
It would be best if you chose to work with a real estate agent as their services are free until they help you find a home. Real estate agents have access to listings not listed on realtor websites, and they can get intel into homes not yet on the market. Not to mention the wealth of knowledge and experience they bring to help minimize the stress of finding a home. When a real estate agent partners with you, they spend hours researching homes, the surrounding areas, and the neighborhood. They often work with other agents to set appointments, check into the history of the house before you do a walkthrough, and are a comprehensive resource for you as a buyer when you have questions. All of this without being paid upfront.
4. Opt-in for the home inspection and maybe a few extras
In the market today, it may be tempting to skip the inspection to increase your chances your bid is selected when purchasing a home. While it’s true, some sellers are choosing buyers opting out of inspections, that’s not always the case. Inspecting a home can save you money in the long run. If a house is older, ask your real estate agent if any additional inspections are recommended. You may want to get a radon or sewer inspection before you purchase the home and end up with costly repairs.
5. Get preapproved for a mortgage before you begin searching for a home
Knowing what you can afford helps reduce disappointment when you find a home only to learn you do not qualify for a mortgage that size. Getting pre-approved makes the home buying process easier and allows your real estate agent to show you homes you can actually afford. Getting preapproved also helps ensure you understand how much home you can afford to avoid going house broke. Additionally, you are more attractive to sellers if you are preapproved as it’s more of a guarantee the deal won’t fall through or be withdrawn or rejected due to financing. Keep in mind, some realtors will not work with buyers who are not prequalified yet.
6. When purchasing a home, look at more than one lender
There are many home lenders out there, and with a purchase this size, even a small fraction of a percentage of an interest rate can be the difference in thousands of dollars. You should compare at least three lenders before you choose the one you would like your mortgage through. You don’t want to compare too many to avoid damaging your credit score in the process, as that is essential for buying a home.
7. You are going to look at more than one home
A home purchase is an exciting milestone in your life, but it’s important to stay grounded and realize you will not find your dream home on the first walkthrough. There are many homes you can view online that might look perfect through those professional photos, but when you arrive, you may not see in person what you saw in those photos.
Your real estate agent genuinely wants to help you. Be sure to ask a lot of questions. Real estate agents are incredibly knowledgeable but remember, they have personal lives too. Honesty between a real estate agent and a buyer is important. You want to speak up when a home doesn’t feel right. They are happy to keep looking for the house that makes you feel at home.
Buying a home is a significant milestone in anyone’s life. Being prepared is essential in making the home buying process a smooth, stress-free, and enjoyable process, even if you experience the ups and downs. Knowing these seven basic tips will allow you to keep a level head when purchasing your first home.
