Cathy Lomasney's Blog
A successful home search enables you to discover your dream residence at a budget-friendly price. However, conducting a successful house search may be difficult, particularly for individuals who fail to prepare for the homebuying journey. Lucky for you, there are many things you can do to prevent problems as you search for your ideal home.
Now, let's take a look at three tips to help you complete a successful home search.
1. Refine Your Homebuying Criteria
Think about where you want to reside. That way, you can focus on available houses in your preferred cities and towns – something that will allow you to speed up your quest to find your dream home.
Also, consider your homebuying must-haves. If you have always wanted to own a house with a spacious backyard, for instance, you can hone your home search accordingly. On the other hand, if you require a home that features multiple bedrooms, you can search for a residence that matches your expectations.
2. Establish a Homebuying Budget
A homebuying budget is crucial because it helps you understand exactly how much you can spend on a house. If you get pre-approved for a mortgage, you can start your house search with a budget in hand.
Meet with a variety of banks and credit unions. Then, you can find out how different types of mortgages work and select a mortgage that complements your finances.
In addition, ask questions about home financing. Banks and credit unions are happy to help you make an informed mortgage selection. If you analyze your home financing options closely, you can choose a mortgage that will serve you well both now and in the future.
3. Collaborate with a Real Estate Agent
A real estate agent takes the guesswork out of a home search. In fact, he or she will go above and beyond the call of duty to ensure you can discover your ideal residence without delay.
Oftentimes, a real estate agent makes it easy for a homebuyer to find a terrific house at an affordable price. This housing market professional simplifies a home search and will keep you up to date about residences that match your property buying criteria. Plus, if you want to buy a home, a real estate agent will help you submit a competitive offer to purchase your ideal house any time you choose.
With a real estate agent at your side, you can streamline the home closing process as well. A real estate agent will help you finalize a house purchase and ensure you can move into your dream residence as soon as possible. Best of all, if you have any concerns leading up to a home closing, a real estate agent can respond to them right away.
As you get set to search for your dream home, you may want to start planning for the homebuying journey. Thanks to the aforementioned tips, you can prepare for the homebuying journey and boost the likelihood of quickly finding and acquiring your dream house.
The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:
1. Closing Costs
There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.
Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.
2. Property Taxes
Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.
Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.
Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.
To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.
It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.
Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.
For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.
Buying a house should be a worry-free experience. Yet problems may come up that prevent a property buyer from achieving the optimal results. Lucky for you, we're here to help you quickly identify and address various homebuying hurdles.
Now, let's take a look at three tips to help you minimize stress as you navigate the homebuying journey.
1. Plan for the Best- and Worst-Case Scenarios
An informed homebuyer should have no trouble enjoying a worry-free property buying experience. In fact, this buyer will understand the best- and worst-case scenarios and know exactly what to do – even in a stressful homebuying situation.
In the best-case scenario, a homebuyer will instantly find his or her dream house, submit an offer to purchase this residence and receive an immediate "Yes" from a seller. Then, this buyer can finalize a home purchase and move into his or her new residence.
On the other hand, the worst-case scenario likely will force a homebuyer to miss out on the opportunity to acquire his or her ideal residence. This scenario may involve a failure to agree to terms with a seller due to many potential homebuying problems.
Homebuyers will want to do everything they can to avoid the worst-case scenario. Fortunately, if you learn about the housing market, you can gain the insights you need to plan ahead for the property buying journey. And as a result, you can increase the likelihood of finding and buying your dream house in no time at all.
2. Get a Mortgage
Let's face it – purchasing a home is your dream, but you probably don't have the necessary finances to buy a house on your own. Therefore, you may need to get home financing before you can make your homeownership dream come true.
Applying for a mortgage may seem stressful, but lenders are happy to help you in any way they can. If you consult with multiple banks and credit unions, you can review a variety of home financing options.
Don't hesitate to ask questions as you complete a mortgage application too. If you address your mortgage concerns and questions with a home financing professional, you can alleviate the stress commonly associated with applying for a mortgage.
3. Work with a Real Estate Agent
A real estate agent is a homebuying expert who can respond to any concerns or questions that you may have. If you collaborate with a real estate agent, you can get the help you need to minimize stress at each stage of the property buying journey.
Typically, a real estate agent will learn about you and your homebuying goals and help you plan accordingly. He or she will keep you up to date about available houses in your preferred cities and towns and set up home showings. And if you find a house that you want to purchase, a real estate agent will help you submit a competitive property buying proposal.
Remove stress from the homebuying journey – use the aforementioned tips, and you can reap the benefits of a worry-free homebuying experience.
Looking to buy a house in the next few months? Ultimately, a cautious approach to purchasing a residence may prove to be ideal, and perhaps it is easy to understand why.
There are many reasons to err on the side of caution as you search for your dream house, including:
1. You don't want to pay too much for a house.
Although acquiring your dream house may seem priceless, it is important to remember that the costs to purchase a residence can add up quickly. As such, if you're not careful, you risk overspending on a house.
Lucky for you, there are many simple ways to avoid the temptation to bid too much on a residence.
First, analyze the housing market closely and search for patterns and trends. If you discover an abundance of houses is available, you may be operating in a "buyer's" market. As a result, you may be better equipped than ever before to acquire a top-notch residence at a budget-friendly price.
Don't forget to get pre-approved for a mortgage prior to starting your home search too. That way, you can enter the housing market with a mortgage – and budget – in hand.
2. You want to find a house that you can enjoy for years to come.
A home is one of the biggest purchases that an individual will make in his or her lifetime. Thus, it is important to allocate the necessary time and resources to assess a house before you submit an offer on it.
Of course, a home showing is a must prior to the submission of a home offer. A home showing allows you to walk around a residence and envision what life might be like if you purchase this home.
After you submit an offer on a house, you'll likely have the opportunity to complete a property inspection before you finalize your home sale. This inspection is important, as it enables you to learn about any "hidden" problems that may have gone unnoticed during an initial home showing.
If you feel comfortable with a residence after an inspection, you can move forward with a home sale. Or, if you aren't comfortable with a house at this point, you can always submit a counter-proposal or remove your offer entirely.
3. You want your home to retain its long-term value.
Let's face it – buying a home is a tough decision. And if you need extra help determining whether a home purchase is a viable long-term decision, it may be a good idea to consult with a real estate agent.
Typically, a real estate agent can respond to any of your homebuying concerns and questions, at any time. He or she is happy to help you explore high-quality houses, and by doing so, will enable you to take the guesswork out of discovering a residence that will retain its value.
Err on the side of caution as you proceed along the homebuying journey, and you should have no trouble purchasing a residence that matches or surpasses your expectations.
You know you want to pursue a home, and as such, likely plan to attend lots of house showings in the near future. Before you check out a residence in-person, however, it generally is a good idea to prepare as much as possible. That way, you can use a home showing to learn about a residence, evaluate a house's pros and cons and determine if a particular home is right for you.
Ultimately, there are many factors to consider before you attend a home showing, and these factors include:
1. Your Home Must-Haves
It often helps to make a list of "must-haves" prior to launching a house search. With this list at your disposal, you can narrow your home search and schedule showings for residences that offer the features you want.
You may want to put together a list of preferred cities and towns, too. This list will help you hone your house search to residences in cities and towns where you want to live. Then, you can set up showings to view residences in these areas.
2. Your Homebuying Budget
You likely have only a finite amount of money you can spend on a residence. If you start a house search with a budget in hand, you can search for homes that fall in line with your finances and schedule property showings accordingly.
Typically, it helps to get pre-approved for a mortgage. If you meet with a variety of banks and credit unions, you can learn about different home financing options. You then can select a mortgage and start to schedule showings for residences that correspond to your budget.
3. Your Homebuying Timeline
If you want to buy a house as quickly as possible, you may want to start scheduling home showings right away. This will enable you to find and relocate to a new home without delay.
On the other hand, if you can afford to be patient, you may want to take a wait-and-see approach to home showings. In this scenario, you may want to keep a close eye on the housing sector in your preferred cities and towns. Because if you do so, you can pounce at opportunities to view quality residences as soon as they become available.
As you get ready to pursue your ideal residence, you may want to hire a real estate agent as well. A real estate agent can set up home showings and offer tips and recommendations to help you streamline your house search. In addition, if you ever have questions during the homebuying journey, a real estate agent can instantly respond to them.
When it comes to home showings, it may be beneficial to prepare. If you consider the aforementioned factors prior to a house showing, you may boost the likelihood of finding your dream house. Perhaps best of all, you could speed up your home search and discover a great residence that you can enjoy for years to come.