Buying a home is an exciting time! Whether it is your first or fifth home, the excitement of starting somewhere new is cause for celebration. But, before you get too excited, you should know there are some things you just shouldn’t do when buying a home.
- Don’t look without an agent.
- Don’t meet with just one bank.
- Don’t be afraid to state your budget.
- Don’t forget to save extra money for closing costs.
Don’t look without an agent.
If you want to make sure you don’t get in over your head, don’t start looking for your new home without a licensed real estate agent. Your agent will have years of experience and understand the real estate laws better than your average Joe. Don’t be afraid to share your fears with your agent, as they are working to make sure you land the home of your dreams. Working with an agent also gives you the inside to newer listings before they go out to the general public.
Don’t meet with just one bank.
You wouldn’t buy the first house you looked at, right? So, you shouldn’t borrow from the first bank that comes to mind. It is important that you talk to a few different banks in the area to make sure you are getting the best interest rate possible. Afterall, you are going to be making payments for the next 15, 20 or 30 years.
Don’t be afraid to state your budget.
Remember, your real estate agent has your best interest in mind. If you can’t afford to go over a certain amount, be sure to state your budget upfront. This way, your agent will not show you homes that you cannot afford. This will save you time and keep you from falling in love with a home that you just cannot afford.
Don’t forget to save extra money for closing costs.
Having a budget and a down payment is a great way to start your home-buying search, but you must also remember to put aside money for closing costs. Closing costs can range from 2% to 7% of the home’s selling price. Knowing this can help you better save, based on the budget you have set for your future home.
If you are ready to buy your home, be sure to give us a call today to speak with one of our expert realtors.