How to Have FUN When Buying a Home

How to Have FUN When Buying a Home

home buying2

Having some plans to buy a new house for yourself or for your family?

Well, that won’t be a picture perfect undertaking as most sellers or brokers would like to paint for you; but it can be fun!

If you know some basic rules and how to play the game well, then, it can be a wonderful learning experience, an adventure worth diving into.

Some general tips to consider:
(1) Have an eye for brokers who won’t just tour you around but can answer your important questions and can offer quality at the most competitive prices possible.

(2) Make sure these agents are trustworthy as they represent only reputable builders and developers. That means developers who are not only big time in the real estate industry and have good track record, but also that the companies being represented (because more often they broker for more than one company) are run by people who are known to be principled, reliable and fair to their customers.

 

How to enjoy dealing with your broker?

After doing your due diligence (that is, double checking on the above tips), you should get ready to interact with your broker.

How?

Decide to keep an open mind, a positive and joyful attitude.
After all, your broker could a friend, and an eager partner in the hunt for your next abode.

Don’t take it personally or be slighted in anyway if the broker asks you some very personal information especially about financial data, etc.
Qualifying a prospective buyer is a standard fare in any kind of real estate property transactions.
More importantly, this will give the broker an opportunity to design a customized package that will best suit not only your taste but also your budget.

In the light of the above scenario and In order to avoid any future confusion and time wasted in either party (you and the broker) , you as a prospective buyer can already proactively initiate to engage in the following process.

1. Seriously consider and review your financial situation. Take a serious look at your prevailing family income from all sources, net worth, and credit standing, etc.
Write down every piece of data you may have including daily and long-term expenses, debts and other short- and long-term financial goals. Ask yourself what type and how much house or piece of property can this net income support? Specifically, how much budget can I set aside for down payment and monthly amortization, if I opt for an installment plan? Be realistic. Just by going through this step alone, you’d be saving so much time and energy already. With a certain degree of certainty, you can determine what button to push looking around for your dream house. Will the decision be a “go” or “not go” or “postpone for a
better time” ?

home buying4

The second and third action steps specified below are interchangeable.

You can go either #2 first or #3 first, depending on the particular circumstances you may find yourself.

2. Scout around for a professional real estate broker. Ask leads from family members, friends, and co-workers for possible referrals. It is important that you use your guts or intuition as your inner guide.
Are you comfortable with the person or not? Keep looking for that person that knows how to be professional in his/her dealings and yet keeps you at ease. A trusted agent can sometimes be a hard stuff to find but it can happen.
Anyone who shows genuine trustworthiness, has greater chances of definitely attracting people in the same league.

As implied above, the broker is the go-between.
In this particular transaction, he or she acts as your representative as well as the representative of the property owner or developer. That person should be able to help you find your dream house and to provide information about market prices plus other vital information and tips that you may need to be able to make an informed choice.

i am your broker

3. Alternatively, you can initially, scout for your dream house, get the information and get pre-approved by your bank or source of funding. If bank is your source of financing, It will usually take time and a lot of paper work to get pre-approved. Many real estate brokers won’t work with you until you have secured a pre-approved mortgage application. Getting pre-approval would be a standard pre-requisite, anyway, so it is highly advisable that you should apply first to know the real score and the options open for you. It could happen that you find a perfect home, and then find out the bank denied your loan application. This should not break your heart though since that will point out to you what adjustments you need to undertake now so that will seeking approval will be easier the next time around.

However, if you have done the first item mentioned above, the likelihood that the bank will pre-approve your loan application will be much greater. If you’re able to meet the basic criteria – having a steady job / source of income, can set aside around 20 percent down payment, and has a high credit score- then the bank can look at your application in a better light.

Final reminder, watch out for a buyer’s market season, the best time when buyers can find wonderful deals on homes, and where low interest rate is offered to qualified customers.

If you later decide to sell your property, you may have to wait until home prices appreciate and depending on the type of improvement you may have introduced to the unit, and with the help of a trusted broker, you have certainly an opportunity to earn some respectable profit.

Revisit your goals wisely to make sure that the right timing and conditions are going toward your favor. Consider the ideas proposed here, and when the time is ripe enough, go ahead and just do it- buy your dream home.

home buying 3

About Rinna

All properties advertised on this website are delivered bare by developers. Furnishings, fixtures and accessories are not included in the sale unless otherwise stated.