Carla Ness' Blog
Completing a successful homebuying journey may be difficult, especially for those who do not plan ahead. In fact, high-pressure situations may arise that lead you to make rash homebuying decisions. And if you make the wrong choices, you risk paying an exorbitant price to acquire your dream residence.
There is no reason to let high-pressure situations cause you to make poor decisions throughout the homebuying journey. Now, let's take a look at three tips to help you map out your homebuying journey so you know exactly how to handle any high-pressure situations that come your way.
1. Maintain Flexibility
A high-pressure homebuying situation may make you feel like you are backed into a corner. However, it is important to remember that options are always available. And if you take a deep breath and step back and review a high-pressure homebuying situation closely, you can determine the best course of action.
Those who maintain flexibility as they try to acquire their dream home may be better equipped than others to handle high-pressure homebuying situations. Because if you maintain flexibility throughout the homebuying journey, you can take an objective view of the options at your disposal and proceed accordingly.
2. Establish a Budget
A budget generally is helpful, particularly for those who want to acquire a terrific home as quickly as possible. If you have a budget in hand, you'll know exactly how much you can spend on a home. Then, if you face pressure to increase your offer to purchase your dream residence, you'll know whether you have the financing available to do so.
Keep in mind that the costs associated with purchasing a home extend beyond the price of a house itself, too. As you establish a budget, you'll need to account for closing, appraisal and inspection expenses and various other fees in addition to the cost of a house itself.
3. Work with a Real Estate Agent
A real estate agent can take the guesswork out of buying a house. He or she also will go above and beyond the call of duty to alleviate stress and ensure you can proceed with confidence as you pursue your ideal residence.
Let's not forget about the guidance that a real estate agent provides when you're ready to submit an offer to purchase your dream home, either. At this point, a real estate agent will help you craft a competitive offer to purchase your ideal house. He or she next will submit this offer to a seller on your behalf and negotiate with the seller as needed. If you and a seller come to terms on a home purchase agreement, a real estate agent will help you close on your dream home as well.
For those who want to simplify the homebuying journey, it helps to prepare. Thanks to the aforementioned tips, you can get ready for high-pressure homebuying situations and speed up the process of acquiring your dream residence.
As a first-time homebuyer, it is important to understand what it takes to discover your dream residence as quickly as possible. By doing so, you can streamline the process of going from homebuyer to homeowner.
What does it take for a first-time homebuyer to seamlessly navigate the housing market? Here are three tips that every first-time homebuyer needs to know.
1. Make a Homebuying Checklist
The definition of the "perfect" house differs from homebuyer to homebuyer. As such, a first-time homebuyer should allocate the necessary time and resources to determine what he or she wants to find in the ideal home. That way, a first-time homebuyer will have no trouble finding a house that matches or surpasses his or her expectations.
With a homebuying checklist, a first-time homebuyer can move one step closer to making his or her property ownership dreams come true. This checklist can help a homebuyer differentiate between home "must-haves" and "wants" so he or she can narrow a home search accordingly.
Furthermore, a first-time homebuyer can update a property buying checklist as he or she begins to check out houses. And if a homebuyer evaluates available residences, this property buyer can update his or her checklist as needed.
2. Get Pre-Approved for a Mortgage
A first-time homebuyer likely wants to purchase a house as quickly as possible. Fortunately, getting pre-approved for a mortgage can help a homebuyer move through the property buying process without delay.
To get pre-approved for a mortgage, a first-time homebuyer should try to meet with several banks and credit unions. Each meeting will allow a homebuyer to learn about assorted mortgage options and select a mortgage that corresponds to his or her finances.
Moreover, a first-time homebuyer should be unafraid to ask plenty of questions when he or she meets with potential lenders. This will allow a homebuyer to make an informed decision about a mortgage.
3. Consult with a Real Estate Agent
When it comes to buying a house for the first time, a homebuyer should seek out expert support. Lucky for you, many real estate agents are available nationwide, and these housing market professionals can make it simple for you to purchase your ideal house.
A real estate agent understands the challenges associated with buying a house for the first time. He or she will teach a first-time homebuyer about these challenges and ensure this property buyer is prepared to take a diligent approach to purchasing a home.
Typically, a real estate agent will set up home showings, offer honest, unbiased homebuying recommendations and negotiate with home sellers on a homebuyer's behalf. This housing market professional will even keep a homebuyer up to date about new houses, ensuring homebuyers can pounce on opportunities to acquire great houses as soon as they become available.
For a first-time homebuyer, there is no need to leave anything to chance. But with the aforementioned tips, a first-time homebuyer can accelerate the homebuying process and improve his or her chances of purchasing a stellar house at an affordable price.
Where do you start when you first consider purchasing a home? Buyers who are new to the real estate market may not know exactly what they want in a house or where they want to live. While the dream homes found online, in magazines, and on your favorite television show are great resources for design and style, visiting open house events will help you to hone in on features that will best serve your household.
When visiting open houses, follow these tips to make the most of your time:
Allow plenty of time for each house on your list. If the home appeals to you, take a few moments afterward to drive or walk around the neighborhood.
Create a list of must-haves’, likes, and dislikes to help you evaluate each property. Add ideas that appeal to you during each open house experience.
Sign in when you arrive but let the hosting agent know if you’ve already selected a real estate agent.
Dress comfortably. You might climb stairs, descend into basements, visit attics, or walk from house to house in the neighborhood so be sure to wear appropriate clothing and shoes.
As you tour, create a list of questions for your real estate agent to address with the selling agent if you plan to submit an offer.
Do not peek into closets, cupboards, pantries, or drawers if the hosting agent indicates are off-limits. Your agent can arrange an in-depth viewing if you’re the property is one you’d like to pursue.
Take note if you smell deodorizers and air fresheners. They could be masking pet odors or could indicate something more serious. If you’re interested in making an offer, ask your agent for help identifying the source before moving forward.
Respect the seller's privacy by not taking photos without the host’s permission.
Questions related to making an offer and other negotiations should be funneled through your real estate agent. If you’re interested in the property, ask your agent to arrange a follow-up viewing. Make a list of all your questions and follow up with your agent as soon as possible especially if you want to make an offer on the property.
You have been in the same home for several years, but you want to move. You'll need to decide whether to rent or buy and if you decide to buy, what type of home you want. Condominiums, townhouses and single-family homes all have benefits, depending on where you are in life. Many people don’t want to deal with lawn maintenance when they get older. Sometimes, younger people who are focused on their careers would rather not have any maintenance to deal with. However, the perks of owning a single-family home often outweigh the cons, especially if the only con is the maintenance. After all, you can always hire someone to take care of the maintenance.
Even if you are in the city with your neighbors close to you, you have more privacy with a single-family home than you would with a condo or a townhouse. Even though you have a yard with a townhouse, you'll likely share it with the others in the same building. And, when you share a wall with your neighbor, you must be mindful of loud noises, which means you can’t turn the television up as loud as you want. With a single-family home, you can also fence in your backyard for even more privacy.
When you buy a single-family home, you can add to the value of the property without getting anyone’s permission. If you want to add a garden shed, a detached garage or even a pool, as long as zoning allows it, you can do that. However, if you are buying a house in a neighborhood with deed restrictions, you will probably have to get permission from the property association before initiating these projects.
Additionally, with a single-family home, you can build out additions on as long as you can get the permits. Maybe you have aging parents you want near you. If they don’t want to live in the same house, you can add on an in-law apartment, guest house on the property, or even add a bedroom suite to your house. If you start out small but decide to have more kids than you originally planned, you can add more bedrooms to a single-family house.
If you plan on adding to your property, you probably want to avoid restricted deed neighborhoods.
Single-family homes are usually better for entertaining as they have more room inside and out. With a single-family house, you can add decks and porches to your specifications. You can even create an outdoor living area complete with a kitchen and screened in patio that you can enjoy yourself or for entertaining large groups. If you do enjoy entertaining, a home with an open floor plan makes gatherings more comfortable because you don’t have walls creating smaller spaces. People can mingle throughout the living room, dining room, kitchen and den areas. Adding French doors out to the deck or patio makes your entertaining space even larger.
As a first-time homebuyer, it is easy to feel plenty of optimism as you search for your dream residence. And if you find your ideal house, it may seem likely that a home seller will accept your offer on the residence right away.
However, it is important to remember that a home seller might reject a first-time homebuyer's proposal, regardless of whether this homebuyer submits a competitive offer. In this scenario, a homebuyer needs to know how to move forward and continue to pursue his or her perfect residence.
What should a first-time homebuyer do if a home seller rejects an offer on a home? Here are three tips that every first-time homebuyer needs to know.
1. Learn from the Experience
If a home seller rejects an offer on a house, there is no need to worry. In fact, a first-time homebuyer may be able to resubmit an offer and find out why a home seller rejected his or her initial offer.
For example, a first-time homebuyer may lack financing at the time that he or she submits an offer on a house. But if a homebuyer gets approved for a mortgage and returns with a new offer, he or she may be more likely than before to gain a home seller's approval.
On the other hand, a homebuyer should be ready to move forward with a home search if necessary. Thus, if a home offer is rejected, try not to get too emotional. Instead, a homebuyer should be prepared to reenter the housing market and start his or her search for the perfect home from stage one.
2. Don't Dwell on the Past
For a first-time homebuyer, it can be frustrating and annoying to conduct a home search, find the ideal home and receive a rejection after a proposal to buy the house is submitted. But there is no reason to dwell on the past for too long, as doing so may force a homebuyer to miss out on opportunities to pursue other residences.
Remember, the housing market often features dozens of outstanding houses to match all homebuyers' price ranges. This means if you receive a rejection on one home proposal, you can always restart a home search. And ultimately, a diligent homebuyer should have no trouble discovering a terrific residence, even if his or her initial offer on a residence is rejected.
3. Consult with a Real Estate Agent
A real estate agent is a housing market expert who understands what it takes to submit a competitive offer on a house. Therefore, he or she will help you prepare a fair offer on a home before you submit it.
If a home offer is rejected, a real estate agent can help you alleviate stress. This housing market professional may be able to explain why the offer was rejected and help you plan your next steps in the homebuying journey.
Don't worry if your first offer on a house is rejected – conversely, use these tips, and you can move one step closer to acquiring a stellar residence that matches or exceeds your expectations.