Five Can’t Miss Tips for Buying a New Home
Buying a new home is a big commitment. From finding the right neighborhood to deciding how many bedrooms are needed, there are many things one must consider. If you genuinely dream of being a homeowner, here are five can’t miss tips to help make things just a bit easier for you.
- Start saving — now! Even if you only plan on putting 5% down on your home purchase, that could be quite a sum of money. For example, if you were purchasing a home for $300,000, a 5% down payment would be $15,000. Cut your excessive spending, set up a savings plan and stick with it. If you have the discipline, you’ll be able to save money rather quickly.
- Don’t forget the closing costs: Too many would-be homeowners forget about closing costs and end up being thrown for a loop when they see the amount they will need to close. As a rule of thumb, the average homebuyer will need between 2% and 5% of the loan amount for closing fees.
- Get the right agent: A good real estate agent is key to finding a home that is right for you. Make sure to interview at least three agents before making a decision. Look for someone who has a strong track record of closing deals and is knowledgeable about the area you’re looking to move into.
- Take advantage of the open house: It goes without saying, but we’ll say it anyway — you must see the house in person before making any decisions. Open houses allow you to thoroughly evaluate the home and the neighborhood. Never hesitate to ask questions or even ask to schedule another showing.
- Brush up on your negotiating skills: Negotiation is critical, especially if you are in a “buyer’s market,” because it can result in significant savings. A good real estate agent should be able to offer advice and counsel.
These can’t miss tips will go a long way in helping your home buying experience go as smoothly as possible. Finally, always make sure to find a mortgage banker that is experienced and willing to walk you through the entire process.