Admittedly, when I bought my first home in 2016 I went in blind. All I knew is that I wanted to buy and that my monthly mortgage would be cheaper than monthly rent. (For a little background, I’m from a small town in Wisconsin so the price tag on a decent place to rent in/around Minneapolis seemed very steep to me.)

 

Hire An Agent

Thankfully, I did hire an agent. I would have been completely lost without my agent. Agents screen and filter through numerous houses and only send you the ones that fit within your budget and wish list. They also will attend open houses with you and make sure all of the correct question are being asked. Summed up version: an agent will save you time.

 

Shop Around For A Loan

It’s smarter to get a loan pre-approval in advance before you start going to houses. Getting pre-approved will show your agent that you are serious about purchasing a home and will help you narrow down your home search. Agents typically have a large network of contacts that include lenders who can help you with this step. Make sure you compare the different types of mortgages you qualify for and shop around. I suggest going to one Credit Union and at least one larger bank. The interest rates will vary from place to place.

 

Find A Home To Buy

Buying a home can be stressful to say the least. (Again, hire an agent! They will help alleviate most of that stress.) Depending on where you are in life there are other factors to consider before purchasing a home. I’d encourage any home buyer to look at crime rates, neighborhood activities, school district, and taxes.

 

Negotiate The Offer

Everything is negotiable. Sellers may price their home at whatever price they wish to, however it doesn’t mean the home will sell for that price. Ask your agent to pull comparable sales of similar type homes in the same condition and location that have sold withing the past 3 months. (At this point, I’m assuming you’re getting the hint that the home buying process is easier if you have an agent.)

 

Do A Home Inspection

Depending on what state you’re buying a home in, home inspection can be a contract contingency. A contract contingency means that the buyer has the right to cancel the contract after a home inspection has been completed. Let’s face it, you probably don’t want to purchase a house that has a faulty foundation or needs to be completely re-wired. Sellers are not typically required to make repairs if problems are discovered during a home inspection.

 

Need more information or have question on any of the topics covered? Give the Guiding You Home Team a call today! Looking to move, we’ll make it smooth!

 

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