Secret #10: Manage Your Money Wisely
It’s not prudent to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to make any major shifts in your credit profile.
Lenders need to see that you’re reliable and they will analyze the paper trail so that they can get you the best loan possible with the lowest risk to themselves. If you open new credit cards, create too much debt or buy a lot of big-ticket items, it may be much more difficult to get a loan.
Secret #9: The “Best Time” to Buy Usually Doesn’t Work
Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible.
The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.
Secret #8: Get a Current Survey
It’s critical to get a survey done on the property so you know exactly what you’re buying. Knowing precisely where property lines are may save you from a dispute with your neighbors. Also, your property tax is likely based on how much property you have, so it is best to have an accurate map drawn up.
Secret # 7: Pre-Approval Is Almost a Requirement
There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Almost anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you.
Being pre-approved will save you and your realtor time and energy so you are not looking at homes you can’t afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Do your research and watch out for hidden costs in the loan.
Secret #6: Think Functional, Not Big
Wow!! It’s the most beautiful house on the block, and it is loaded with amenities.
There’s an old adage in real estate that says don’t buy the biggest, best house on the block. Find the smallest house that suits your needs in your favorite area and buy that one. It will appreciate more and sell easier should you need/want to move.
The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to resell.
Secret #5: It’s More Than the Mortgage Payment
The difference between renting and homeownership is the other costs. If you only consider the mortgage payment, you miss the other expenses such as property taxes, utilities, maintenance and homeowner-association dues. New homeowners also need to be prepared to pay for repairs and property-tax increases.
Next month I’ll wrap up the Top 10, but in the meantime, if you feel it’s time to determine the next step, whether you are a baby boomer, senior or a family member trying to figure it all out, call the professionals at (404) 630-2985.
You can put your trust in the SRES® professionals at Deon Cannon Realty – and they’re here to serve your real estate needs. Call them today and they’ll begin working with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.
