Looking to buy a home? Here are five essential tips for making the journey to homeownership as smooth as possible.
a) Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report from a lender, your private banker, or through a credit reporting agency. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.
b) Find a house you can afford.
Most people look for a home that is 2-3 times their annual salary if they are planning to live there. If you're investing in real estate, there are different ways to come to a budget. There are a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, repairs, and the like.
c) Hire the Jane Campbell Team.
While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional real estate agent than going it alone. If you're buying a home, my team and I will have your interests at heart. Many agents can help you with strategies during the bidding process but no one matches our client care and marketing strategies.
d) Do your homework.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood you're wanting to live in. Look at prices for the last few months. My team and I can help come up with an asking price that’s competitive, but also realistic for your next home.
e) Think long term.
Obviously, you shouldn’t buy unless you’re sure you’ll be staying in the area for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector. A private inspector can point out potential problems that could require costly repairs in the future.
Ready to get started on your next real estate adventure? We’re ready for you! If you’re looking to buy, sell, or invest in real estate in Middle Tennessee, send us an email.
