Some home buying tips
Buying a home is a process with many components some of which will be more important than others to you. As you engage the process it is important that you maintain the proper perspective on each component as it relates to the whole and to your wants and needs. As we’ve said many times, a successful transaction involves much more than price.
Price is the primary concern for most Buyers. Nobody wants to pay too much for something, especially something like a home where small percentage movements can actually be thousands of dollars. Keep it in perspective. If the home has most of what you want and you aren’t compromising too many wants or needs what is the home really worth to you? Full price? Over asking? If they are high priced are you willing to offer less, much less maybe, to make a fair deal even if you risk losing the opportunity to buy it? How much does it really cost you to pay a bit more? If you are getting a 30 year loan at 4% the additional payment for $5,000 more is $23.87 a month. Is it worth that to you to own the home? Only you know the answer, but be sure to keep it in perspective when you make that decision.
Don’t let the condition of the home keep you from buying it if it has what you want. New paint and flooring are relatively cheap and will dramatically change the look and feel of the home. Don’t let worn carpets make you think the home is worn out. If the bones are good, the floorplan and lot work for you and the location is what you want then consider it a diamond in the rough. Diamonds aren’t shiny and faceted when taken out of the ground. They are made that way before they find their way to your finger. The same with a “find” of a home.
Don’t let people get in the way of you and the right house. Sometimes its Agents, sometimes its Sellers. If your efforts are being stymied work with your Agent to find out why. Sometimes its ignorance, stubbornness, or lack of knowledge. Each must be addressed in its own way to achieve your goal. Real estate is what it is, the key to a successful is dealing with the people involved. Surrender your ego and focus on your goal – you might just accomplish what others can’t with a specific property and end up owning and enjoying it. That is, after all is said and done, the goal.
If you are shopping online, get a good Agent to help you fine tune your findings. The information available to the public online can be misleading and stale dated. Your Agent should be willing to work with you as you find properties to get the current information and actual status of the property. Many people do their own shopping these days and call their Agent when they find something. Involve your Agent in your process — it will save you a lot of time and false enthusiasm for properties that aren’t available.
Get the details of the property to know the whole picture. That can include the well log, utility bills in some areas, soils types in some areas, and more. Your Agent should be able to provide the original subdivision or parcel map so you can see details that might not otherwise be known to you until you see a title report.
Our Advice: Base your offer on knowledge, not speculation. Find out as much as you can and allow for time to study things so you don’t buy the proverbial pig in a poke. There is a lot of information available online these days that you or your Agent can pull down before you get too far into the process. Usually it is for prevention of buying a problem, but sometimes you can learn things that work to your advantage as a Buyer. Do your work before you buy and buy with confidence.
In this day and age it is relatively easy to find out a lot of information about the property you want to buy and the people that own it. Do the work to protect your money.
When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. firstname.lastname@example.org