Roadmap to Buying Your Home

Deciding to Buy
Purchasing a property is most likely the biggest financial decision you will ever make.  Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why Do You Want To Buy?  
Are you tired of paying rent?  Have you decided to pay your own mortgage and not your landlord’s?  Have you outgrown your current home?  Are you looking for an investment portfolio?  Are you looking for a rental property?  Would you like a larger yard?  Would you rather live in a different area?  Do you want to shorten your commute?  Having a clear sense of your reasons for buying will help you choose the right property.

Has Your Income Grown? 
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio.  Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Preparation
Before you start shopping for your property, it is a good idea to make some preparations.

Build Your Green File
A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:

  • Financial statements bank accounts investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements
  • Life insurance
  • Stocks
  • Bonds
  • Mutual account information

Check your credit rating. Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.

Be Careful With Your Finances
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.

Choosing a Real Estate Agent
Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.

Here are some factors to consider when choosing your real estate professional:

Look for a full-time agent
You want an agent that has experience completing transactions similar to yours. Interview a few agents: Are they familiar with the area in which you are interested? Ask how much time the agent will have for you, and if they are available at night and on weekends. Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise. Does the agent return your calls promptly? Time is money when attempting to buy a property. Ask for a list of properties they have sold or a list of references. Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.

Time to go Shopping
Once those preparations are out of the way, it is time to find the right property for you.

Take a Drive
Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.

Narrow Your Search
Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.

Time to Buy
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.

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