- Find the right real estate broker. If possible find one before you start looking; espeically in the current market. Home buying is not only a big financial commitment, but also an emotional one. It’s critical the agent you chose is both skilled and a good fit with your personality.
- Don’t wait until you’ve found a home to get approved for a mortgage. Having your financing lined up, getting a preapproval letter prior to presenting an offer not only ensures you’re looking in the right price point, but is almost mandatory before submitting a solid offer.
- Remember, there is no right time to buy any more than there is a right time to sell. If you find a home now, don’t try to second guess the interest rates or housing market by waiting! Changes don’t usually occur fast enough to make that much difference in price and a good home won’t stay on the market long.
- Accept no house is ever perfect. Focus on the things that are most important to you and let the minor ones go.
- Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra low price may lose you the home you love.
- Factor in maintenance and repair costs in your post-home buying budget. Even it you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
- Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.
- Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 3% annually, a home’s most important role is as a comfortable, safe place to live.
- Don’t ask for too many opinions. It’s natural to want to reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
- Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc. that have a big impact on what it’s like to live in your new home.
