Buying a new home can present itself as one of the greatest moments of a family’s life or stain them in a way that can become toxic to a point, they become negative to the idea and miss out on all of the benefits of home ownership, especially if they are monetarily sound and prepared to do so.
I have a friend in Atlanta who asked me for real estate advice on buying a home the other day and I told her what I tell all my clients as well as general potential buyers in day-to-day conversation. Are you ready financially? Yes! Are you ready emotionally? I think so! Woah…..One of those is not like the other and quite possibly is more important to consider. Of course, I am speaking about emotion. Yes, I know you can’t buy a house without money, but the bank can easily tell you no and you're done. Emotion in home buying is critical. You need to understand that if anything is possible during the home buying process, it most likely becomes a Murphy’s Law scenario. Don’t fret. No home is perfect, neither is the process. But here are 7 ways I have used with past clients to help you feel better about your new home purchase.
1. Partner with a Real Estate agent- Yes, doing this alone without guidance creates a
recipe for disaster and could financially impair you throughout the process. I’ve seen in before. It’s not pretty.
2. Stay in your lane- What I mean by that is LISTEN!!! Real estate agents shouldn’t be consulted about medical advice. Of course, your doctor is the only option there. When an agent speaks about the buying process, listen. We do our job based on listening to what you want during the search process. Do the same courtesy and try not to think you can do this better alone. You can’t. I promise. I have receipts. (Sadly)
3. Get Pre-Qualified- You shouldn’t buy a car without knowing you can pay for it with relative ease for 5-6 years. Try 15 or more likely, 30. Ask for things like net sheets with close proximity closing costs, down payments, etc. Be prepared and make sure your agent is helping you through this process. It’s their job to keep you as informed as you want to be. If you want to speak to multiple lenders, DO IT!!!! You have 30 days to do so without effecting credit negatively. One pull+30 days gives you a chance to save.
4. Don’t overextend- The market is crazy right now, so thinking you can compete on first day listings with 20 offers already $30K over asking might not fit into your buying profile. I know you love the home, but do you think there’s another you would like just as well? Let me answer for you….THERE IS!!!! Perfect (nothing is perfect) doesn’t happen right away. Be patient.
5. Get Insurance quotes- Each real estate agent, or at least most, has a relationship with a local insurance agent. It’s part of our a la carte preparation. Get quotes from more than one. Choose the best option for you, not the agent.
6. New Home=No Problems, right? - Hire an inspector!!! That’s the advice. It’s that simple. No home is built perfectly. Builders speed up homes and cut corners at times. Inspectors hold them accountable.
7. BREATHE!!!- If you have each of the above in your line of sight, you have people fighting your fight for you. Our job is to guide you to the finish line. When you sign your documents, grab your keys and open the door, the feeling is magical. Just don’t forget to tell everyone how great your agent was. We appreciate it. J
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