Top 5 real estate tips for home buyers
May 29, 2013 at 4:07 PM
Buying a house is an exciting time for most people. A fresh start in a new home brings with it a lot of hope and promise for the future. There are few decisions in life that are more personal than choosing the place you will call home, and where you will conduct your life. And although we aren’t usually in a business mindset when we make personal choices in our lives, it’s important to remember that when push comes to shove, your home is a business venture. After all, it is probably your single largest investment. So go ahead and get your mind into business mode for a moment and think about these real estate tips when conducting your real estate transaction.
1. Hire a Qualified “Tour Guide”
Purchasing a home is a lot of work. Eliminate a lot of stress by hiring a professional real estate agent to orchestrate showings, inspections, appraisals, contracts, and negotiations. Talk to the people you trust and get recommendations, then interview several agents. Keep searching until you find an agent with the right chemistry.
2. Get Preapproved With a Lender
Without a preapproval letter you are nothing more than a “wannabe” buyer; and no seller will negotiate their best deal with a “wannabe” buyer. Plus, knowing how much you’ll be able to borrow from the bank will help you stay realistic when it comes to the purchase price.
3. Know the Difference Between Your Needs vs. Wants
We all like to dream about our perfect home, but for most of us, our dreams don’t usually equal reality. Your budget will dictate to a large extent how much of your dream you’ll be able to achieve, so prioritize a home’s features by their level of importance. Is a three-car garage non-negotiable? Or is it more important to have a private lot? Think about your priorities and be aware that you will most likely re-prioritize several times throughout the buying process.
4. Don’t Look at Too Many Homes
Many home buyers find themselves feeling overwhelmed and confused after a long day of touring homes. Sometimes you’re pressed for time, but be reasonable when scheduling home tours; too many in a short period of time and everything will run together in your mind. And the same holds true if you ask for too many outside opinions from friends and relatives. Refer to your list of needs and wants as a way to narrow your search if you have too many homes in contention.
5. Get an Inspection
Unless you are home inspector by trade, your skills will only get you so far so hire an impartial professional inspector. A good inspector will identify problems, explain the extent of the problems, and also recommend the appropriate repairs. They can run tests to determine the status of many systems. Certain things such as a roof or electrical wiring are considered major issues and may warrant a specialized inspector all their own. These inspections cost more upfront but they can save you thousands in the long run.
Monte Mohr has sold over 2,500 homes, making him one of America’s top Realtors for the last 25 years. This experience has given him a unique perspective on the Nashville real estate market where he can be found at http://www.tennesseedreamhomes.com. He is also a regular contributor of real estate information here at to Nashville’s NBC affiliate station, WSMV Channel 4. To learn more about Monte Mohr’s experience as a real estate agent, to get free advice about your biggest real estate challenges or to request an interview contact him at [email protected]