If this is your first time to buy house, brace yourself for some stressful and time-consuming experience. However, if you will follow these top five tips, you will make the journey to home ownership easier and faster.
1. Determine your budget and stick to it
Ask yourself how much savings you have. Then, factor in other sources of income that your receive on a regular bases such as salary and bonuses. If you currently own a house and you will sell it to purchase a new home, how much profit do you expect to earn from it? Are you in debt and how much do you need each month to pay for your credits? After assessing your cash in and cash out, determine how much money you can set aside for buying a new home. Stick to your ideal price range when searching for house.
2. List down the non-negotiables
Determine your needs and wants. Ask yourself what are the features that are non-negotiable and what are those that can be compromised. It can be a little frustrating if you cannot find your “dream house” but it in the real housing market, it happens most of the time. The non-negotiable features can include the measurement of the living area, the floor plan, number of bedrooms and bathrooms, garage area, and other important parts.
3. Hire an expert realtor
If you are looking for homes for sale in Napa, a sales agent specializing in that neighbourhood can be very helpful. If you don’t know any realtor, ask your friends and family for referrals. If that fails, try searching online using real estate websites such as Zillow and Trulia. Hire a realtor who has the right skills and attitude for the job. Hire someone who is trustworthy, promotes open communication, and works for your best interest.
4. Check out the comps
Visit other homes for sale in Napa to get an idea of pricing. Compare their features with the house that you are eyeing to buy. This way you will have an idea what is the price range that you can offer to the seller.
- Determine other expenses
Aside from the down payment and mortgage schedule, you also need to set aside a budget for closing costs. This typically includes the cost of hiring real-estate lawyer for creating the buyer-seller contract and a home value appraiser who assesses the true value of the property before the sale.