Mayfair International Realty are delighted to share whese wise words from Mayfair International Realty members Michael Saunders & Company in Sarasota, Florida.
Nick Churton of Mayfair International Realty headquarters in London says "Michael Saunders and her team are truly the real estate experts of Sarasota"
Buying your first home is the realization of the American Dream. This exciting, overwhelming and even frightening experience brings an array of emotions brought upon by feelings of achievement, apprehension and joy–all wrapped into the walled and roofed structure you now call home.
To make the most of this life-enhancing event, you need to be sure that every step you take is in the right direction and with your best interests in mind. Before you sign those closing papers, there are many things to consider. To help you along, here are the top 10 tips for new homebuyers who plan to get the most from their first home:
1. Choose the right Realtor – With approximately 80 percent of real estate searches beginning online, it’s easy to think you can tackle your home buying experience alone. Remember, it is the Realtor’s job to find the home that is perfect for you, steer you through the buying process and help you avoid costly mistakes. There’s so much more involved than just locating a home in your price range. The key to success when buying a home is to trust the experts.
2. Know your budget and pre-qualify with a lender – Identifying your price range helps you know what kind of home you can reasonably expect. Also, a buyer with prequalification brings more power to the negotiations.
3. Find the neighborhood – Before you start looking at homes, look at neighborhoods. Do you seek a gated community? Golf course living? Waterfront? Deed restricted? Schools and other services play a large part in making a neighborhood attractive. Also, look for a community where prices are increasing or expected to rise.
4. What matters most? – When you begin shopping for your home, make a priority list of things that are ‘must-have’ versus ‘nice to have’ versus ‘not important.’ Compare your findings and use them when touring available homes. Be sure to stick to what you designate as necessary features. You don’t want to regret buying a home that lacks some of the important must-haves.
5. Determine your offer – This is when it helps to have professional representation. Your Realtor can look at recent sales of comparable properties and analyze additional data such as market conditions, necessary improvements to the property, and circumstances of the seller to identify the right offer and get you into the home.
6. Call the inspector – You’ve decided on the house and your offer has been accepted. Before you go further, hire a professional home inspector to make sure your house doesn’t have any major defects. A qualified house inspector is the surest way to discover any obscure problems or issues with plumbing, electrical system, the roof, ceilings, floors, windows, heating and central air conditioning systems and more.
7. The right mortgage – 30-year fixed-rate mortgages. Interest only. ARM. The dreaded balloon loans. When buying a house for the first time, you’ll learn about the different types of mortgage loans, which becomes rather confusing and overwhelming. Make sure you’re well informed about the various mortgage types by working with the right professional.
8. Title insurance – A title insurance policy protects against the possibility that someone else can claim ownership of the property. Could that happen? Yes, if the rights of a previous owner were overlooked during your title examination. The title insurance examiner verifies that all prior mortgages, judgments and other liens have been paid in full. Protect yourself and your investment for peace of mind.
9. Closing – Don’t forget to set aside money for closing costs when budgeting out what you can afford. Be aware that there is a list of expenses you may have to pay at closing, depending on where you live and who your lender is, which typically runs between two and six percent of your loan. Ask your lender to give you a Good Faith Estimate of the loan-related fees you’ll have to pay.
10. Enjoy! – You’ve done the exhaustive research and decision making, so go ahead and settle in. Now it’s time to enjoy your new home!