The process of buying a home can be daunting and overwhelming. Any buyer out there wants to be guaranteed an effective purchase and we have some tips to help you achieve that. Here are some guidelines in home buying to help set you up in an optimal position for that next chapter in life – providing you with a great investment and moving one step closer to your dream home.
Get Ahead From The Start: Seek Pre-Approval For Your Bank Loan
Take the first step when preparing to purchase real estate by getting pre-approval for your mortgage. Visit with a representative from your bank and learn the terms and amount you can be approved for based on your family’s income and expenses as they currently sit.
Right out of the gate you are ahead of the process and ready to move forward from the very beginning. You can get a good glimpse of what is affordable which sets you up for all your decision making and house hunting moving forward. Home sellers will want you to be pre-approved and this is an important item to check off your list when preparing to buy a home.
Know Your Needs vs. Wants Early
What is the end game here? What do you envision for your future home? Style, geographical location, school districts, outdoor space, storage, etc.
What’s most important is to ask yourself what your needs are when it comes to a home. What’s the minimum bedroom and bathroom requirements currently and in the future? Are there school district or other educational requirements? Proximity to work?
Create a vision of what you need and then most desire, then start moving in that direction.
Now Is The Time To Be A Realist
Now that you have identified what your end goal is, and what your budget will allow, you can begin to put first things first.
For house hunting, this entails getting a realistic idea of what’s out there and available.
Today house hunting can begin from the comfort of your own home using the internet. Jump online and you can quickly get an idea of how the market is looking. Some sites even offer virtual guided tours of potential homes. We have a full MLS listing on our site for the area, be sure to check that out!
If you see something you like, let us know! We’ll schedule a time at your earliest convenience to take a look. However, we highly recommend letting us know what you’re in the market for as we’re constantly checking in on new listings, potential sellers, and the buzz around town.
Set The Bar High While Maintaining Flexibility
When it comes to buying a home most buyers already have their “Perfect Home” in mind.
“If I search hard enough I will find it.”
Taking our previous point and maintaining a realistic perspective will help us understand that our “Perfect Home” just doesn’t exist.
Now take heart! Reaching your desired result of finding a home that gives you satisfaction for your investment and maximum long-term return is still possible! Setting the bar high for yourself while maintaining flexibility is about creating solutions that benefit both parties involved – for example, you can get an awesome home at a satisfying price without swindling the seller.
All you need is some flexibility and negotiating power (that’s where we come in). There may be some compromise required on your “wants” list in order to land the best possible arrangement.
Don’t forget that building your dream home is an option as well. We have many lots in Park City and surrounding areas that would allow you to build a house from scratch, incorporating every little (or big) thing you’ve ever wanted in a home.
Collaborate: Equip Yourself With an Excellent Team
Find yourself a team of professionals who come highly recommended by the real estate community or your friends and family.
With the right knowledge and the power of the internet a lot of us could get by on some reading up of the industry but by and large making use of these experts will pay for itself by saving you time and hassle.
Building your team can include a knowledgeable real estate agent, a trustworthy attorney, a highly regarded mortgage broker and Grade A home inspector.
It also helps to involve a reliable friend or family member who can asses the potential property with you and see it with fresh eyes pointing out pros and cons you might have overlooked.
Empowering yourself in the home buying process by being prepared with a home loan, having realistic goals in mind, compromising and collaborating with an excellent team. You can’t go wrong in using any of these techniques and will find yourself more emboldened and confident while taking the next step in each phase of home buying.