How to Prepare to Buy a Home
“Before anything else, preparation is the key to success.”
The homebuying process can get very complicated so preparation can be helpful in navigating the process. Here are some steps you can take to prepare yourself to buy a home. Whether you are a first time home buyer or have purchased a home before, these preparation tips can help you find the perfect home in today’s competitive housing market.
Talk to mortgage brokers.
Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.
Building a relationship with an experienced mortgage broker will help you to prepare your finances in advance of purchasing a home. Talk to brokers as soon as possible so that they can help advise you on strategies for preparing your finances.
Be ready to move.
This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.
If you are currently renting, check in with your landlord on your lease terms. Find out when your lease ends, if there are penalties for ending your lease early or if there is a month-to-month option that will make it easier for you to move when the time is right.
Find a trusted partner.
It’s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.
Building a relationship with an experienced real estate agent will help you navigate the home buying process. From setting up tours, to negotiating offers and preparing Agreement of Sale contracts, an experienced real estate agent’s guidance is crucial to the home buying process. And in the State of Pennsylvania, those services are usually free to the home buyer.
Make a good offer.
Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller.
In today’s highly competitive housing market, an experienced real estate agent can help advise you on how to make the best offer. Hint: It’s not always the highest offer price.
Factor maintenance and repair costs into your buying budget.
Even brand-new homes will require some work. Don’t leave yourself short and let your home deteriorate.
The good news here — buying at OTTO is a great option that has minimal maintenance and repair costs. Between the support of your Homeowners Association and your Builder Warranty, most maintenance and repair items are covered for at least the first year of homeownership.
Think ahead.
It’s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy.
More good news here — buying at OTTO can be a great investment as Zillow predicts that home prices will increase in Brewerytown.
Develop your home/neighborhood wish list.
Prioritize these items from most important to least. Choosing to live in a condo building is a great option for people that appreciate being a part of a community. OTTO’s Homeowners Association is very active and loves to organize events and get-togethers.
Select where you want to live.
Compile a list of three or four neighborhoods you’d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.