Buying a home can be stressful, but it doesn’t need to be overwhelming. Here are some tips to make the buying process go as smoothly as possible.
- Work with a local expert
- Make a list of must-haves
- Find a mortgage lender
- Search online
- See multiple houses
- Make an offer
- Get a home inspection
The right real estate agent will answer any questions you might have about living in Southeastern Michigan. A local expert can also guide you through the local market, informing you of trends and developments affecting your purchase. This will help you avoid the common pitfalls of buying property for the first time. They can also provide valuable information on schools, neighborhoods, amenities, and community events.
New homes are constantly being introduced to Michigan’s housing market, and with so many options, it helps to know what you want ahead of time. Determine how many bedrooms and how much square footage you need. Decide whether you’d like to have a pool, a finished basement, or a private gym. Communicate your wants and needs to your Realtor so that they can find listings that match your criteria.
Shop around for a mortgage lender to find the best arrangement possible. When you speak with potential lenders, discuss how your intended down payment amount will affect your interest rate, and how points paid at loan initiation could lower your rate. If you’re buying a luxury home, consider applying for a jumbo loan, which exceeds conventional loan limits, and speaks to your lender about the terms and costs of such loans.
A majority of home buyers start their search online and use that as a way to identify what types of homes and features they are looking for. When it’s time to get serious, your Realtor can give you access to listings that meet your targeted search criteria and help you negotiate your best deal.
Once you know which homes you’d like to see, your Realtor will make arrangements to give you a private tour of the houses. It’s worth taking your time to go through the house before making a purchase, especially if you intend to use it as a primary residence. It’s the only way to know for sure whether or not the home is right for you and your family.
Be prepared to make an offer as soon as you find a home you love. Some areas are experiencing a seller’s market, meaning it’s not uncommon for sellers to receive multiple offers on their home. So be sure to make a competitive offer, and to make decisions quickly. Keep in mind that it’s not always about the price – some sellers will accept your offer if you are willing to remove certain contingencies and if you can close the deal quickly.
There’s simply no substitute for a home inspection. It helps you find out if there are major issues with the home. It also helps you make sure that you are truly getting what you’re paying for. So don’t skip this part of the process, and hire a professional home inspector.
With these tips in mind, you’ll be on your way to owning your first home.
If you’re ready to enter the market in the Detroit metropolitan area, let us at Vanderhoef Properties LLC help find the right home for you. Call us at 248-953-3305 or send an email to Sales(at)VanderhoefProperties(dotted)com.