Buying your home, condo, or oceanfront property in Virginia Beach, Chesapeake,
or Hampton Roads will be fun. But you
must avoid some common home buyer pitfalls. Below we continue our discussion
on "Real Estate by the Numbers".
What do you need know before purchasing a home or condo? Read below for some tips to help you through your
real estate buying experience.
Eleven things to
consider:
1. The Right amount of patience. You
will find the right home. It may take
five or 50 showings. When it is right
for you, it will be the right decision. You
may start your search on REALTOR.COM or right here.
2.
Know
your finances and budget. This
means buy what you can afford. Review
your family's mission statement (you do have one, right?). Keep other priorities in focus including
saving, college for the children, investments, and retirement. House
poor is not allowed.
3.
The
Right Mortgage. Get
preapproved before your home search. Get the best interest rate and terms. Talk with your friends, REALTOR® and others
about lender recommendations. You are
not obligated at this point.
4. The
Right Neighborhood. Talk with
friends, neighborhood residents, and school personnel. Where do the schools rank? Do other neighborhoods rank slightly below
but offer more home for the money? Get crime statistics from the City or Police
Department. What are the dynamics of
the neighborhood - are yards kept nice, home maintenance up to par, and no cars
jacked up in driveway. Do drive by's at
different times of the day. What is
traffic like?
5.
The
Right Price. Let your REALTOR®
provide you with a Comparable Market Analysis (CMA) which will list active and
recent sold properties. Compare all the
amenities of the home versus asking price.
Your home purchase is emotions and business. Keep the emotions out and do not overpay.
6.
The
Right Property for Resale.
Someday you might want to sell your dream home. Think about this before buying a home. Make sure what you like will be liked by the
future home owner. Some things can be
fixed with remodeling, other cannot.
Location cannot be changed. Do
not buy a home backing up to a major road or highway, proposed business or
industrial construction - these are tough issues to overcome when selling.
7.
The Right Home and other Inspections. They are a must. While real problems are supposed to be
disclosed, the hidden or unknown are what will bite you later on. You do not need thousands of dollars of
repairs in your future. Budget
and pay for the inspection(s) and have some piece of mind.
8.
The
Right Amount of Money for Closing Costs and Prepaids. This
was discussed in an earlier post. Plan that these costs will be approximately three
to four percent of your purchase price.
Save this money separately from your down payment. Your REALTOR® may be able to negotiate some seller's
help here.
9. The Right Amount of Money for Earnest
Money Deposit (EMD). You must
understand that a strong
purchase offer needs a suitable EMD. Your REALTOR® can help you with this
recommendation, but plan on .5 to 1% at purchase offer time. Your EMD will go towards your down payment or
closing costs.
10.
The
Right Search for Your Home.
After an initial meeting with your REALTOR® you might want to explore
yourself to view communities, areas, subdivisions, etc., without anyone in your
way. Check out the amenities, narrow down what you
think you want. Consider commute time
and proximity to major highways, shopping, schools, etc. Once completed get back with your REALTOR® to
further narrow down your search and YOUR NEEDS, DESIRES, and WANTS.
11.
The Right
REALTOR®.
Naturally, I
want you to select me to be your agent.
I work hard before, during, and after the closing to make sure you are
satisfied. You hire me to take care of
all the details. I am detailed
oriented. See
testimonials.
Stay
tuned for the next installment - Buying versus Renting.
See how your REALTOR® provides value and represents
your interests only whether new construction or resale.
Sellers in Virginia Beach or
Hampton Roads. Ready to sell your home? Get started by finding how much your home is worth by clicking here.
Investors interested in Virginia Beach or Hampton Roads: Like what you have
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