4 easy tips for buying a home

Thinking of buying a new home?. With a dramatic increase in the number of homes on sale, buying a home can be a daunting task. Here are 4 easy tips to get you the house of your dreams.

Choose a real estate professional – Hiring a real estate agent will cost you nothing, since the real estate agent’s commission is paid by the seller. Choose an agent that has sufficient experience and comes recommended by friends or family. Your agent should understand your needs and help you with the contractual paperwork, negotiations and inspection.

Understand your financial profile and look into a pre-approved mortgage – Understanding your budget is a vital step, before touring potential homes. Meet with a mortgage specialist, to determine your budget and then follow up with all documentation needed for pre-approval of your loan. With a pre-approved mortgage, a buyer would be more inclined to offer you a price within your budget, since he/she would see you as a confirmed buyer.

Your needs and wants- Make a checklist of the criteria you are looking for in your new home. For example, if your a bachelor, you may want an apartment in the city, which reduces your commute to work. On the other hand, if you have a family, you might want an outdoor play area and a home near a school district.

Competition – As a buyer, you will be faced with competition from other buyers for your potential home. Underbidding for your dream home, can be a recipe for disaster. If you’re making an offer, make sure it’s a good one. For example, if the sellers need more time to move out, you could offer to buy the house and rent it to the buyers, till they are able to leave.