Many buyers hinder their progress and the homebuying process unknowingly by making uninformed decisions. Here are my top 5 tips for buyers to help you make informed decisions during the homebuying process:
1. Stabilize Finances:
Your lender needs to pull your credit. Any major changes, including lines of credit, acquiring more debt, transferring large sums of money, or any other major financial transaction during the home buying process can endanger your loan and ability to qualify for the home. Many people overlook this top 5 tip for buyers.
2. Get Pre-Approved NOT Pre-Qualified:
There is a difference. Pre-qualified means a lender has taken a look at your debt to income ratio and a brief overview of your financial health, and believes you qualify for a loan. A pre-approval is an extensive process where you’ve submitted all the necessary documentation, completed the underwriting process, and are set to close on your loan. Being pre-approved means you won’t lose out on a home waiting to see if you can get the loan. In addition to the Top 5 Tips for Buyers you will want to visit my home loan pre approval resource area to learn more.
3. Clearly Identify your Needs:
As a buyer, you know how many beds and baths you want. However, it’s also important to consider neighborhood features, proximity to commuter routes, amenities such as dog parks, shopping, dining, and schools. The more you’ve identified your needs, the easier it is for the agent to guide you to the right listings for you.
4. Be tactful during open houses:
Divulging personal information, level of interest, or your motivation for moving can be overheard by the seller’s agent or another agent belonging to the seller’s brokerage. This can lead to losing your advantage during the negotiation process, costing you money in the long run. My job is to help you get the best price and terms. Keeping your information confidential helps me achieve that.
5. Do your Due Diligence:
Not all vendors are created equal. Choosing your home inspector or other vendors based solely on price could cost you a lot more than the difference. You want to choose vendors who have the experience you need to protect your interests. When things go wrong, you want to know you’ve chosen the best and they will protect your investment.
Your home is one of the biggest investments you’ll ever make. It’s important to consider these top 5 tips for buyers when buying your home. As a buyer’s agent in Alexandria, Virginia, my goal is to help you be prepared during the home buying process. Buying a home can be easy and hassle-free when you allow expertise to guide you. If you’d like to learn more about the home buying process, contact me for a FREE Home Buyer’s Guide.