Advice
for First-Time Buyers for REAL ESTATE
Pre-Qualification: Meet with a mortgage broker and
find out how much you can afford to pay for a home.
Pre-Approval: While knowing how much you can
afford is the first step, sellers will be more receptive to potential buyers
who have been pre-approved. You’ll also avoid being disappointed when going
after homes that are out of your price range. With Pre-Approval, the buyer
actually applies for a mortgage and receives a commitment in writing from a
lender. This way, assuming the home you’re interested in is at or under the
amount you are pre-qualified for, the seller knows immediately that you are a
serious buyer for that property. Costs for pre-approval Real estate are generally nominal and lenders will usually permit you to pay
them when you close your loan.
List
of Needs & Wants:
Make 2 lists. The first should include items you must have (i.e., number of
bedrooms you need for the size of your family, a one-story house if
accessibility is a factor, etc.). The second list is your wishes, things you
would like to have (pool, den, etc.) but that are not absolutely necessary.
Realistically for first-time buyers, you probably will not get everything on
your wish list, but it will keep you on track for what you are looking for.
Representation
by a Professional:
Consider hiring your own Real Estate Broker Pune
agent, one who is working for you, the buyer, not the seller.
Focus
& Organization:
In a convenient location, keep handy the items that will assist you in
maximizing your home search efforts. Such items may include:
1. One or more detailed maps with
your areas of interest highlighted.
2. A file of the properties that
your agent has shown to you, along with ads you have cut out from the
newspaper.
3. Paper and pen, for taking
notes as you search.
4. Instant or video camera to
help refresh your memory on individual properties, especially if you are
attending a series of showings.
5. Location: Look at a potential
property as if you are the seller. Would a prospective buyer find it attractive
based on school district, crime rate, proximity to positive (shopping, parks,
freeway access) and negative (abandoned properties, garbage dump, source of
noise) features of the area?
Visualize
the house empty & with your decor:
Are the rooms laid out to fit your needs? Is there enough light?
Be
Objective:
Instead of thinking with your heart when you find a home, think with your head.
Does this home really meet your needs? There are many houses on the market, so
don’t make a hurried decision that you may regret later.
Be
Thorough: A few
extra dollars well spent now may save you big expenses in the long run. Don’t
forget such essentials as:
1. Include inspection &
mortgage contingencies in your written offer.
2. Have the property inspected by
a professional inspector.
3. Request a second walk-through
to take place within 24 hours of closing.