No one ever said the homebuyer process was easy. Be that as it may, there are several valuable tips to consider before you take the big leap:
1.) Buy within your means. This is a big one. Purchasing your first home can be an exhilarating experience, however, you don’t want to go overboard amidst it all. It is important to factor in each and every monthly expense that occurs along your everyday routine. Compile a list of expenses such as vehicle costs, credit card payments, student loans, groceries, health insurance and so on. Add up these expenditures and subtract this total from your take-home pay. The remainder is a look at how much you can spend on your new home each month.
2.) Mortgage Qualification. Your idea of what you can afford and what the bank is ready to lend don’t always match up. A shaky income or poor credit can play a role in this, which is why it is vital to get pre-approved for a loan before placing an offer on a home. Otherwise, everyone’s time will be ultimately wasted should you sign a contract and later discover that the bank won’t lend you what you need. Furthermore, keep your credit score under close watch. Last minute credit alterations threaten to jeopardize your loan, which can result in the loss of several thousand dollars that you invested when you went under contract.
3.) Consider overlooked fees. There are several “hidden” costs that follow being a homeowner. Unlike before, you will now face the reality of property taxes, disaster insurance and any household repairs. If you are thinking about purchasing a condo, prepare to pay (mandatory) monthly maintenance fees that come with being a part of a homeowner’s association.
4.) Keep an open mind. Life isn’t perfect, and not all of us can afford an idealistic scenario. Many of us have to settle for less, and while that’s perfectly congruent with reality, it doesn’t have to be all that bad. Assess your current chapter in life, and decide whether you should save up by renting for a few more years or purchase as soon as possible. With that said, don’t be too inflexible to the point where you end up renting longer than you want to. Sometimes we just have to accept that busy street, outdated décor and necessary restoration as financial compromise. Chalk it up to giving the house character.
5.) Don’t sweat the small stuff. With respect to the previous tip, all houses aren’t without flaw. Wallpaper driving you crazy? Ignore the minor imperfections if the house’s size and location are what you have been looking for. Do-it-yourself home upgrades save you from expensive alternatives where the seller has already done the work for you. If you’re on a budget, look at homes whose vision has yet to be fully realized. Adding value to a home ensures a bump in equity and proves to be a worthwhile investment in the long run.
6.) Compromise with caution. While most first-time buyers have to compromise on projected ideals, it should be done with a grand perspective in mind. Don’t settle for a two bedroom when you plan on having kids. Compromise is natural; just don’t let it hinder your future plans.
7.) Explore every nook and cranny. I can’t stress this one enough. Check out every single aspect of the house you’ve got your eye on. Test the water to know exactly what you’re diving into.
8.) The momentousness of hiring an agent. Now this is where I come in handy. Working with both the buyer and seller, I negotiate the fairest deal possible with the buyer’s best interest in mind.
9.) It’s your future. We started off with a big one and we’ll end the same way. Picture the house you are considering to purchase in ten years. What about twenty?
- What kinds of neighborhood development plans are currently underway in Eden Prairie?
- What are the local zoning laws within Maple Grove?
- Is there undeveloped land nearby? If so, what will be eventually built near my Plymouth neighborhood?
- Has the home value of this Excelsior neighborhood been declining?
When you are looking to buy a home for the first time, there is no such thing as too many questions. As an accredited realtor, I guarantee you special sensitivity to each and every one of these considerations. Allow me, Travis Senenfelder, to hold the privileged position of being your real estate agent. Together we can open the door to the home you’ve always wanted.
All the best,
Travis Senenfelder
Licensed West Metro Realtor
BSL Real Estate
651-216-9466
http://www.buysellleasemn.com/
440 2nd St.
Excelsior, MN 55331
For rental properties available check out http://www.MetroRentalsOnline.com and give me a call today to talk about anything I have discussed.
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