Kevin Durkin's Blog
The process of buying a house may prove to be long and complicated. Fortunately, there are several steps that you can take before you pursue a home to streamline the homebuying cycle, and these include:
1. Create a Homebuying Checklist
It helps to start the homebuying process with a homebuying checklist in hand. This checklist will enable you to differentiate between home must-haves and wants, resulting in a fast, efficient homebuying journey.
Think about what you require from a home. For example, if you need a house that is located close to your office in the city, you should include this information in your checklist.
Also, if you want a house that features a built-in swimming pool, you can include this information in your homebuying checklist. But keep in mind that a swimming pool likely is a non-essential item. And if you find a home that is virtually perfect but lacks a swimming pool, it may still be a good idea to pursue this house.
2. Establish a Budget
How much can you afford to spend on a house? This question frequently plagues buyers as they proceed along the homebuying journey. Luckily, you can determine how much money is at your disposal if you develop a budget.
To budget effectively, it helps to meet with local lenders. Banks and credit unions generally offer a wide range of mortgage options and can help you make an informed mortgage decision.
In addition, it often helps to get pre-approved for a mortgage prior to entering the real estate market. Because if you have a mortgage, you can pursue houses that fall within a specific price range and reduce the risk of overspending to acquire your dream house.
3. Hire a Real Estate Agent
If you want to enjoy a quick, seamless homebuying experience, it is beneficial to have a homebuying expert at your side. Thankfully, real estate agents are available nationwide, and these housing market professionals will do what it takes to help you discover a great house at an affordable price.
A real estate agent understands housing market patterns and trends and can help you plan ahead for a buyer's or seller's market. He or she will teach you about the real estate market and respond to your homebuying queries as well.
Furthermore, a real estate agent acts as a guide throughout the homebuying journey. This housing market professional will set up home showings, negotiate with a seller's agent on your behalf and help you finalize a home purchase. By doing so, a real estate agent will take the guesswork out of buying a house, regardless of the current housing market's conditions.
When it comes to purchasing a house, it helps to prepare. If you employ a real estate agent today, you can get the support you need to plan ahead for the best- and worst-case homebuying scenarios. That way, you'll be able to identify and address potential homebuying hurdles before they escalate.
Ready to buy a house? Follow the aforementioned steps, and you can move closer to pursuing your dream residence.
For first-time homebuyers, going from property buyer to property owner may seem virtually impossible. Lucky for you, we're here to help you take the guesswork out of buying a home.
Now, let's take a look at three questions that every first-time homebuyer needs to consider:
1. What is my "dream" residence?
One first-time homebuyer's definition of a "dream" residence may differ from another's. As such, you should consider what you'd like to find in a dream house before you begin your real estate search.
Creating a checklist of "must-haves" and "wants" in your house often serves as a great starting point for first-time homebuyers. This checklist will enable homebuyers to consider what they'd like to find in a dream home and plan accordingly.
Also, it is important to establish realistic expectations before you kick off a home search.
Many terrific houses are available in cities and towns nationwide, but no home is likely to have every feature that you desire in a dream residence.
Therefore, if you establish realistic expectations for your home search, you can avoid potential let-downs as you explore a broad array of high-quality houses.
2. How will I pay for a home?
Getting pre-approved for a mortgage is vital for a first-time homebuyer, and for good reason. With pre-approval for a mortgage, you'll know what you can afford to spend on a home before you enter the real estate market.
Many banks and credit unions are happy to meet with you to discuss your mortgage options. These lenders can outline the differences between adjustable- and fixed-rate mortgages, help you assess your credit score and ensure you can make an informed mortgage decision.
Furthermore, lenders can answer any mortgage questions that you may have. They can help you evaluate your current financial situation and enable you to obtain a mortgage that won't force you to revamp your day-to-day budget.
3. How do I begin searching for a house?
Beginning a home search is easy, particularly for first-time homebuyers who work with expert real estate agents.
An expert real estate agent understands what it takes to find a wonderful house at a budget-friendly price. In fact, he or she will do everything possible to help you navigate the housing market quickly and effortlessly.
Typically, an expert real estate agent will keep you up to date about new homes as they become available, set up home showings and submit home offers on your behalf. This housing market professional also will offer honest, unbiased recommendations throughout the homebuying journey to help you select a house that matches or exceeds your expectations.
When it comes to exploring the housing market, there is no need to work alone. Fortunately, you can hire an expert real estate agent who can help you get the best results possible during the homebuying journey.
Want to acquire your first home? Use the aforementioned tips, and you can move one step closer to owning a top-notch house.
If you've conducted an in-depth search for your dream house but still have yet to find your ideal residence, there is no need to worry. In fact, you can revisit your homebuying strategy and revise it as needed. This will allow you to restart your house search and increase the likelihood that you'll discover your dream home sooner rather than later.
Ultimately, there are many reasons to revisit your homebuying strategy, and these include:
1. You can consider why you're searching for a house.
There are many reasons why an individual may choose to buy a home. By revisiting your homebuying strategy, you can think about why you want to purchase a house and proceed accordingly.
For example, if your initial goal was to buy a home near the top schools in a particular city or town, you may want to refocus your house search to achieve the optimal results. Or, if you now find that you'd prefer to own a house in a big city instead of a small town, you can update your house search.
2. You can evaluate your home must-haves and wants.
After attending open house events and home showings, your homebuying criteria may have changed. As such, now may be a good time to revisit your homebuying strategy so you can update these criteria.
Think about things you've liked and disliked as you've viewed various available houses. You can use your open house and home showing experiences to revamp your home must-haves and wants, and as a result, reenter the housing market with a fresh perspective.
3. You can review where you want to live.
As you've searched for homes, you may have found that houses in certain cities and towns are more appealing than other residences. Thus, you can revise your homebuying strategy to focus on residences in your preferred cities and towns. This will help you accelerate your house search and ensure you can find a home in a city or town where you want to live.
Of course, conducting a home search on your own often can be difficult. But if you hire a real estate agent, you can receive plenty of support throughout the homebuying journey.
A real estate agent understands exactly what it takes to find a great residence in any city or town. He or she can help you revamp your homebuying strategy and streamline your house search.
In addition, a real estate agent will set up home showings, keep you up to date about new houses that become available and help you navigate the homebuying cycle. Once you find your dream house, a real estate agent will make it easy to submit a competitive offer to purchase this residence. And if you ever have concerns or questions about purchasing a home, a real estate agent is ready to respond to them.
Revisit your homebuying strategy today, and you could move one step closer to finding and purchasing your ideal residence.
A home showing is a valuable opportunity for a buyer, as it enables him or her to walk through a residence and find out what a house is all about. At the same time, a single home showing may be insufficient.
Ultimately, there are many reasons why you may want to schedule a follow-up house showing, and these include:
1. You can get responses to any unanswered home questions.
A second home showing gives you the chance to gain additional insights into a residence. Thus, if you failed to get answers to certain home questions during an initial showing, you may want to schedule a follow-up showing.
Of course, it often helps to craft a list of questions prior to a showing. This list will help you learn about all aspects of a residence.
2. You can analyze any potential problem areas in-detail.
If you want to get a close look at various home issues, you may want to schedule a second showing. That way, you can assess these problems in-detail and determine your next step in the homebuying journey.
Sometimes, it helps to bring a home improvement professional with you during a house showing. If you have a friend or family member who is a home improvement expert, for example, you may want to bring him or her along for a follow-up property showing. This home improvement expert then can provide comprehensive insights into the condition of the house.
3. You can determine if a house matches your expectations.
If you are still on the fence about a home following an initial showing, it never hurts to take a second look at this house in-person. Because if you attend a second home showing and find a house matches your expectations, you then can submit an offer to purchase this residence. On the other hand, if you discover a home is not a great fit for you during a second property showing, you can continue your search for your dream residence.
As you navigate the homebuying journey, it generally is a good idea to hire a real estate agent, too. This housing market professional will go above and beyond the call of duty to help you find a terrific residence that you can enjoy for years to come.
Typically, a real estate agent will teach you about the homebuying journey and offer tips to help you prepare for property showings. He or she also will attend a home showing with you and respond to your concerns and questions. Plus, if you want to schedule a follow-up home showing or submit an offer to purchase a residence, a real estate agent is happy to help.
When it comes to navigating the homebuying journey, it usually is beneficial to err on the side of caution. Therefore, if you strive to learn as much as possible about a home after an initial showing, you should schedule a follow-up showing. By doing so, you can perform a full home analysis and determine if a house is right for you.
Ready to submit an offer on a house? Before you present a proposal to a seller, it is important to plan ahead as much as possible. That way, you can increase the likelihood of an instant "Yes" from a seller, as well as boost your chances of a quick, seamless homebuying experience.
Now, let's take a look at three steps to follow before you submit a homebuying proposal.
1. Get Pre-Approved for a Mortgage
What good is a homebuying proposal if you lack the necessary financing to purchase a house? If you get pre-approved for a mortgage today, you can ensure that you will have the home financing that you need to make your homeownership dream come true.
To get pre-approved for a mortgage, you'll want to meet with several local banks and credit unions. These financial institutions can offer full details about a variety of mortgage options and help you select one that matches or surpasses your expectations.
Also, if you are unsure about the differences between assorted mortgage options, don't hesitate to ask for assistance. Banks and credit unions employ friendly, knowledgeable mortgage specialists, and these professionals are happy to teach you about various mortgage options.
2. Define a "Competitive" Offer
If you want to acquire your ideal residence, it pays to put your best foot forward with your homebuying proposal. Because if you submit a "lowball" offer, you risk missing out on the opportunity to purchase your dream house.
A "competitive" offer generally accounts for the condition and age of a house, along with the current real estate climate. Thus, if you evaluate a wide range of housing market data, you may be better equipped than ever before to submit a competitive offer on any home, at any time.
Take a look at the prices of recently sold houses in your area. This data can paint a picture of the current state of the local housing market.
Furthermore, find out how the home that you want to buy stacks up against similar houses that are available in your city or town. With this information, you can further refine your homebuying proposal.
3. Consult with a Real Estate Agent
A real estate agent is a must-have, regardless of where you are on the homebuying journey. In fact, this housing market professional can help you can make the best-possible choices at each stage of the homebuying journey.
Prior to submitting a home offer, it often helps to collaborate with a real estate agent. This housing market professional can help you determine exactly what to offer on a home. And if your initial proposal is rejected, a real estate agent will make it simple to reenter the housing market and discover your ideal home.
When it comes to submitting an offer on a house, it usually is a great idea to prepare. If you follow the aforementioned steps, you should have no trouble providing a homebuying proposal that is sure to capture a seller's attention.