If you’re thinking of buying a home soon, there are five steps you need to take to make sure you get the best deal possible.
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Here are the five easy steps that will guide you through the purchase of your next home:
1. Reach out to a Realtor who specializes in your area. You’ll need to develop a game plan to coordinate the move into your new home with the sale of your existing home. Oftentimes, you have to choose between either making two moves or having two mortgages.
2. Determine your wants and needs in your new home. How many bedrooms and bathrooms, and how much square footage, will you need? Do you have any special requirements, such as a guest suite on the main level? Another important consideration to make is whether you want a move-in ready home or one that needs some updating.
3. Know where you want to live. How close do you want to live to where you work? Make sure you understand both the distance and the drive time, as traffic can be a huge factor in terms of your commute around the Charlotte area. Also, are schools important to you? We have a lot of choices between private, public, charter, and magnet schools, so make sure you do your homework in this regard. It’s also important to consider what you enjoy doing when you’re not working so you can live near what you love.
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Begin with an end in mind when making your offer.
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4. Get pre-approved for a mortgage before starting your home search. You need to know how much you’re approved for, how much you’re comfortable paying each month, and how much house that amount buys. Keep in mind, what you’re approved for and what you’re comfortable paying may not be the same thing. It’s important to be able to rest easy each night after you’ve made your monthly mortgage payment.
5. Submit an offer. Work with a real estate professional and begin with the end in mind. Develop a strategy for your initial offer and know how much you’re willing to pay for the home. Have a clear goal and clear expectations as to where you’ll land in terms of price. In the suburbs above the $1 million price point, you’ll likely be able to negotiate a substantial amount. For homes closer to the city and under $300,000, however, you might have to pay above list price.
If all else fails, just remember step No. 1 and consult with a local real estate professional.
If you have any other questions about buying a home or you have any other real estate needs, please feel free to reach out to me. I would be glad to help you.
