What Do You Wish You Had Known Before Starting Your Home Search?

What Do You Wish You Had Known Before Starting Your Home Search?

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What do you wish you had known before starting your home search?  If you’re eager to jump into the home-buying process, that’s good news. The housing market is a seller’s market right now, which means there are more homes on the market than potential buyers. But with all of the moving pieces involved in buying a home. It can feel a little overwhelming. What do you need to know before starting your home search? We asked real estate pros and first-time homebuyers for their best tips on getting started. So let’s dive in and see what tips they have for us.  Before starting your home search. 

What Do You Wish You Had Known Before Starting Your Home Search?

Ask as many questions as you can.

Buying a home is a big deal, but it’s one that can be overcome with planning and research. Make a list of questions you have about the buying process. From down payment requirements to interest rates, and do as much research on them as you can before you dive in. You’ll be glad you did. Plus, asking questions shows the seller or their agent that you’re serious about buying and not just browsing. Keep in mind that you can (and should) ask your real estate agent questions, too, like which neighborhoods they suggest you look into based on your budget and what makes them a good or bad fit. You’ll have a better experience if you’re not just trying to make it through the process of buying a house. Remember no question is a silly question. I mean buying a home is a big deal and even bigger investment. Before starting your home search. 

What Do You Wish You Had Known Before Starting Your Home Search?

Estimate your mortgage payment ahead of time.

Ideally, you’ve crunched the numbers and know how much you’ll be able to spend on a home, but that doesn’t mean you know how much a mortgage payment will be. A mortgage payment is the combination of your down payment and monthly interest payments. It can be a bit tricky to estimate. The best way to do it is to visit a mortgage calculator. Inputting the amount you plan to put down. Your desired interest rate. The size of the home you want to buy will give you a good idea of what your monthly payment will be. Keep in mind that your payment will probably be higher once you add homeowner’s insurance, property taxes, and HOA dues.

Meet with a lender before you start looking for homes.

Before you start looking for homes, you should meet with a lender to get pre-approved for a mortgage. This way, the lender can tell you how much you can afford to spend on a home and what your mortgage payment would be. Getting pre-approved for a mortgage is different. A pre-approval is an official statement from a lender that says you can borrow a certain amount of money. Getting pre-approved for a mortgage before you start looking for homes makes it a lot easier to make an offer on a home. You will be putting yourself in a risky situation. So be sure you know how much you are approved for, before starting the property search. 

Don’t make offers based on emotion.

As you start looking at homes. It’s easy to get caught up in the process and start to feel a little giddy about finding “the one.” Don’t make an offer on the first home you fall in love with. Instead, be sure you have given yourself different options.  Then make an offer on the second home you fall in love with. This is a smart move for many reasons. It shows a seller that you are serious and have options. Which may increase your chances of getting the home. It also gives you a backup home to buy if your first choice falls through. Most importantly, it allows you to stay level-headed and make sure you buy a home that you’re 100 percent sure about. You don’t want to get cold feet and the what if’s before closing day. 

Hire a real estate agent ASAP.

You might be tempted to try to buy a home without a real estate agent, but you’d be doing yourself a disservice. Agents are experienced in the home-buying process and know how to present you in the best possible light to sellers. They can also help you understand how the market is shifting. Which areas might be a better or worse investment. The best part is hiring a real estate agent is totally free to you. The seller pays the real estate at the closing table. 

Commit to researching neighborhoods before you look at homes.

Before you start looking at homes. Research neighborhoods to get a better idea of where you want to live. This can help you filter out the homes you don’t want to look at and focus on the ones you do. It can also help you avoid getting caught up in the excitement of seeing a new home and forgetting to look for red flags. A good rule of thumb for neighborhood research is quality, not quantity. Be picky about which neighborhoods you look at. Only look in neighborhoods that meet your criteria. This is your life and your home. So you should make sure it’s the best it can be.