First and foremost, for a successful homebuying process, hiring the right Realtor will make all the difference. A great Realtor is there to support you through your homebuying experience. In order to get the best price on any home you are trying to purchase, the right Realtor will help you navigate common homebuying mistakes and come out on top.
Once you’ve found the Realtor you want to work with, such as Noonan Lombardi Realtors covering Southern New England properties, there are several insider tips that can help both you and your Realtor come out on top during your next real estate transaction.
We’ve collected our top three ways for you to become a savvy homebuyer. Our homebuyer tips will help homebuyers like yourselves, avoid common homebuying mistakes and find a home that’s right for you.
1) Take Your Time Shopping for A House
Once you have decided to buy a house, it is important not to rush the house-hunting process. “There have been times I’ve seen house hunters who rushed the process and purchased a new home based on a hard timeline. When a client makes a real estate agreement in a rush and later regrets it, it’s almost always coincided with time pressure,” says Aliesha Noonan, Co-Owner & Realtor with Noonan Lombardi Realtors, “Keeping your sights as a home buyer on practical elements and less focused on time, will help you not overpay for a new home, relative to what you could be paying if the home buying timeline is rushed.” Taking time now to find the right real estate for your individual needs means being happier in the long run.
2) Set A Budget and Stick to It
We simply cannot stress enough the importance of sticking to your homebuying budget. Buying a house is an exciting experience, and with that comes a very natural temptation to buy the biggest and most beautiful house you can…until you realize you can literally barely afford it. A great Realtor will help keep you in your price range and not tempt you with properties you could struggle to keep.
Few things are more stressful than owning a house you can barely afford. It can put you one lay-off or medical emergency away from financial disaster. A good Realtor knows this and will keep your options within the range of what you can successfully support on your budget.
Our suggestion is to decide exactly how much money you are willing to devote to your monthly mortgage and then stay committed to adhering to that budget. One way to do this is to set a limit for yourself during the mortgage preapproval process. As we saw with the massive housing crash of 2008, just because a bank is willing to lend you a larger amount, does not mean you should choose that.
Once you have a pre-approval mortgage latter in hand, show it to your realtor. If your realtor knows you’re only preapproved for a certain amount, then he/she will only show you homes below that limit. You always have the options of going back to the bank to request a preapproval for a higher amount. The need to take that extra step will help prevent you from making an impulsive purchase that you might regret later.
3) Choose Your Own Home Inspector
Once you have chosen a home to buy and made an offer that has been accepted by the seller, the next step is to get the house inspected. Home Inspectors are a third party that tours the selling home to check for issues such as leaks, termites, or mold problems. A home inspection happens near the end of the home-hunting process.
Home inspection reports always reveal something. Usually just small details that are easy to fix. Once the home inspection report returns favorable results, the transaction will continue to the closing. If the inspection report does happen to find problems, it will mean an additional round of negotiations to get the seller to compensate the buyer for the problems or fix the problems themselves. In the rare event that a severe problem is discovered, the real estate deal could fall through, which means the house-hunting process would start over again.
Using a reputable home inspection company and receiving a glowing home inspection report will also help you, as the new homebuyer, feel more solid in your decision to purchase the home.
Choosing A Realtor in Southern New England
Noonan Lombardi Realtors operates one of the most successful real estate teams for home sales, property management and rentals in Rhode Island, Connecticut, and Massachusetts. Our advertising and social media presence are second to none, giving each client the backing of exceptionally experienced Realtors waiting to work with you for all of your real estate needs. We use top-of-line resources to make all your property dreams come true. Call the Noonan Lombardi Realtors team today (401) 580-8672