I'm ready to BUY.......I think?
Alrighty! Yahoo! You’re ready to buy a house!
First, I hope we get the opportunity to work together, but if we don’t I want to send you off on your home buying journey with a few good tips to get you started……I’VE GOT YOUR BACK!
1. PULL YOUR CREDIT…….Get preapproved. Do this first since you’ll be spending time and energy daydreaming and physically viewing homes. You want to make sure you understand that you ACTUALLY can buy, based on a REAL LENDER, not a lending calculator or your Mom telling you she’ll co-sign. Do your homework and understand the costs and if your credit score needs a boost. THIS IS THE TIME TO DO IT, NOT ONCE YOU’VE FOUND THE DREAM HOME.
2. TAKE A STEP BACK……Understand this may be a step back from where you’re currently living. GULP! Buying is building long term wealth and your first house will NOT be your dream home. Remember, you’ll most likely only be here 3-5 years. Then onto the next!
3. UNDERSTAND WHAT $2000 MEANS……..Almost every transaction boils down to $2000, (or $5000 if you’re at a higher price point) this sounds like A LOT in theory, but in monthly payments its probably equal to your Starbucks order. Seriously, when you get into negotiating, don’t let this one fool you, you’re buying a house with a fixed monthly payment for 30 years most likely, and I’m sure your rent increases are more than $14 annually.
4. Remember, your realtor is ON YOUR SIDE! This person is your advocate and teammate. If they advise you to increase your offer, it’s not because they stand to make $20 more, it’s to get you the house. They should be able to offer you as much transparency about the transaction and your options as possible BUT, they don’t have a crystal ball nor can they tell you what someone else is thinking.
5. ROSE COLORED GLASSES ARE REMOVED…..I’m talking about INSPECTIONS here. Yes, they will be tough. And the seller most likely doesn’t know what’s going on in the attic or crawlspace. Who goes up/down there anyway???? This will be one of the low points of the transaction and most likely when you want to walk away. You most certainly can, BUT it’s important to see what can be fixed and who’s willing to pay for it as well as your other options before letting your emotions get the best of you. After all who wants a 10 year old roof when you can get a 30 year brand new one…..
6. GREAT, THIS IS BROKEN, WTF? The majority of house issues pop up during transition of use. Something you use often, the previous owner didn’t. You’re flushing the toilet 20 times a day and have a 2 year old using it as their Barbie swimming hole while the previous owner was rarely home and lived alone. Get it? Things will break, and now that you’re a homeowner it’s your responsibility to fix them or not. I’ve got your back on this one…….Just let me know and we can coordinate a trusted contractor to handle removing that Barbie from her near death experience or whatever else. I GOT YOUR BACK!