Spring is in the air. The Crawfish is coming up out of the boil. The bats are cracking at Alex Box Stadium. And of course, families are looking for that new home! Your next home is more than a financial investment. It will facilitate your life. There are so many factors to take in when buying your new home: location, schools, neighborhood, size, features and just about any factor imaginable.
It’s important to make sure you are buying a good home that you can resell, but it’s also important to find a home you can be happy in. To start your home-buying process visit our Mortgage Page.
CU Insight recently published 5 tips to help home buyers:
Have your own real estate agent
“It may be tempting to think you get a better deal working with the listing agent. That’s not necessarily true. Neutrality among listing agents means they can’t help one side over the other. So who is there to help you?”
Set a realistic budget
“When you set a budget, make sure you include more expenses than just the monthly mortgage payment, down payment and closing costs. Have you planned for utilities, insurance, Homeowner Association fees, lawn care, pest control and more? Can you still fund your emergency savings fund, college for the kids and retirement?”
Figure out what you want vs. need
“Do you want to be in a specific school district? Do you need a big backyard? It may mean compromising on other home wants such as hardwood floors or stainless steel appliances, which could be addressed later. What are you willing to compromise? Having a clear idea will help in the home buying process.”
“Want to show sellers you are a serious, qualified buyer? Take the extra step to be pre-approved. A pre-approval letter shows a buyer’s creditworthiness and ability to get a loan by the lender. But don’t stop there. Once approved, buyers should shop around to find the best deal from lenders. Don’t be afraid to review the different offers and negotiate with lenders to get the one that works with your budget.”
Make a fair bid
“When there is a shortage of inventory, don’t miss out on your dream home because you failed to make a strong opening offer. If you find a home you love in the right location and price range, don’t wait to make an offer or try to lowball sellers. Buyers should be ready to submit a fair offer quickly, or they may risk missing out on the home altogether.”