5 Home Buying Tips You Should Know 

Owning a home can be one of the most rewarding experiences, both emotionally as well as financially. However, buying a home can be a daunting process if you don’t plan ahead and know what to expect. If you are considering a home purchase, here are 5 home buying tips you should know:

1. Have a Plan: before you start home shopping, it is important to be honest with yourself and anyone who is involved in the decision-making process. What do you want in a home, verse what you really need? Would something low maintenance be better for your busy lifestyle? Or do you want a big yard with lots of room to play? Are schools important in your decision? How far are you willing to commute for work? Be sure to explore your options when it comes to a new home or a resale home. Have an open, honest conversation and then create a vision of what your new home will look like.

2. Do Your Homework: now that you know what you want and need, you will need to do your homework, meaning research what it out there and how much it is going to cost. There are plenty of online search options that you can use to start the process, but when it comes time to get serious about home buying, don’t rely on Zillow or other search engines to find your perfect home. Many of those sites provide outdated or inaccurate information on a home prices and availability.

3. You Know Budget: once you have decided that buying home is the right decision, you will want to consult with a qualified loan officer, unless you will be paying cash. It is important that you have a written budget that is accurate to your personal expenses and lifestyle. Just because you may qualify on paper for a specific loan amount doesn’t mean that you are comfortable spending that much every month on a mortgage payment. Know your budget and be honest about what is important to you and your spending, before committing to a mortgage payment.

4. Think Bigger: by this we mean, think about the bigger picture and where you may be in five or ten years. Is it better to buy a slightly bigger home now so you don’t have to move in a few years and you can make a long-term financial commitment that will yield a higher return? Or will this purchase make a good income property when you are ready to buy up in a few years? In the event of an unforeseen change, how easy will it be to sell? None of us have a crystal ball to predict the future however it is wise to weigh out all your options and possibilities before making a big decision, like buying a home.

5. Hire a REALTOR®: don’t go at it alone. Hiring an experienced, reputable REALTOR® to help you navigate the process from start to finish is a must. This is likely the biggest financial decision of your life and not only do you want to make a smart decision, you want to make sure you are protected along the way. REALTORS® have access to industry specialists who can help you with home inspections, lending and can help you understand all the legal documents and disclosures. Plus only licensed REALTORS® have direct access to the Multiple Listing Service (MLS) which is the only real-time feed of homes that are for sale in your area.

If you or someone you know is considering buying a home, please give The Regal Team a call today. We have the local experience to help you navigate the home buying process with ease and success! Melissa

Melissa Dierks
The Regal Team of RE/MAX Professionals
7111 W Bell Road, Suite 101
Glendale, AZ 85308
(623) 229-0154

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