1. Find a real estate agent that's compatible and on the same page you are. Home buying is not only a financial commitment, but also an emotional one. It's important that the Realtor you choose is both capable and a good fit with your personality.
2. Remember, there's no "perfect" time to buy, any more than there's a perfect time to sell. If you find a home now, don't make the mistake of waiting for the perfect interest rate or the perfect seller’s. Market changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.
3. Accept that no house is ever perfect. Focus on the things that are most important to you and let the minor ones go.
4. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too much input can be overwhelming and make it much harder to make a decision.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting making a low ball offer is likely to lose you the home you love in a hot market.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself, room size, gourmet kitchen, that you forget important issues such as amenities, traffic, noise level, etc., that have a big impact on what it's like to live in your new home.
7. Don't wait until you've found a home and made an offer to get pre- approved for a mortgage, and figure out a schedule for moving. An offer contingent on a lot of unresolved issues will make your offer much less attractive to sellers.
8. Don’t forget to consider maintenance and repair costs in your post-home buying budget. Even a new home will have some costs. Don't leave yourself short and let your home deteriorate.
9. Expect a little buyer's remorse, it is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also brings big benefits.
10. Select a home first because you love it; then think about appreciation. While a home is a great investment, it’s most important role is as a comfortable, safe place to live. |