Starting the Home Buying Process In Laclede County Missouri
If you're thinking of buying a home of your own, you probably have lots of questions. You are about to be making an important decision for your future, a great investment of both money and time. I have a wealth of experience helping buyers like you make sound, informed decisions. Here are some tips to help you make your home buying process successful:
Do Your Homework
The perfect home won’t find you by itself. The key step in buying a home is doing a little research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home.
Start Planning
Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and help give structure to the entire process. My website is a great resource for property information.
Get Pre-Qualified
Getting pre-qualified for a loan normally only requires a short phone conversation with a lender, and can greatly help your home search. Prequalification does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when shopping for homes. Being pre-qualified can also often indicate to sellers that you are a serious, prepared buyer.
Look for Value
When shopping for homes, it’s important to consider potential value. Even if you’re not planning to sell the home some time down the line, it’s a good idea to consider the future value of the home. Protect yourself against things like falling prices and potential changes in the neighborhood. You may not think of a new home as a means to make money, but it’s an important investment and all things should be considered.
Decide What You’re Looking For
Decide on the home features that are important to you (covered parking, hardwood floors, architectural style, location, etc.) and make a prioritized list. Having well established guidelines will help narrow down your search and will prevent you looking at properties that lack don't fit your needs. It can help you make the decision not to buy an attractive property that doesn’t really fit your guidelines. Be picky, but don’t be unrealistic. There is no perfect home. Note whether the home you decide to buy can be upgraded to fit your needs. Decide what areas are flexible, and what modifications you are willing to make.
My website has a search feature that allows you to filter thousands of listings based on attributes you select. If you know you want a brick house with gas heat and a garage, you can get the results you’re looking for.
Think long-term.
Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.
Decide when you could move.
When is your lease up? Are you allowed to sublet? Do you need to be moved by the end of the month?
Relax
You don’t have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for the marketplace. Know what is available and how they compare in price. Your REALTOR will help you with this.
Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and your closing costs. Check into low or no money down loans also. Make sure you will have enough money on hand after closing to cover the cost of moving, such as utility deposits, transportation to move your belongings, etc.
Shop Around for Your Mortgage
Deciding on the financing for your home can be as important as choosing a home itself. The first step is deciding what kind of loan best fits you: a fixed rate mortgage, or an Adjustable Rate Mortgage (ARM). Conventional, VA, USDA, or FHA? There are benefits to each form of loan. Not all lenders offer each type, so check with more than one.
Don’t let yourself be “house poor”.
If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals. Don't try to cut bills elsewhere thinking you can afford a higher mortgage. Things always come up that will take money out of your pocket.
Protect Yourself
Be careful when signing a contract on a home. There may be wording that you don't understand. Make sure to ask your REALTOR any questions you may have. Also, have the home inspected, and work through any problem areas. Paying for a quality home inspection is absolutely crucial! You can save yourself thousands in repair costs by being sure of what you’re getting into. If possible, get a warranty from the seller to cover defects within one year. If the seller won’t provide a warranty, you should purchase one yourself. They are a minimal cost with a great value.
Don’t ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
Get help.
Consider hiring a REALTOR as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are paid out of the seller’s commission payment so there is no charge to you to have someone working on your side.
There's no sense in you running all over the county wasting your time and money when I can point you in the direction of homes that will fit your needs.
It is not a question of if I can find a property to fit your needs, only WHEN we'll find it and how ready you'll be to act when we do. Give me a call or send me an email to get started today. I look forward to working with you!