Important Home Buying Tips

1. Hire reliable and experienced advisors.

A good Realtor won't make the client's decisions but will offer suggestions.  Pay attention to a Realtor that you trust.  They should be attentive and responsive to your needs, and give you all the time you require and meet all of your expectations.

2. Work with a local expert.

It is critical to have a good buyer agent who is familiar with the area you want to buy in. They have access to local information that could be key in making your purchase decision.

3. Go beyond the photos.

Don't dismiss properties based on front exterior photos.  Sometimes homes are not photogenic, or the photos are not professional quality.  Homes must be seen in person to be appreciated.  They may not be staged, and many times the seller's Realtor will not be skilled in Home Staging.

4. There is always room to negotiate.

It is individual points, the view, or remodeling that makes luxury properties one of a kind, and makes them able to command a particular price.  Make sure your Realtor researches comparable properties that have recently sold recently, noting closing prices, prior to making your offer.

5. Bank on your established financial relationships.

If you are financing, it is recommended you go to the bank you have a relationship with.  They have your portfolio already.  Know the difference between the pre-approval letter and the prequalification letter.   Obtain your pre-approval letter before beginning your search so your Realtor knows how much buying power you have.

6. Inadequate credit scores.

There is more credit scrutiny today in the real estate market.  Financial documentation and good credit scores are critical factors to obtain finincing.   If your credit scores are not high enough to qualify, find a loan officer that will assist you to repair your credit.   Many times it only takes a few months to repair your credit with the right guidance.  A good Realtor will be able to suggest loan officers that can help you repair your credit to purchase a home

7. Research future planned area development.

Make sure you know if any construction is planned near properties of interest.  A taller structure could change the view from your home.   Business development could increase traffic in the area, and may have a negative impact on crime statistics.

8. Obtain Title Insurance.

You should get title insurance so you'll be insured against any property title issues that were forgotten or unknown.  Take the time to review the exceptions page of the title insurance policy before closing time.

9. Know what to expect with condominiums and cooperatives.

For condominiums and cooperatives, it is wise to hire an attorney who will research the building and advise you on its financial viability.