Tips for Buyers Pride of Austin, Realtor®

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Tips for Home Buyers

Buying a home can be one of your most significant investments in your life. The more prepared and educated you are at the outset, the less overwhelming and chaotic the buying process will be. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, the equity you earn is yours.

A Buyer's representative works solely for you and has no legal responsibility to the seller. When working with a Buyer Representative, you have the advantage of personal representation, independent counseling, loyalty, confidentiality and trust. It is our philosophy at Pride Of Austin Realtor® to ensure that you have complete understanding of the options available to you. We provide you total access to the entire market place as you shop for the property that most fits your wants, needs and lifestyle. This includes not only properties listed with our office, but the properties that best meet your needs that are offered through other real estate companies, as well as unlisted properties. We will disclose all known facts about the property that are likely to affect your decision.

TIP #1: Get Pre-Qualified For Financing Early In The Process

Early on, before you really start to look for a new home in earnest, it is important that you know how much you can comfortably afford for a home. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate.

Getting pre-qualified for financing will help determine your price range and also help avoid disappointment after falling in love with a particular home and later being turned down for a mortgage loan. When you are trying to buy a house in a competitive market, your offer to purchase should contain as few conditions as possible. An offer that is conditional on obtaining financing is often a deal killer. The seller may accept a competing offer for less money rather than take the risk that you will not be able to raise mortgage money. A pre-approval letter from your lender tells the seller you are ready and able to commit.

It will also save you the extra stress of having to find a lender within a few days of having your conditional offer to buy a home accepted. In these times of fluctuating interest rates you can certainly benefit by locking in a lower rate. This could save you thousands of dollars if the rate increases while you are in the process of buying.

TIP #2: Find Out In Advance What Documents Your Lender Will Need

Being prepared to obtain a mortgage loan will save you time. Common documents include W-2 forms, bank statements and information on all outstanding balances (like credit cards and student loans). Your REALTOR® can provide you with a more in-depth list.

TIP #3: Research Neighborhoods Before You Look At Homes

If you have children, schools are important, and if you are relocating to a new area, you will want to take the local job market into consideration. Your Pride Of Austin Realtor® can tell you about area schools, property taxes and community amenities that you might not be aware of.

TIP #4: Decide Which Features You Must Have In Your New Home

No home is perfect, and by deciding out what matters most to you ahead of time, you will have a much easier time narrowing down your choices.

TIP #5: Get The House Inspected

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. The first really hot day you spend in your new house is way too late to find out that the air conditioner does not work.

If the seller will not help bear the costs, and you want to go ahead with the purchase, make sure you can afford the necessary repairs on top of your mortgage.

Be sure the seller has taken care of all the agreed-upon the repairs before you move in. Your Pride Of Austin Realtor® can monitor these activities, so you can concentrate on moving into your new home.

TIP #6: Make Sure You Understand All Paperwork Before Signing It

It may sound obvious, but you can get yourself into a lot of trouble if you agree to something you did not intend. Your Pride Of Austin Realtor® will able to explain the necessary paperwork to you if you have any questions.

TIP #7: Prepare For The Costs Associated With Buying Your Home

You may already have a down payment, but be aware that there is also other expenses you may have to pay at closing. Closing costs can add up to between two and six percent of your loan, so ask your lender to give you a Good Faith Estimate of the loan-related fees you will have to pay. Your Pride Of Austin Realtor® will help you understand the closing cost you may incur and also compile a list of other expenses you will need to be aware of before you reach the closing table.

TIP #9: Understand Your Homeowners Insurance

Make sure you understand your Homeowners Insurance Policy. Some policies exclude damage caused by certain disasters, such as floods. If you live in an area where these disasters occur frequently, you may need supplemental coverage. Be familiar with terms like “liability,” “replacement cost” and “actual cash value.” The last thing you want in the wake of a tragedy is to find that you misunderstood your policy.

TIP #10: Try To Coordinate The Date You Take Possession Of Your New Home And Your Moving Date

If possible, avoid a situation where you have got to camp out with relatives or find a short-term rental because you must vacate your old house or apartment before you can move into your new home. Moving once is enough.

When you are buying your home… Our Pride Delivers for YOU!