1. Get pre-approved for a mortgage so when you are ready to make an offer there will be no delay. Know what you can afford!! Be realistic in your expectations. Sellers will take your offer seriously if you have taken this step already. Call your bank and see if they will issue a letter. Keep in mind also, that you will have some other costs associated with home ownership
such as property taxes and home owners insurance. Buying a multi-family with more than 2 units requires reserve money as well.
2. Consider working with a Certified Buyers Representative who
has been trained in negotiation, ethics and strategies.
3. Drive by the homes that appeal to you from your MLS search. The drive-by will give you a better idea of what the house looks like, the neighborhood it is in and the general condition of the property as a whole. This step will save you a lot of time.
4. Make a 2 part list of all the features you want in a home. The first list has all the features you cannot live without. You would not be able to make an offer on a home if it didn't have these particular features. The second list has features you like but can wait to have them or do without them all together.
Write your list down on paper and keep it in a nice accordion folder. This folder will hold all your listing sheets, important transaction documents, copies of your mortgage pre-approval, and notes. Take it with you when you visit homes. Start the whole process in an organized fashion!
5. Look at properties. Schedule showings with your realtor and go to open houses. Get to know the neighborhoods your are interested in. Research the town. Ask the neighbors questions. Do your research and make an informed decision.
5 Tips for the New Home Buyer
