You’ve made up your mind to purchase a new home.

You have started looking at online listings to get a feel for the types of houses that are currently available. Before you give into those real estate temptations, there are a few crucial tips you need to bear in mind.

1. Know your Purchase Power
Before you even start looking at houses know how much your lender will pre-approve you for. Getting your heart set on a listing you can’t afford will taint your entire home buying journey. Keep in mind that there is usually negotiating room on a listing price, but try not to look at homes more than 10% above your pre-approved mortgage amount.

See our article on pre-approval/qualification

2. Decide what you are looking for
Know exactly what you are looking for prior to engaging the services of a professional real estate agent. Decide on your preferred neighborhood, the amenities you want in a home and how many bathrooms and bedrooms your new home should have. You may need to compromise on your wish list during your real estate search, but decide in advance which options are non-negotiable.

3. Choose your agent
A buyer’s agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer’s agent has your best interests in mind throughout the transaction. The percentage of homebuyers with buyer representation has grown significantly in the past decade. Advantages of a buyers agenet

4. Negotiate Smart
Once you start negotiations with a home seller, make sure all conversations happen with your real estate agent and the home seller’s agent. Even if you strike up a cordial relationship with the home seller, don’t let any conversations happen without your agent present. Real Estate Agents are trained to keep conversations professional. You don’t want to inadvertently mention that you’re desperate to move or that you have to vacate your current residence by a particular date. Let your agent do the talking to ensure the best deal.

5. Seriously consider a Home Inspection
Home inspections are critical. Never accept a home inspector referred to you by the seller or their agent. Always choose a home inspector on your own and inquire as to which home details will be inspected. Know in advance if your inspector carries insurance and who bears responsibility if faulty items are missed during the inspection process.

Keeping these tips in mind can make your real estate purchasing decision easier to navigate. Buying a new home can be one of life’s most stressful decisions; being prepared ensures the process is as painless as possible. Will you be incorporating any of the above-listed tips into your next real estate purchase?

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