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Simple Tips For The Nervous Homebuyer
Melissa Rolland
Having the opportunity to envision themselves in a new place, with new amenities, and starting a new chapter in their lives with each viewing of each home can be exhilarating. They expect the “this is the one!” feeling as soon as they drive down the driveway, and until they have that first reaction, they keep looking.
For other homeowners, the undertaking of house shopping fills them with dread and concern: all the options, the pros and cons of each home, and wondering, as they drive down each driveway, “is this the one?”
Regardless of which buyer you might consider yourself, the “enthusiastic” or the more “cautious” - or somewhere in the middle - here are three simple suggestions to make the hunt for a new home a more informed, and hopefully, confident and enjoyable one.
There’s good reason that upwards of 90 percent of home buyers start their search online
It’s said that “knowledge is power,” and the internet can offer a solid foundation in your education about your local market, the home buying process, and resources that are available to you.
From the comfort of your laptop or your mobile device you have the ability to read general home information, get directions to visit a house and do a drive-by, compare prices and features of homes, contact a brokerage or locate a local real estate agent, research mortgage financing, or watch an online video about a specific home. You can feel more confident and educated by doing a bit of online research before even booking your first showing.
Do a drive-by of a home before requesting a showing
A quick drive-by of a home can give you a realistic idea of traffic on the street and activity level, or busyness of the neighborhood. You’ll be offered a first glimpse of the condition of the home and the pride of ownership of the house for sale, which can give some insight on what you might expect for the condition on the interior of the home, too. If the house doesn’t get a “maybe” or better on your drive-by assessment, you’ve saved yourself time by not bothering to have to schedule a showing of the interior of the house, and allowing you to focus your efforts on the houses that do call for them.
Find out how much money you can borrow before you even start looking
Pre-qualification is an early step in the home buying process, getting an estimate of what you might be able to borrow. You will give information about your finances and complete a credit check. During this stage of the process is when you’ll have the chance to learn more about different mortgage options and working with your lender to determine which is the best choice for you and your situation.
Pre-approval is as close to confirming your creditworthiness without having an actual purchase and sale contract in place. You’ll complete a full mortgage application which will be verified by your lender, who will also do a credit check. If you’re pre-approved, you’ll receive a pre-approval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.
Regardless of whether you’re gung-ho about your house hunt, or a bit more reserved, doing some legwork before starting the search will make the home buying journey a more informed, confident, and enjoyable one.
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