What You Need To Consider When Buying A Home

Buying a new home can be one of the most stressful things you do in your lifetime. You are forking out a lot of money for this place, so it has to be right on many levels. The whole buying process can be emotional from start to finish. The house search, the viewing, the phone calls and the anticipation of waiting for things to go through. It’s certainly not as easy as heading to the store buying something and that’s the end of it. So with that in mind, I thought it would be a good idea to share with you some of the things to consider when buying a house.
 
Putting the emotions aside can be difficult. But embracing them is just as important because your emotion will help you to make the right decision overall. It’s not an easy thing to do, buying a home. So cut yourself some slack and prepare yourself as much as you can. It can be a rollercoaster ride.

Location, location, location

One of the of first things you have to consider is the location in which you are buying your new home. It may need to tick a lot of boxes. What you have to consider are yourself and your family. So the location must be close enough for your to commute to your job. There Is no point moving far away as a long commute to work will only eat into your day. If you don’t drive into work, then you will need to find out whether the location has good transport links. 

Other factors to consider will be the local schools if you have children to think about. Do they have good reports? Are they close enough to get to? Sometimes it’s the more practical things we forget to think about. Things like whether there are supermarkets or shops close by. Perhaps local restaurants or entertainment. All of these things need to be factored in to decide whether the location is right for you and your family. Pinpointing the locality in which you want to search will make things much easier. It means that you know the place works, so when you begin your viewings, you only have to focus on the property.

Speak to an agent you trust

An estate agent is one of the people you will talk to most when it comes to buying a new home. So it’s essential you have confidence in them, and you feel you can trust them. This is the person you will speak to in regards to what you want out of a place. So you will trust their judgement when the provide you with options. You could get in touch with this office at Entwistle Green nor others like it. 

Having confidence in the people that will be helping you through this process is important. You are spending a great deal of money on this property. It’s an investment as well as a home, so it has to be handled right from start to finish. The process is already difficult enough without having people involved you don’t trust or have no confidence in. 

The type of property you need

Once you have decided on your location and made contact with some agents the next thing to do is decide on the type of property you want and need. The first thing to do is decipher the things you need to have. So this is the number of bedrooms you need as a minimum. Whether you require off road parking. If the house has a garden or yard. These are things that you can’t do without. The fundamentals. The next thing you then do is add the nicer details. An extra bedroom would be great, for example. Or a garage would be a nice bonus. Things like that. It’s important to communicate all of this with the agents looking for your property. They need to know what you must have and what you would like to have. This will make their search much easier. You also need to determine the type of property you want. You may only want a house, but you might consider a bungalow. Or perhaps you are looking for a more modern living arrangement so would consider an apartment. Ask yourself all the hard questions and if it is easier, make a list, so you stick to what you want.


Will you consider a project?

Another big question to ask yourself is whether you would consider a project or not. A project can be one of two things. It could either be something that needs a lot of work. Perhaps a complete renovation that may not allow you even to live in it before some work has taken place. Or it could mean something that requires modernising. That is totally liveable but just needs bringing up to date. Or if any of those are not an option then you need to specify that you want something that is done and ready. 

What you will find is that there will be a range of properties available. Ranging from the derelict to the pristine. You need to decide where your cut off point would be. The less work that needs doing, the more money you will pay upfront for the privilege. But there are other factors to consider. Things like whether you have the time, patience and funds in place to carry out any necessary work. Again it’s about asking how far you will go for the right place and communicating that to your agents. 

Have you got the financials in place?

The big money question is whether or not you have the finances in place to go ahead with a sale. Mostly this tends to be an agreed mortgage in principal, and your deposit saved up and ready. It’s a good idea to know all of this and have it in place before you begin your search. It will determine your budget and what you have to spend. However, it also means that if you do see something that will cost that bit more you can easily go back and ask whether or not you can stretch to it. 


Use your head as well as your heart

It is so easy to get drawn into the emotional side of things when it comes to buying a property. But this is where you have to reign yourself back a little. While the emotion will always determine whether or not you love a place or hate it. Your head will be able to tell you whether or not it’s the right decision or the wrong one. It can be easy to fall in love with a quaint cottage with a rose garden. But if it needs more money than you have spent on it then it won’t be the right place for you. 

Listening to both will be conflicting at times, which is why buying a new home will never be a snap decision you make. There are a lot of factors to consider. Some sensible and some emotional. But they are equally important to the decision making process. You also have to consider the other parties involved. You partner, or kids, for example. Will they like it, do they love it? Will they live there?

Be aware that the home search can take longer than you think

Searching for a new home can take longer than you think. It is very evident that it is rare to buy the first house you see. Unless you are lucky enough that it happens to tick every box. It may, at times, become a little soul destroying seeing place after place and none of them being quite right. But patience is important when it comes to buying a home. What you have to remember is that you are spending a lot of money. This place has to be right, the location, the type of property. It all has to work for you and anyone else involved. 

Try and enjoy the process and learn where you can. You will find that each viewing gets easier, that you know what you are looking out for. You will certainly refine exactly what you want as time goes on. It may take longer than you want it to, but it will be worth it in the end. 

I hope this helps you if you find yourself in the buying process. Keeping a level head throughout it all will be important. But making sure you are clear on what you want from the start will be the best thing you can do.

source: 20smoney.com

4 Reasons Buyers Need Their Own Agent

The old saying “no one has your best interest at heart except you” is often true, but in a real estate transaction it does not have to be that way.

In fact, buyers have an opportunity to sign a buyers agency agreement (it outlines the services provided by the agent, their compensation, exclusivity details, and how they will work on your behalf). It is logical to want to work directly with a real estate agent who can provide a wealth of information they otherwise would not be able to divulge to consumers.

Things like school district questions, neighborhood details, and even specific details about a property are all available to you under this arrangement. Your buyers agent clearly has your best interest in mind and will do everything possible to provide quality service while answering your questions as intimately as they possibly can. It is a win-win, because the more quality information you have available to you, the better home buying decisions you can make. The better decisions you make, the better chance you have of getting a great deal.

Whether you are a first-time, next time, or last time buyer, you want to know you are getting a good deal and will be safe, secure, and happy with the property you choose. All the more reason to do some upfront homework and choose an agent to represent you that has the qualities you are looking for.

Here are 4 reasons why buyers need their own agent when looking to purchase a home.

Market Knowledge

No one knows the local real estate market better than an agent! They are hitting the streets to check out the existing and new inventory, they have seen the neighborhoods, know which homes are likely to sell fast and those that may require some tender care to get under contract, they have a good understanding of the school districts, may know details about upcoming commercial construction in the area, and have a wealth of other information readily available to them.

While you may glean a few tidbits from the large national real estate websites, there is absolutely no substitute to discussing home details with an agent who has physically been inside the house and can tell you specific details about the property. Trust their market knowledge, and ability to discern what you need, to parlay that into a viable home viewing list.

Help with Hazards

While some buyers are very astute and have a keen attention to detail, many walk into a home with rose colored glasses on and fail to see some of the hazards that could end up being red flags or deal breakers. It is understandable you are excited and want to see if this house is “the one” and in doing so you may miss some of the finer points of the property.

Did you notice the roof, structure, and yard while walking up to the home? Your agent should be on alert to spot any imperfections or potential issues before you cross the threshold. Did you spot any leaks? Notice cracks in the floor, walls, or ceiling? You may have noticed all those things but chances are you were too busy checking out room sizes, trying to figure which room would be the office, determining if there was a place for your prized bar stools, helping the kids decide which rooms they may get, or you were mesmerized or appalled at the current owners “stuff”. No worries, an agent worth their salt should be pointing out all the intangibles so you can concentrate on the details important to you.

Your Own Representation

It is sometimes overlooked just how important this can be for buyers. Without your own buyer representation you are either being shown homes by an agent who legally cannot divulge information to you, or worse yet, you call the agent on the sign to see their listing. The listing agent works for the seller and will ALWAYS have the sellers best interest in mind, not yours. Remember, when you think you can get a better deal without having your own representation, it rarely works out in your favor.

The local agent is the local real estate expert so it makes good sense to utilize their expertise by getting their opinion about the area, crime, schools, each home you visit, specific pricing options, whether the property appears to be a good or bad deal, neighborhood nuances, and anything else that comes to mind. The point is, when you have your own buyer representation, you have an advocate in your corner who will share everything they can to help you make the best home buying decision.

Negotiation Power

This is one of the likeliest real estate areas where not having your own agent can cost you a lot of money. Unless you are skilled at determining which property imperfections or home inspection issues typically equate to a lower price, or know when the time is right to ask for additional assistance (i.e. closing costs, maintenance, updates, warranties, etc.), it is best to let a skilled agent handle this for you. Sometimes making a small concession in one area can reap big benefits overall, such as foregoing getting appliances updated and instead netting a lower sales price.

Agents will typically keep their emotions in check during the negotiations and may have additional insight about the home, listing agent, seller, or builder they can leverage to get you the best terms possible. Staying calm and collected reduces the likelihood of making a rash decision or snap judgement which could cost you in the long run. Getting the best deal on the home of your dreams is what you should be after!

Final Thoughts

In short, a buyer’s agent is much more than someone who just opens doors to let you view houses. They want to help you get a great deal, close quickly, and be happy with both their service and your new home. The better job they do on your behalf the more likely you are to refer them to your local sphere of influence and utilize their services again when you decide it is time to sell your home.

Whatever your reasons are for buying a home, there is no better option than working with your own buyers agent. Do your homework, choose a great agent to represent you, and begin the journey towards owning your own home. It really is that simple…happy house hunting buyers!

source:  totalmortgage.com

Negotiating Tips for Homebuyers

So you’ve found the perfect house. It’s got all the room you want for your family and it only needs a little bit of work here and there. There’s just one problem—it’s 15 grand over your budget.

Luckily, the bigger the purchase, the more negotiating room you usually have. Here are a few things to keep in mind when it comes to negotiating a lower price with the seller.


Get pre-approved. Getting pre-approved by a mortgage lender shows buyers that you’re good for your offer, and since deals often fall apart because the buyer can’t get financing, that counts for a lot. Make sure you look like as desirable a buyer as possible.

Use the inspection to your advantage. A home inspection has the potential to be your biggest bargaining chip. If it turns out there is something wrong with the house, sellers are often much more willing to open a dialogue and make concessions.

That being said, don’t count too much on the inspection. It could easily come back clean, or the problems could be bad enough that you think twice about buying in the first place.

Know if you’re in a buyers’ or a sellers’ market. In a buyers’ market, where there are more homes available than there are buyers, you have the advantage. Since homes are more likely to sit on the market for a long time, you likely won’t have a lot of competition. That means the sellers are more likely to accept a significantly lower offer, so if you want to low-ball, this is the time to do it.

In a sellers’ market, where the supply of for-sale homes is low, you will probably face a lot of competition for the property. In this case, your best strategy will be to work fast and prove to the sellers that you are the best buyer.

Don’t worry about going a little over your budget. Provided you’re not paying cash and you can get approved for the amount, don’t spend too much time angsting about a few thousand dollars. With the fairly low interest rates available at the moment, paying a little bit more might actually end up costing you around $10 or $20 extra each month.

Pay attention to your realtor. Your real estate agent is going to be invaluable when you get down to the nitty gritty of negotiation. Not only will he or she have experience with sellers to draw upon, but he or she will also know how the local market is doing and how that comes into play with the listed price.

source: totalmortgage.com

The Unexpected Downsides of Selling Without an Agent

With the internet playing such a huge role in selling a house these days, going it alone—no real estate agent in sight—can look like a pretty simple decision. There are a few big reasons you’re probably considering this route, like being able to skip the 6% commission fee and having complete control over everything from asking price to showing times.

These are worthwhile pluses, and they shouldn’t be ignored. But before you decide to take the plunge all on your own, you should also take a look at some of the potential downfalls.


Pricing.  A large part of a real estate agent’s upfront work is research. How much have similar homes sold for? What are prices in the neighborhood like? What developments are down the road for this area?

Unless you live and breathe real estate, those questions may take a lot of time to answer. Even then, pricing your own home can be difficult for sentimentality’s sake. Many homeowners set their initial asking price too high and scare off would-be buyers.  Others make the mistake of setting it too low and lose money they might have gained.

You may still have to pay commission. Just because you’re forgoing an agent doesn’t mean your potential buyers will. When a seller pays that 6% commission, his or her agent typically splits it with the buyer’s agent—meaning you’re still responsible for that 3% unless you can convince the buyers to pay for it on their own. 3% may be a lot better than 6%, but it’s still more than most expect when deciding against an agent.

It may take longer. Selling a house with a realtor isn’t often a speedy process, but doing it yourself could take even longer. There are several reasons for this. First, without a realtor you won’t have access to the Multiple Listing Service, which agents use to advertise to other agents. That means less visibility, leaving you to put more time and energy into marketing on your own.

Also, unless you or a spouse can make selling your house a full-time job, you’re going to have to work around your current schedule, limiting your opportunities to show the house. When you do show it, expect to still have to wade through the usual amount of window-shoppers and nosy neighbors.

The bargaining and paperwork. Even after you’ve found a buyer, the difficulties aren’t necessarily over. Without a real estate agent to act as buffer between you and the buyer, negotiations can get dicey. Often, for sale by owner homes attract bargain hunters who expect a lower price. The key is to not get emotional, and also know what you’re willing to compromise on from the start.

Closings also come with a lot of legal paperwork, and without an agent to handle it for you, you’re going to need to do a lot of research or else risk your biggest investment. There are buyer’s contingencies, disclosure laws, and title and deed requirements to get up to speed on, and if it ends up being too overwhelming, you may have to involve a real estate attorney anyway.

The bottom line?

Selling a home on your own can be great if you have the right experience and already know what you’re doing. If not, sticking with an agent can actually save you hassle and money.

source: totalmortgage.com