Top 4 Things Homebuyers Wish They Had Known
The Las Vegas Raiders wrapped up their season and already have announced their 2021 list of opponents. I’m predicting that many a Raider fan will soon be ex-Californians as COVID loses yardage and markets stabilize, including real estate. How about you? Ready to relocate to Nevada now? I bet you could be settled in your new home by 2021’s opening day, even in a new-construction home should you wish. As you know, Raider Nation is a state of mind. Its capital, though, has moved from Oakland to Henderson, Nevada.
I’ve learned a lot in my career of helping people find and move into their dream homes. Lots of what I’ve learned, I’ve learned from my clients and I think house hunters will find the following useful. I’d like to share the top 4 things homebuyers wish they had known before purchasing their new residence.
You’re Right, It Will Cost More Money
Oftentimes, buying a home is the largest financial transaction one makes in a lifetime. Saving for the 20% down payment is so overwhelming, the incidentals aren’t figured in. There are closing costs, home insurance, moving expenses, and the like. If moving from an apartment to a single-family dwelling, maybe a lawnmower and large appliances are in your future. Also, as a homeowner, when something goes wrong or breaks, you get to fix (and pay for) it. Whether it was your fault or not.
The Mortgage Loan Playbook
Lenders make money lending money. They approve loans using a debt-to-income ration using gross income. Not net. Make sure you can afford, comfortably so, your house payment. After a loan application is submitted, lenders watch credit scores and large purchases with eagle eyes. So, don’t use credit cards while in the approval process. It could end up costing you far more in a higher loan rate or points. Get pre-approved for a loan before shopping for your new home. Know what you can afford and look there. Being ready with your financing may be the key to getting the house you desire, especially in a competitive market.
It’s Game Time, Be in Shape
Buying a home is like taking on an extra, albeit temporary, full-time job. There’s the hunting and open house process, which has been made tons more efficient thanks to technology. Constant interruptions are part of your day — phone calls, texts, emails, pop-ins, and more from loan officers, inspectors, and moving companies. You don’t need me to tell you how exhausting that can be. Be sure to take care of yourself, getting the right amount of sleep, nutrition, and exercise; otherwise, it’s a lot easier to fall in love with the front yard landscaping and overlook the plumbing that needs to be overhauled.
Your Realtor: Teammate, Coach, and Agent
In a perfect world, a real estate agent would never let his client buy a home with leaking pipes. That’s because, in a perfect world, house hunters select their agents wisely. Listen, just because your brother-in-law recommended his realtor doesn’t mean you have to use him. An agent’s job is to make YOU happy by helping YOU find the perfect place for YOU. Asking around for referrals is a great way to start. Then interview at least three candidates. Are you the type who needs a lot of hand holding? How involved in the transaction do you want to be? Do you feel comfortable with your agent? Are they comfortable with you and do they have your best interests in mind?
Homebuying is an exciting time, filled with stressors good and bad. Get your game plan ready and you’ll be ready for 2021’s season opener, from the best seat in your new house! Any questions? Feel free to call us at (800) 886-1193.
Is there a real estate- or relocation-related topic you would like to discuss in this blog? Let us know at info@raidersrelocators.com. We look forward to hearing from you.
