Tips For Buying a Home

New decade, new digs! These 8 tips will help you get a home you love. 

• Make a wish list 

This is fun! Consider your ideal neighborhood, square footage, number of bedrooms and bathrooms, and what matters to you. Need an extra-large mudroom/laundry room? Want a pool or space to put one in? Maybe you need an in-law suite? Whatever you may need or want, write it down! 

•  then prepare to scale back if you need to 

Most homebuyers make a sacrifice to stay on budget. Would you rather have a longer commute or a smaller yard? Ask yourself questions along those lines. Prioritize your list so you can look back at it when you’re in the heat of a decision. 

• Consider your down payment

20% might sound right, but you don’t need that much. It’s a common misconception that most people still put down 20%. However, if you choose to forgo the recommended 20% down, you will have to pay for private mortgage insurance (PMI) for the first year. The PMI may be canceled once you’ve built 20% equity in your home.

• Be ready for multiple offers

Sadly, that dream home you want so badly, is probably wanted by multiple people. When a seller received multiple offers, there are many variables they’ll look at: the highest offer, an earnest money deposit, and waive some contingencies are just a few things you can do to look better.

• Learn why Homes For Heroes is awesome

If you’re a qualifying hero (military, teacher, law enforcement, firefighter/EMS, or a healthcare professional) you can get money back. You can learn more at homesforheroes.com

• Learn what not to do when you’re about to apply for a mortgage 

When buying a home, you will need to apply for a mortgage. When you do so, mortgage companies will look at everything. Literally, everything. From how much your monthly income is to the last big purchase you’ve made. Our biggest tip for you is to hold off on changing jobs, opening new credit lines, closing major credit accounts, and making large bank deposits.

• When you find a home you love, write a letter to the seller 

If there are multiple offers, we always suggest buyers write a letter of introduction as a way to put a personality behind the number. A personal note about why you want the home can help your offer stand out. Mention the details that make the home so great. 

• You can’t start too early

Even if you aren’t planning to buy until late in the year or even after 2020, it’s worth talking to us to understand what you need to do to prepare. Buying a home can be taxing sometimes. Starting early allows you to play your cards right and really hone in on what you want and need in a house. Extra bonuses include finding a great deal!