Building Your Home Buyers Toolbox Part 1

Dated: 01/14/2016

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I’m going to get all metaphorical here..


Nobody buys a toolbox with all of the tools they will ever need inside. Over time, as more and more tools are needed, the toolbox grows. Eventually you will need a new toolbox for all of the jobs you are now able to complete.


Sounds kinda like buying a home…


Don’t jump into buying a home and assume you’re an expert right off the bat. It doesn’t work like that. Everyone has to start somewhere and that’s usually at the bottom. This isn’t a bad thing though since it gives you that chance to build a rock solid foundation for not only buying your home now, but any future transactions.


Knowledge is Power


It sounds cliche but its true. The more you know, the easier you can adapt and work in a new situation. It’s not hard to find good info. You can go buy a book, find some articles on the internet, or even just talk to other people. The more pieces of information you gather, the stronger your game is going into the process. Find out how interest rates work. Understand what market value is and how the market effects price. Learn about how your monthly payment is split up and where it goes. Most of this stuff will benefit you in the future too, not just real estate.


Hit Up the Bank


No, don’t go empty your life savings. And no, don’t go in with a ski mask. If you’re buying a house and plan on getting a mortgage, then think if the bank as the gatekeeper between you and the finish line. They are the ones that cough up the money. The sooner you let someone at a bank know your plan, the better. It’s more common know to see listings where the homeowner requests “showings by appointment to pre-approved clients only.” Make sense right? Who wants a bunch of strangers running through their house with no intention of buying it? The point is to go get pre-qualified. In most cases this can be done over the phone, and you walk away with a letter saying you’re good to go shopping.


Be Careful What You Read Online


If it’s on the internet, it must be true right? Giggle. As rich as the internet is in information, is just as rich in misinformation. Often times you’ll see opinions stated as facts online and that can be dangerous. If you’re in a hurry and see something that says “Interest Rates Are Skyrocketing!”, do you really think twice? What if that headline was on the satire news channel The Onion? Suddenly it means a lot less. Always remember to consider the source. Sites like Trulia, Zillow, and Realtor.com are all good for helping to understand the lingo and concepts. You can also go tohttp://www.investopedia.com/ to find solid information at well. Use the major news outlets too. Almost all of them have a Real Estate and Finance section.


Choose a Good Agent


If we are calling the bank “the gatekeeper”, then think of your agent as the guide. It’s important to have a strong guide who knows their shit. You wouldn’t climb mount everest with a weak guide would you? If you feel like you might be talking to an agent who doesn’t have your best interests in mind, walk away. There is nothing worse than getting into the heat of a negotiation on your dream home and losing faith in your point person. There are plenty of agents out there who are hungry for business, and we all work differently. Make sure you get one that you feel is working hard for you.

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