Purchasing a property can be very exciting. Whether you buy your dream home, invest in commercial real estate, or build a new structure entirely, purchasing real estate is an adventure. You should do a few things before you sign on the dotted line and start picking out furniture.
Find a Realtor
You will need to find a good realtor. You should look for a realtor who asks you lots of questions during your first meeting. They should have a well-organized computer system which will match you with potential properties.
A realtor who is worth your time should be able to guide you through every step of the home-buying process. They should also have enough time to answer questions when they arise.
Decide on a Budget
Before you start looking for your new property, you should decide how much you can realistically afford. Make sure to go over a list of your assets and liabilities.
Several websites offer pre-qualification calculators that you can use for free. It is never a good idea to use more than 28% of your income on the cost of your home. You should decide whether or not you want this property to be primarily an investment or a place that you can call home.
Find a Few Prospective Properties
You should always look at a few different places before you start applying for loans. Your realtor will be able to advise you about some of the things that make a property a good investment. You should research the walkability of the properties you are considering and the crime rate in the area.
It is important that your home fits your lifestyle. You should look at the distance you will have to travel to work and how far your kids will have to go to school. You will want to consider the distance to the nearest grocery store.
Don’t be charmed by amenities that you will not use. A wet bar will not do any good if you are not going to give parties. A pool is nothing special if you’re not going to swim in it enough to justify its upkeep.
Pre-Qualify for a Loan
Unless you are wealthy enough to buy a home for cash, you will need a loan. When you purchase real estate, it is a good idea to pre-qualify for a loan. When you are pre-qualified, you will be able to make an offer on a property that you are interested in on the spot. You do not have to worry about someone coming along and purchasing the property while applying for a loan.
Hire an Attorney
Before you make an offer, it is a good idea to contact a real estate attorney in Philadelphia. A real estate attorney can help negotiate a price for you. A professional lawyer will have years of experience in negotiation that a layperson is unlikely to have.
An attorney will also be able to assist you in drafting any contracts that you might need. They can also review the offer and tell you if it is fair and legal. Before you buy a property, you must research to ensure there are no liens or claims on the title. This can be somewhat confusing, but an attorney can take care of it for you.
Buying a home can be one of the best moments of your life, or it can be a frustrating and time-consuming experience. If you prepare for it and hire the right professionals to assist you, you will have fond memories of the day you found a place to call home.