Buying a home can seem like a frightening prospect. Whether it’s your first home or your fifth, so much is at stake: your savings, your credit rating, and your financial freedom. It is difficult to find the courage to sign on the dotted line even if you want that home very, very badly.
How do you determine whether the purchase of a home makes sense?
What is the easiest way to examine the whole picture, from emotions to economics?
I want to share with you my Nine Steps For Success plan. If you read this plan, you will learn how to separate whims from true needs. You will discover how to prepare a game plan for your real estate venture, how to research effectively, choose wisely, finance appropriately, and survive the whole procedure with your smile in place.
ESTABLISH YOUR NEEDS/WANTS
START WITH SOME SIMPLE SELF EVALUATION AND A DROP OF RESEARCH
Begin your search for a perfect home by making a careful assessment of the kind of home you need and want and its ideal location. We recommend that you write it down. Take time, right now, to be as specific as you can about your particular requirements. First, make a list of “necessities” in your home. Next, list the features that you “desire.”
MAKE A BUDGET
DETERMINE HOW MUCH YOU CAN AFFORD
Set up a budget for yourself. Decide how much you can really afford to invest and be comfortable with, for your monthly house payment. Be realistic. Don’t forget to include taxes and insurance. Understand what lenders suggest that your payments be in relationship to your total monthly income.
GET PRE-QUALIFIED OR PRE-APPROVED
USE A LENDER TO GET PRE-QUALIFIED OR PRE-APPROVED
You will want to meet with a lender before you start your search for a home. A lender can let you know what specific loan program(s) would be best for you and help you understand what it takes to qualify for the loan that you want. By taking a look at your financial situation and credit history, a lender can give you a good idea if you can qualify for the loan amount that you want.
To be absolutely certain that you can be approved for a loan, you will want to ask to be “pre-approved.” As a result of this process, you will receive is a letter of loan qualification from a lender – your pre-approval. Ask for current references and check them. Ask references if there were any problems during escrow and did escrow close within 30 days?
Your real estate agent can recommend several good lender resources.
WORK WITH YOUR AGENT
AS YOUR REAL ESTATE AGENT I AM HERE TO HELP YOU
My style is to be informative and use my in-depth skills and experience to assist you in achieving your goals and dreams.
Remember, a “buyer’s agent” is working for YOU and costs you nothing!
My involvement in both Hunterdon and Somerset counties and as a graduate of both county Leadership Programs gives me a unique skill set that will work to your benefit.
FIND YOUR HOME
FIND A HOME THAT MEETS YOUR NEEDS
Consider these tips for successful house hunting:
- Your agent should take time to walk you through this process in advance.
- Be sure that your agent is familiar with and is aware of the local current market conditions and that he or she keeps you abreast of changes as they occur.
- Your agent should provide you with a list of possible properties based on your needs and update this list as new properties become available.
- Keep an organized record of all your research data.
- Write down comments about the homes that you see.
- Keep track of your likes and dislikes. Make sure that your agent is aware of your time schedule and your expectations.
- Tell your agent about any homes that perk your interest and those you’d like to know more about, including personal finds, newspaper advertisements, and drive-by homes.
- You must be straightforward about your likes and dislikes to enable the agent to do the best job for you. Honest communication is essential. Remember, the homes don’t belong to the agent!
MAKE AN OFFER
MAKE AN OFFER TO BUY A HOME
Your real estate agent can help you make an offer to buy the home that you select. By looking at homes selling in the area and the length of time it takes to sell, you should be able to get a good idea of value.
Also, your agent should be able to give you all the supplemental local market information necessary to make an intelligent offer in your best interests.
SAVE ON INVESTMENT
SAVE AS MUCH AS YOU CAN ON YOUR INITIAL INVESTMENT
There are only two major investments to consider when buying a home. These are the initial investment (including down payment and closing costs) and the monthly payment (including principle, interest, taxes, and insurance).
SOME OF MY ZILLOW REFERENCES
LOCAL EXPERIENCE ACROSS BOTH HUNTERDON AND SOMERSET COUNTIES!
“Joe Peters is a knowledgeable and caring Realtor. Once you have connected with Joe and he knows what your property interests are, Joe keeps you informed of potential properties for sale. From my first phone call to Joe to my last, I never felt like I was bothering him or any question was a silly one. Joe is awesome!!”
“Joe was a great real estate agent for our house buying process. He was familiar with the area and all it has to offer, was able to negotiate the house price to the exact amount we were willing to pay, and connected us with other professionals we needed to complete the closing process. He is always responsive to emails and phone calls in a timely manner. The connection that we have made with Joe has proved to be very valuable, as he continues to share his expertise and advise, even after we have closed on our house.”
“Joe was extremely responsive and attentive during our first home purchase. The budget we had was not very high but he still gave us the time and attention as if we were making a million dollar purchase. Would definitely recommend!!”