1. Decide to buy.
Although there are many good reasons for you to buy a home,
wealth building ranks among the top of the list. We call home ownership
the best "accidental investment" most people ever make. But, we believe
when it is done right, home ownership becomes an "intentional
investment" that lays the foundation for a life of financial security
and personal choice. There are solid financial reasons to support your
decision to buy a home, and, among these, equity buildup, value
appreciation, and tax benefits stand out.
Base your decision to buy on facts, not fears.
- If you are paying rent, you very likely can afford to buy
- There is never a wrong time to buy the right home. All
you need to do in the short run is find a good buy and make sure you
have the financial ability to hold it for the long run
- The lack of a substantial down payment doesn't prevent you from making your first home purchase
- A less-than-perfect credit score won't necessarily stop you from buying a home
- The best way to get closer to buying your ultimate dream home is to buy your first home now
- Buying a home doesn't have to be complicated -- there are many professionals who will help you along the way
2. Hire your agent.
The typical real estate transaction involves at least two dozen
separate individuals -- insurance assessors, mortgage brokers and
underwriters, inspectors, appraisers, escrow officers, buyer's agents,
seller's agents, bankers, title researchers, and a number of other
individuals whose actions and decisions have to be orchestrated in order
to perform in harmony and get a home sale closed. It is the
responsibility of your real estate agent to expertly coordinate all the
professionals involved in your home purchase and to act as the advocate
for you and your interests throughout.
Seven main roles of your real estate agent
A Buyer's Real Estate Agent:
- Educates you about your market.
- Analyzes your wants and needs.
- Guides you to homes that fit your criteria.
- Coordinates the work of other needed professionals.
- Negotiates on your behalf.
- Checks and double-checks paperwork and deadlines.
- Solves any problems that may arise.
Eight important questions to ask your agent
Qualifications are important. However, finding a solid,
professional agent means getting beyond the resume, and into what makes
an agent effective. Use the following questions as your starting point
in hiring your licensed, professional real estate agent:
- Why did you become a real estate agent?
- Why should I work with you?
- What do you do better than other real estate agents?
- What process will you use to help me find the right home for my particular wants and needs?
- What are the most common things that go wrong in a transaction and how would you handle them?
- What are some mistakes that you think people make when buying their first home?
- What other professionals do you suggest we work with and what are their credentials?
- Can you provide me with references or testimonials from past clients?