Doug Danzey's Blog
If you want to own a home, it may be a good idea to enter the housing market sooner rather than later. That way, you can go from homebuyer to homeowner in no time at all.
Ultimately, there are three steps to buy a home:
1. Conduct an Extensive Home Search
The home search, aka "the fun part" of the homebuying journey, enables you to select a residence that matches or exceeds your expectations.
During a home search, you'll want to attend open houses and home showings. These events will allow you to take an up-close look at a variety of residences.
Of course, don't forget to check out many home listings as well. These listings offer lots of details about a home and can help you differentiate an ordinary residence from your "dream" house.
You also may want to get pre-approved for a mortgage before you kick off your home search. If you receive pre-approval for a mortgage, you can enter the real estate market with a budget in hand and narrow your home search accordingly.
2. Submit an Offer
If you find a house that you want to own, there is no need to wait to submit an offer. Because the longer that you hesitate to make a proposal, the more likely it becomes that a rival homebuyer will swoop in and acquire your dream house.
Prior to submitting a home offer, it often helps to conduct plenty of housing market research. Look at the prices of recently sold houses that are comparable to the residence that you'd like to buy. Then, you can put together a competitive offer that accounts for a house's condition as well as the current state of the housing market.
It is important to note that a seller has the right to accept, reject or counter your home offer. But if you submit a competitive initial offer on a house, you can increase the likelihood of an instant "Yes."
3. Finalize Your Purchase
After a home seller accepts your offer, it may be only a few weeks until you finalize your home purchase. At this time, you'll want to conduct a home inspection to identify any potential problem areas and address such issues as soon as possible.
When it comes to buying a home, there is no need to forgo a home inspection. If you fail to complete an inspection, you risk buying a house that has underlying issues that you may need to mitigate down the line.
In the weeks leading up to closing day, you will want to have a trusted real estate advisor at your disposal. Fortunately, real estate agents are available who can help you discover a great home and streamline the process of getting to closing day.
A real estate agent is happy to keep you up to date throughout the homebuying cycle. And if you ever have homebuying concerns or questions, this housing market professional is happy to address them.
Purchase your perfect home – use the aforementioned steps, and you can make your homeownership dreams come true.
Believe it or not, buying a condo can be a quick, easy process, particularly for those who understand their homebuying needs.
Ultimately, there are several factors to consider before you purchase a condo, including:
1. Your Budget
How much can you afford to spend on a condo? You should evaluate your homebuying budget closely to ensure you can cover all of the costs associated with condo living.
Getting pre-approved for a mortgage usually is ideal. With a mortgage in hand, you can browse a wide range of condos and find one that matches your budget perfectly.
Furthermore, don't forget to account for homeowners' association (HOA) fees before you buy a condo. HOA fees will vary depending on the condo community, and you should learn about them in advance so you can budget accordingly.
2. Property Size and Location
How much space do you need to accommodate your family? Consider the short- and long-term ramifications of a condo purchase, and you should have no trouble finding a condo that is the right size for you.
If you're uncertain about how big of a condo that you'll need, don't hesitate to consult with a real estate agent. This housing market expert will learn about your homebuying needs and help you narrow your search for the ideal condo.
Also, be sure to consider the location of a condo. If you want to find a place to live near school or work, you should search for condos that will help you cut down on your commute time.
3. Condo Rules and Regulations
Condo living is different from living in a traditional house. In a condo community, you'll have your own property, but there may be numerous condo rules and regulations in place that you'll need to follow at all times.
For example, many condo owners cannot modify a property's exterior without first getting approval from an HOA board. This means if you want to paint your condo bright pink or upgrade the property's windows, you'll need to ask the HOA board for permission.
Examine a condo community's rules and regulations prior to purchasing a condo. This will enable you to review the HOA board's mandates and determine whether you would feel comfortable following these rules and regulations.
When it comes to finding a condo, there is no need to look for a property on your own. Conversely, if you work with a real estate agent, you can take the guesswork out of searching for a top-notch condo.
Finding a real estate agent with condo experience is essential. This real estate professional will set up condo showings, keep you informed about new condos as they become available and negotiate with property sellers on your behalf. That way, this real estate agent will make it easy for you to acquire a first-rate condo at a budget-friendly price.
Kick off your search for the perfect condo today, and you can move closer to securing a condo that will serve you well for an extended period of time.
If this is your first time buying a home, you might be worried that you aren’t asking enough questions. Or maybe you’re concerned you’re not asking the right questions--the things that matter the most when making a financial decision as important and life-changing as buying a home.
While everyone’s situation is unique when buying a home, there are some questions that all buyers could benefit from asking. These questions will help you learn more about the home, how competitive the house is, and how much work you’ll need to put into it.
Since time is usually of the essence for people buying a home, it makes sense to ask questions early on so that you don’t waste too much time exploring an option that isn’t ideal for your situation.
In this article, we’re going to give you 5 important questions to ask when you talk to a seller and their agent so that you can be prepared to make the best decision for you or your family.
1. How flexible is the asking price?
While few sellers or agents will outright tell you if they’d accept a lower offer, it’s still a good idea to ask this question, as it will open up a conversation about the seller’s feelings toward the home and whether they’re pricing high with the hopes of receiving slightly lower offers.
2. How many offers has the home received?
It may seem counterintuitive, but most agents and sellers will be quite happy to tell you if they’ve received other offers. They know that once you know the current offer you’ll have to either come up with a higher offer or move on. It’s a win-win for you and the seller, as it equips both of you with information you need to make the best choice.
3. Why are the sellers moving away?
This question can be personal, so if you receive an answer that suggests it’s a family matter, don’t press for too many details. However, some sellers and agents will let you know exactly why the house is for sale. From this simple question, you can learn the seller’s timeline for making the sale, details about the schools or neighborhoods, and any other reason that might drive someone to move out of the neighborhood.
4. Are there any problems with the house that you know of?
Although you’ll have an inspection contingency in your contract if you do decide to make an offer on the home, it’s better to know if there are any issues with the home before going through the bidding process.
Most sellers understand this and will be upfront about any problems with the home, including repairs that need to be made now or will need to be made soon after you move in.
5. What is the average cost of utilities?
Buying a home comes with a lot of added costs and fees. However, many people forget about the changes in the cost of utilities that comes with buying a home--especially if you’re moving from an apartment where some utilities may have been included.
The seller will be able to give you a good estimate on the cost of electricity, garbage removal, internet, heat, and more.