Three Home Buying Tips You Should Know

Getting the home you want requires more than just mortgage approval a down payment and being fortunate enough to have your offer accepted. Here are some tips to help cover all the bases and get the home you really want.

Tip 1: Know Who Your Real-Estate-Buying Competition Is

You’ll find yourself competing against other home buyers including first-time buyers, existing homeowners looking to downsize and growing families looking to upgrade their homes. There are also real estate investors and people looking to buy second homes or vacation homes. To get your offer to the top of the list, make sure it’s priced for flexibility and negotiation.

Tip 2: Have a Home-Buying Financial Plan

Have a financial plan for buying, not just a budget. Many first-time homebuyers look at the monthly payment along, down payment and closing costs and moving expenses as part of their budget. Include additional costs like a repair contingency for minor items you can’t negotiate with the seller to fix or reduce the price. Another cost you should include in your budget is home maintenance. This is important if you are upgrading or moving from a starter home to a larger home. Research the cost of maintaining a larger yard and property on a long-term basis. (Learn how to apply for a home loan here.)

Tip 3: Have the Right Mortgage Financing in Place

Once your offer is accepted, you’ll want to make sure that you have the right mortgage financing in place. You can do a lot of research online and find out about the different types of mortgage loans available to homebuyers in your situation. An easier way to find out what’s available and what you qualify for is to contact a loan officer in Las Vegas. Let them do the legwork for you and find a loan program with the right terms for you. You’ll be able to get into your home as quickly as possible and enjoy it for many years.