After years of representing buyers of Real Estate I decided it was time to write a post that would give advice to anyone dipping their toe in the Philadelphia Property real estate pool for the first time or the very first time in a while. The present economy has pros (low interest rates) and cons (high unemployment, shaky economy) like every others but I firmly believe that one thing holds true in any economy - the advantages of buying far outweigh renting for most people in many cities. So without further ado, here's the advice will be able to offer following a decade of purchasing, owning, purchasing, managing, leasing, and selling Real Estate
Find an experienced, honest, straight shooting, full-time realtor. This isn't a shameless plug! I firmly believe that smart, successful people surround themselves with smart, experienced, experts that will help guide these to a properly thought out decision. If you do not purchase and sell Real Estate every single day all day long for a living, how could you possibly understand the local Real Estate home buying process and all of the nuances and intricacies of the available inventory, purchase contract, title insurance and mortgage process? How may you possibly know what a good deal or a great deal looks like? You can't! Get referrals from friends, use Google to look, go to open houses and looking before you hire a company you feel has got the experience, resume and personality to fully handle your case and your interests.Brentwood real estate
Get Preapproved. This is synonymous with get pre-qualified. Every day potential buyers of Real Estate call and let me know what the upper limit of their property search is. I always ask "how do you know that's your limit?" and the response is inevitably the same - I used an online mortgage calculator. Getting preapproved is really a 100% free, no obligation strategy for finding out what you can really afford from someone who focuses on local mortgages. If you are represented by a recognised agent (see above) he or she may be able to enable you to get a much better rate than the one you were quoted online or by another lender. Be honest with yourself by what you can afford each month and don't forget that you don't have to spend the max amount you are able to be eligible for a. Look for a payment per month amount you're confident with and stick to the correlating loan amount.
Create A Hierarchy of Priorities. I sign up for the House MD theory of Real Estate sales (i.e. everyone lies) but it's not too customers are intentionally being misleading, rather they have no idea what they ultimately want because they don't know the inventory plus they might not understand what features are must haves and what features could be nice to possess. Buyers should think about everything before looking at homes: price, beds/baths, sq footage, back yard, parking, location, walkability, floorplan and neighborhood. Be sensible about what you really can afford and then sit down and also write down what features are crucial, and which would be nice but aren't deal breakers. Try to rank the characteristics since you may ultimately have no choice but compare and choose. No buyer at any price gets 100% what they want, everyone makes concessions and compromises.
See Everything. Obviously you should not literally see everything but you should plan on seeing enough homes that you are ready, willing and able to drag the trigger if you notice the right one. Somewhere in the 15-20 range is probably reasonable. Take advice out of your agent which homes you should see because he or she's likely seen many with other clients or during broker's open houses.
Enjoy the Journey. There is one thing I'm entirely certain of and that is that buying Real Estate ought to be an enjoyable, enjoyable process by having an equally fun and satisfying ending. There will be inevitably be stress and emotion due to the costs, time, complexities and personalities involved but after your day try to enjoy the process. Use smart, honest agents and lenders who make you feel comfortable and permit you to definitely breath, smile and just possibly even laugh occasionally.