Tip #1. Make sure you are properly financed
Buying a home is a major decision. And if you plan on financing your home, make sure you can afford not only the mortgage, but also taxes, insurance, and maintenance. Go to your local bank or mortgage brokers that have been referred to you by friends and family. Educate yourself on how mortgage lending works. Your experienced MaxCom Associate together with a loan officer can help you set realistic and attainable price ranges for your ideal home.

Tip #2. Check your credit report
If you haven't been doing so already, check your credit report at least every 3 months. A higher credit rating can save you thousands of dollars over the life of your loan and make the loan process a lot smoother. Checking your credit not only allows you to gauge the kinds of loans you can receive, but if there are any errors or inconsistencies, you will have the opportunity to remedy them.

Tip #3. Make a list of needs vs. wants
If we all got we wanted when buying a home, we would all live in grand estates on massive acres of land! The problem is, most of us can't afford everything we want. That's why it's important to be realistic about what you need vs. what you want. Make such a list before seeing your MaxCom Associate. The list should include items that you absolutely cannot live without (e.g. Central A/C, at least 2 bedrooms, etc.) and items that would be nice to have but not necessary (e.g. jacuzzi, bonus room, stainless steel appliances, etc.).

Tip #4. Research the neighborhood
If you are not familiar with the area you plan on moving to, take a weekend and drive around the area. Note how far the supermarkets, post office, video store, gym, etc. are. Make note of traffic flow and any noise near the neighborhoods you are interested in. Research the schools and crime rate.

Tip #5. Visit as many homes as possible
Take your time when viewing homes and visit as many as you can. The better aware you are of your options and what is on the market, the better informed your decision will be. The first home you see always leaves a lasting impression, so be sure not to use that home as a benchmark for all the other homes you visit, unless of course, you truly liked that home the best.

Tip #6. Make your first offer a decent one
Many homebuyers tend to put in a first offer so low that sellers can be offended. This is not the best way to start negotiations as it does not send a good message to the seller. They may be more inclined to reject your offer outright without a counter-offer. Your MaxCom Associate can help you submit an offer that is in your best interest, while also opening the door for negotiations.

Tip #7. Hire an inspector
It is never advisable to waive the inpection contingency on your purchase and sale agreement. Hire a competent inspector to give your home-to-be the once-over. You are spending a lot of money on your home and you should be entitled to know what works, what doesn't, and what should be repaired or replaced. Your MaxCom Associate can put you in touch with a home inspector.

Tip #8. If you want the home, be ready to negotiate
In an ideal world, buying a home should be like buying anything else. But with the amounts of money and so many other factors at play, this is simply not the case. Be prepared to negotiate if you truly want the home. Know ahead of time what concessions you are willing to make and what things you cannot live without. Again, your MaxCom Associate can help guide you through the negotation process and act on your behalf to get the deal closed.

Tip #9. Be ready to commit
Before you submit an offer on a home, be sure that you are able to commit to such an offer. They are called Purchase and Sale Contracts for a reason — they are legally-binding contracts by which both parties must perform or else be held liable for damages. You cannot simply "back out" of a contract because you changed your mind at the last minute. In most instances, if you cannot obtain a mortgage loan or the inspection is unsatisfactory, you may be able to get out of the contract. Otherwise if you back out of a deal, you may lose any deposit you have paid or be sued for other damages.

Tip #10: Assemble a good team of professionals
Aside from a competent and professional REALTOR®, you want to find a experienced attorney specializing in real estate law. In addition, do your research and find a trustworthy mortgage broker or lender. Building a strong team of real estate professionals that you can rely on will be key to your success and help eliminate much of the stress. Your MaxCom Associate can put you in touch with several good attorneys, mortgage brokers, and inspectors. Don't be afraid to ask!

[ Back to Resources ]