Buying a home will most likely be your largest purchase. It will also be a large investment emotionally.

Spending that much money warrants a bit a caution. You want to be sure to get a structurally sound home without paying more than you have to.

Here are some hot tips to help you make wise decisions.

• Most importantly, get help! Don't try and save pennies on commissions. It could end up costing you more money than it should.


• Get pre-approved. There's nothing more frustrating than finding the perfect home and discovering it's out of your price range.


• Avoid major purchases. Lenders use a formula to determine your debt to income ratio. This ratio affects how much lenders will loan you (or decline your application). Making purchases before loan approval can jeopardize your loan.

Having worked as a loan officer, I can tell you that this ratio can be a factor right up until close of escrow. It's best to hold off buying new furniture, blinds, appliances, etc., until after you are in your new home!

• Ask questions - and lots of them! Nobody knows more about the home than the owner. But it's not always in their best interest to disclose everything.
  
• Choose the right realtor. A realtor worth their commission will have done their homework and have lived long enough in the area to know about potential. Click here to read one buyer's real life story.


• Get a Home Inspection. Owners of the home won't always tell you everything. A home inspection will tell you about structural damage, shoddy work, faulty wiring, etc. You don't want to sink money into a money pit!


• Get the HOA packet if there's a Home Owner's Association. It's a good idea to read it before close of escrow so you can find out ahead of time if there are things that may be a problem.

 

If you'd like any more buying or financing tips, give me a call or stop by the office. Of course, you can always email me too.

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