Tips for Home Buyers

Buying a Home is More than a Purchase,
It is One of the Best Investments You Can Make!

There are tax benefits in owning a home, and you may be able to borrow against the equity in your home if you should need to.

Buy a Home that will Appreciate in Value, Invest for the Long Term.

For more information or any questions, contact us today. You can also begin your real estate search by viewing our recommended searches or creating a custom search.

Use a Buyer’s Agent to Guide you Through the Home Buying Process.

A Buyer’s Agent is different than a subagent - a Buyer’s Agent works for you, they represent only your interests in all negotiations. A Buyer’s Agent will guide you through the process of finding and buying a home and look out for any possible pitfalls and problems that may arise.

Finding the Right Buyer’s Agent is important. Make sure the person you’re considering has experience working as a Buyer’s Agent and that he or she is familiar with the area in which you are searching for properties.

Current Interest Rates are just as important as Current Home Prices.

Borrowing Money is less expensive when interest rates are lower, so you can afford a more expensive house than you could when interest rates are higher.

Investigate your Mortgage Options before beginning your property search. Make sure you understand the difference between loans like a fixed-rate mortgage and an adjustable rate mortgage. Find out what kind of loans are available to you and use a Mortgage Calculator to estimate how much you can reasonably afford to borrow.

Consider getting Pre-Qualified for a loan before finding a home you’re interested in. Pre-Qualified Buyers may have an advantage in the event of multiple offers on a property. Some sellers may only consider offers from a Pre-Qualified Buyer.

Know What You’re Getting Into:

• Always Have a Home Inspection performed by a Qualified Professional.
• Home RepairReduce your risk of encountering Unexpected Expenses by hiring a professional Home Inspector to report on potential problems in a property.
• Always include a contingency for Home Inspection as part of any Offer to Purchase.
• A good Home Inspector can provide a ball-park estimate for repairs that the property may need. These cost estimates can be used as leverage to negotiate a better price for the property.

Additional tests may be warranted in some cases - Again, a good Buyer’s Agent, and a competent Home Inspector can advise you throughout the process.

Do your Homework

Find out about the neighborhood, the town, and the surrounding area. This is another example of why the services of a knowledgeable Buyer’s Agent are invaluable.

Some things you may want to consider investigating:

• Covenants or restrictions in the neighborhood
• Conservation land or wetland areas bordering the property
• Easements on the property
• Proximity to power lines, flight paths, train tracks, shooting ranges, and brownfields
• Potential future development
• Local police departments
• Area hospitals, schools, shopping areas, parks, utilities, and other services

Congratulations! Closing Reminders...

Your closing attorney will be researching the deed/title for you and preparing the closing documents. A day or so before closing he or she will give you an exact amount due by you, to be paid by bank check and brought to closing. This amount will include pro-rated real estate taxes and interest as well as other items. Your Buyer’s Agent or your attorney can explain this in specific detail.

At the Closing: You will need to bring the following items with you to the closing:

• A “PAID” binder for your first year’s homeowner’s insurance
• Your checkbook for any minor expenses (such as oil, etc.)
• Your Driver’s License or photo I.D. for identification
• A Certified Bank Check for the amount due by you, as mentioned above

After the Closing: Remember to re-key the locks at your new home and to file a Change of Address as needed:

• Driver’s License
• Bank Accounts
• Creditors
• Insurance Companies
• Credit Cards
• Place of Employment
• Dog License
• Post Office
• Subscriptions
• School Records