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Looking to Purchase a Home Next Year? Here are 5 Things You Should Be Doing Now
More often than not many buyers looking to purchase a home start the process after finding the home they love. Although it is possible to start the home buying process after discovering your dream home, you can save yourself the nightmare of loosing out by preparing yourself now. So if you’re looking to purchase a home even if you’re considering next spring, now is the perfect time to start the process. Here are a few things you can get situated before you start looking.
Start Interviewing Agents
The last thing you want to do is to scramble for an agent last minute. Not all agents work the same, therefore you may not be compatible with an agent even if they have a track record of success. Also take into consideration your need as far as attention. An agent who has many clients may not be able to give you the individual attention you need that another agent can provide. So take your time and meet agents one-on-one to find the right one for you.
Find Out Your Purchasing Power
You’ll be amazed on just how many buyers are shopping for homes without being aware of their purchasing power. The best way to find out just how much home you can afford as well as the rates you qualify for, is to speak with a mortgage professional. As an insider tip, it’s best to go with a mortgage professional recommended by your agent. More often than not the agent and mortgage professional have created a synergy from past deals and can work together to make things smooth. Sometimes when you match an agent with a mortgage professional they’ve never worked with, things can be bumpy. If this happens to be the case, be sure to introduce them in advance before putting in an offer. This way they are able to get accustomed to each other’s preferences.
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Start Researching Neighborhoods
It’s always good going in with a game plan when searching for a home. Take the time now to research the neighborhoods you may want to potentially purchase in. Look at factors that are important to you such as school catchments, taxes, zoning, parks, commercial corridors, increases in property value, access to public transportation, and parking. Drive around different areas at different times of a day to get a feel for what the neighborhood is like. This will save you and your realtor time when you decide to start to tour homes.
Try to Refrain From Large Purchases
Thinking of getting a new car to go along with your soon-to-be new home? You may want to hold off. Adding extra debt as well as credit inquiries can hinder the purchase of a new home. It’s always best to hold off on large purchases and credit inquiries until after you have settled. When dealing with a mortgage professional, find out where you stand as far as debts and blemishes on your credit report and work towards eliminating them. This will increase your chances of better rates which will save you money long term.
Tour Open Houses
So just how much bang for your buck can you get? Well one of the best ways to find out is to see what’s on the market currently. Open houses are a great way to visualize your purchasing power and set your expectations on a home. You will soon come to realize what homes you can or cannot afford as well as the neighborhoods you’re able to purchase in. So you may have to sacrifice having a pool or a finished basement in order to work with your budget. On the flip side you may discover that you’re in a position to purchase a new construction home with all the bells and whistles. Setting your expectations up from the beginning makes your buying experience a lot more smoother.