Interested in buying a home? If so, that makes you part of an increasingly large group in New Jersey. Real estate values continue to rise, and there’s no time like the present to start the home search if you have an idea of where you’d like to live. The process can be time-consuming and frustrating if you don’t know where to start, though, so don’t be afraid to spend some time researching general best practices before getting started.
Here are some tips for making the homebuying process as smooth and effective as possible:
Find a Sherpa
Wherever you’ll be buying a home, you’ll need to spend a lot of time with your agent, so make sure you can trust and feel comfortable with them. Your realtor will be your sherpa through the home buying process, and if they’re not on the ball, you won’t be either. Finding a realtor that’s responsive, organized, and paying attention to what you’re telling them might be tough, but it pays off big-time.
Get the Lay of the Land
Before making an offer on any properties, consider spending time in the neighborhoods you’re looking to settle down in to make sure they jibe with your lifestyle and needs. If there are any particular places you like frequenting in your spare time (bookstores, coffee shops, bars, etc.), check them out near the property you’re looking at to make sure they’ll fit your needs. Getting to know people in the area will help quite a bit as well.
Get the Best Mortgage
Don’t be afraid to go to multiple lenders when it comes to securing a home loan- a 1-2% difference in mortgage rates can make the difference between paying $100K in interest over the course of the loan and $200K. Lenders will offer incentives in the process of competing for your business, from lower rates to waving start-up fees, and according to the Consumer Financial Protection Bureau, borrowers taking out a 30-year-fixed mortgage could get rate offers from different banks that vary by more than half a percentage point.
Ask for Help
For most people, buying a home is the biggest purchase they will likely make. Don’t be afraid to ask for help from people that have been there, as they will have made mistakes that you can learn from (without making them yourself, ideally!).
Know What You Need
Everyone has a list of must-haves, and it’s vital that you know what yours are. Do you need a certain bedroom-to-bathroom ratio? Do you care about having a big backyard? Keep these factors in mind when looking at homes for sale, as having a clear vision of your ideal home will help narrow down the search tremendously.
Source: CNN Money