Donna’s Rules of Real Estate for Buyers
Purchasing a home can be overwhelming as it’s likely THE largest single financial commitment you will make. Since most people may only purchase a handful of homes in their lifetime, it is important to be aware of “rules” that will guide you through the home buying process and keep you on track to a smooth and successful purchase.
Know Your Budget
Talk to a mortgage lender before you begin your home search. Knowing your budget allows you to hone in on a price range to search for the best home for you. Your lender will supply you with the pre-approval letter that is customary to submit with your purchase offer.
Stick Within Your Price Range
The most desirable homes typically sell at or above list price in the Central Ohio market. Staying disciplined and keeping your home search within budget avoids the disappointment of falling in love with a home that is outside your mortgage parameters.
Always Inspect
While you might lose a bidding war to a buyer that is waiving the home inspection, unless you are a seasoned real estate investor, I always recommend inspecting. You may find latent defects and needed repairs that are beyond your willingness to manage and possibly elevate the house to be outside your budget.
Location Matters
You can change condition, you can add a bathroom, but you can’t change location. Choose location over ANYTHING else. Don’t buy the home in the wrong location with the right amenities because when it comes time to sell, you will be leaving valuable appreciation on the table.
Strong School District
Whether a parent or not, homes situated within desirable school districts tend to appreciate at a higher rate than homes in a neighborhood with mediocre school ratings.
Select a Local Real Estate Agent
Agents are licensed to sell throughout the state of Ohio. Partnering with a knowledgeable local real estate professional will gain you their years of experience and insightful advice regarding your home search. These agents can introduce you to the best neighborhoods that meet your criteria, share access to off-market homes, and strategically write offers incorporating the nuances for the area that will have your offer more likely to be accepted by sellers.
Prepare for Closing Day
When purchasing, you are asked to wire down payment funds to the title agency prior to your closing. It is best to receive wiring instructions from the title agency via phone or in person and deliver to your bank to wire the necessary funds. Always be aware that fraudulent emails can look very real. If you receive an email changing your wiring instructions, call your title agent to confirm the change.
Additionally, verify your driver’s license hasn’t expired as you need to bring it with you to your signing. The title agent needs to confirm your identity prior to you signing any documents.
Always Attend the Final Walk-Through
Stuff happens. Never assume that the house you made the offer on looks the same or is in the same condition it was the day your purchase offer was accepted. I make it a practice to take my buyers through the home they are ready to purchase, one hour before the transaction closing. This way the buyer is confident they are getting what they’re signing for.
Stay In Touch with Your Realtor
Host a housewarming party to show your friends and family your new home. Don’t forget to invite your Realtor, as they love happy clients and are a great resource for real estate questions and referrals to service providers in the future.
