Even though the housing market has slowly blown our minds these last two years with rapid home prices, it hasn’t stopped people from purchasing new homes. Some homes are brand new constructions and others are fixer uppers.
My husband and I have been looking for a new home in a warmer climate for some time and learned quite a bit during this process.
Know your Numbers
The most important part of this process is to have a budget and stick to it. You don’t need to over extend yourself. If you can have 20% down, that is even better. If not, it is important to speak with a financial advisor and a mortgage broker to educate yourself with as much information on this process to ensure you can afford the home.
Know your Credit History and Score
Way before you start looking, be prepared. It is important to know your credit score anyways but especially before making a huge purchase like a new home. Review your credit history on all the major reporting agencies. Clean up any old items, update addresses, make sure employment and other pertinent information is correct.
Location, Location and Location
It so important to get to know the neighborhoods you want to live in. Is it a rental area? Long term or short term rentals? Does it have a HOA? Do the property owners take care of their homes? How is the crime rate? Is it close to all the amenities you desire? We drove around so many neighborhoods and visualized ourselves living in those areas.
Get Alerts from Real Estate Apps
We signed up for alerts for homes in the areas that we liked and within our budget. Yes, there were some alerts set that exceeded our budget just a smidge. People can ask for that home price but you never know when you could negotiate on a home that has been sitting on the market a bit. Unfortunately, there were months that every house that we looked at was being gobbled up with full or way over asking price.
Get Pre-Approved
I highly recommend you connecting with a mortgage broker. They are able to educate you on the available mortgages, rates and the process of buying a home. We worked with Brian Fenlon of All East Mortgage located in Boston, Massachusetts. It was the best experience from beginning to getting the keys. P.s. I am not getting any kickbacks for this referral but here’s his contact information.
Brian Fenlon, Owner/Loan Originator
All East Mortgage
(508) 523-4301
Interview Real Estate Agents
This is the most important. We tried to go that route of not having a representative and it was the most brutal and stressful moment that I don’t wish on anyone. It’s important to talk to a few of realtors and see how they can help you achieve your goals of purchasing your first, second or retirement home.
Don’t get discouraged
My husband and I submitted so many offers and got rejected or outbid. That’s ok because it wasn’t our door. Time is on your side.