Whether you’re buying a home as an investment property or a primary residence, it can be a very confusing process. There are so many factors to consider and so many ‘moving parts’ to manage. However, at the end of the day, you need to keep your eye on the ultimate goal to find your ideal house at the best price possible. So how do you get from here to there? Here are a few things to keep in mind:
1. Know what you want
Sure, this may sound like common sense but it is staggering how many people shopping for homes are not entirely sure what they are looking for. They float around from condos to single family homes and from one neighborhood to another. One of the first rules to getting anything in life is to know your outcome. As it applies to home buying, this means figure out what type of home you want to buy and where you want it to be.
2. Enlist some help
Along with working with a reputable realtor that knows the neighborhood you want to be in, it is always a good idea to find a friend you can trust that knows a thing or two about buying a home. Bring this person along when you schedule showings and ask their opinion on each property. Often, it can be quite helpful to have another set of eyeballs pointing out things you may have missed – and giving you an honest, objective opinion of the property you are considering.
Have the home inspected
Your financier may not always require a home inspection. If you are emotional about how much you love a property, you may not always want to do it but a full inspection is always a good idea. You never know what the seller might be trying to cover up and an inspection will put your mind at ease.
Find the most favorable financing
Before you are ready to buy, you should have financing already in place in the form of a pre-qualification. During this process, you should look for the best financing for your situation. There are some government assistance programs, which can help with financing. For example, if you cannot come up with the standard 10%-20% down payment, you may be able to finance through the FHA at competitive interest rates for just 3.5% down.
Perhaps it’s your first time buying, or perhaps it’s been a while since your last home purchase. Hopefully this primer will help you as you look to purchase your next home.
Happy House Hunting!
Richard Simon is the Co-Founder of Realty AZ Central. Realty AZ Central is a real estate marketplace serving the Phoenix Arizona market, offering a wide array of real estate resources including home buying & selling tips, mortgage lender referrals, and a certified real estate agent directory.