HOME BUYING THE SMART WAY

SHOW ME THE MONEY, JERRY!  - LENDER PREAPPOVAL COUNTS

Price is the biggest factor in your home purchase, so know your own budget.  Talk to a lender BEFORE looking at houses to establish your parameters.  A “reality check” on budget saves you time and aggravation.  A pre-approval letter is a “house hunting license” that will enable you to make an offer when you find what you’re looking for.

IT’S NOT ALL PURCHASE PRICE

Get a buyer’s estimated settlement sheet when making an offer.  Purchase price is just the beginning.  You’ll have “closing costs” including title insurance and escrow fees to pay. Also, talk to your insurance agent about homeowner’s insurance, particularly in fire areas.  And finally, will it cost anything for work that may need to be done after escrow.

KNOW WHERE YOU ARE IN THE MARKET

The real estate market is cyclical – meaning it goes up and down.  Everybody wants to buy in at the bottom of a market cycle but that’s not always possible.  In a boom market, careful shopping and negotiation is important.

IT’S NOT JUST AN INVESTMENT, IT’S A HOME

A house is one of the most important investments you will make – but it’s also where your family is going to live for several years.  Make sure you really want to live there – no matter how attractive the financial deal may be.