In this article we bring you a couple of useful tips in case you are asking yourself how to buy a house, don’t miss them!
How to buy a house in majorca or anywhere else
Buying a home is one of the most important decisions of our life, for this reason we want to bring you a couple of recommendations you have to take into account when buying a house; information compiled from the article How to Buy a House by Amanda Thomas from Quick and Dirty Tips.
Tip # 1: Calculate your numbers
How to buy a house: The first step when starting the home buying process should be setting a meeting with a lender.
A mortgage banker or mortgage broker can help you determine what type of mortgage is best for you, how much money can you afford and also how much you really want to spend each month.
How much money can you manage for your new home?
It’s best to know the numbers you can handle before you start looking for a home.
This will not only help you avoid falling in love with a house that you can’t afford, it will also give you a better reputation when you make an offer on a house. The seller will know if your offer is trustworthy, and the deal is more likely to be closed.
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Tip # 2: Find a good agent
Once you know how much you can afford, it’s time to find a real estate agent to represent you.
Ask for 3 – 4 references of real estate agents
When looking for a real estate agent, it is advisable to ask for references from 3 to 4 agents who have made recent transactions in the areas where you want to buy the property.
Make an appointment with the agents
Ask if you can set up an appointment to meet them for 30 minutes.
Even if the appointment is over the phone, you can begin to have an idea about whether it will be a good person to represent your interests or not.
Do they listen to you? Do they seem to understand what your goal is? Or, are they offended by the fact that you asked them to meet with you first?
By having a quick conversation with a series of agents, you are likely to begin to have preferences for one or another.
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Buying a home is a big decision, so take your time to make sure the person you choose to represent you is someone you trust and listens to you.
Tip # 3: Learn from the Process
If this is the first time you have bought a house, or if you have bought it before, it is a good idea for your agent to explain you the process you will go through to buy your dream house.
Know the buying process
There have been a lot of changes in the real estate industry in the past few years; So there may be other steps you remember from your last home purchase.
By asking the real estate agent to explain the process, you can have your expectations well defined.
Usually, buying a home is not a super fast process, especially if you are applying for a loan.
So knowing what kind of schedule you expect will help you make better decisions; from your current situation of life until you start to buy your new furniture.
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Tip # 4: Define your needs and search standards
How to buy a house: Define your search standards.
Set search standards
Once you have your agent selected, he or she will be able to establish a profile so you can receive daily updates from listed households that match the standards you are looking for.
Define the main features of your future house
It is advisable to define what the main characteristics of your future home are; in this way, the agent will have a better idea of your expectations of how will be your next home.
For example, define if you only want to see houses with a plot of 4000 – 4500m2; With at least 4 bedrooms and 3 bathrooms … Or maybe the plot doesn´t matter at all; Maybe you just want a house near a certain school because you have kids in your family…
Do you want a house near the sea? Maybe a house with 2 bedrooms and a bathroom? Or a house in a fancy neighborhood with gym, private pool and underground parking?
If you define your needs, you can receive a list of houses for sale that fulfill your dream house.
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Report any changes to your agent
If you change your mind about the characteristics of your future home, remember to inform the changes to your agent; so that the search can be updated. Otherwise, you will receive daily updates from homes that no longer interest you.
Tip # 5: Walk around the neighborhoods
Once you have an idea of the kind of neighborhood in which you want to buy a house, start to hang out and spend some time in those areas. Park your car in the area and walk for a while at different times of the day.
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Hang Out in the area of your future home
Do people greet you with smiles or are they looking at you from closed windows? Are there dogs constantly barking in backyards, or are there always people walking their dogs?
The neighborhoods have personalities, so find the one that best suits what you and your family are looking for.
There are quiet neighborhoods on Sunday mornings because on Saturday nights have parties.
Know nearby areas and neighborhoods; Familiarize yourself with them and if you want to change the parameters of your search after knowing the houses and areas, notify your real estate agent immediately to modify the search standard.
Tip # 6: Are you going to buy a new house? Take your agent with you
In some real estate markets, there may be many new houses under construction; which makes you tempted to stop by the sales office.
However, it is advisable to make it clear to the seller that you are being represented by a real estate agent on your first visit to the property; much better if the agent goes along with you during the visit.
The sales manager represents the builder, not you
Why? Because the person you’re talking to at a sales office in a new building is an employee of the builder.
No matter how useful he or she appears to be, always keep in mind that the sales person is representing the builder, not you.
The real estate agent will help you save money and get additional incentives
A real estate agent will represent you and negotiate on your favor. In many opportunities it won’t cost you a penny if your agent represents you; and he or she is much likely to help you save money or get additional incentives that you might not have been able to get on your own.
Tip # 7: Think about the next 5-10 years
Finally, when you start looking for a house, think about the next 5 to 10 years.
Don’t tie your whole future in the purchase of that home you want; maybe there will be changes in your life situation that will push you to move out in the next decade.
This has been all for today, we hope these tips on how to buy a house will be useful!
And what about you? How did it go when you bought your home? Do you have any other recommendations to share? We invite you to share your opinion in the comments section!
Amanda Thomas, (2016, July). How to Buy a House. Retrieved from: http://www.quickanddirtytips.com/money-finance/real-estate/how-to-buy-a-house
- 1 How to buy a house in majorca or anywhere else
- 2 Tip # 1: Calculate your numbers
- 3 Tip # 2: Find a good agent
- 4 Tip # 3: Learn from the Process
- 5 Tip # 4: Define your needs and search standards
- 6 Tip # 5: Walk around the neighborhoods
- 7 Tip # 6: Are you going to buy a new house? Take your agent with you
- 8 Tip # 7: Think about the next 5-10 years
- 9 References