1. Do not over spend! That is what many folks did during the last “housing bubble.” Be sure that you don’t feel “house poor” after closing.
2. Know your motivation for buying. This will certainly come in handy when trying to choose = between one or more properties.
3. Determine if an HOA is important. Some homeowners want to give up some of their decision-making to the HOA, common area maintenance, building repairs, amenities, etc. Some people want more rights and less amenities. What side of the fence are you on?
4. How’s your credit? Credit ratings are used to find the best fit for you when it comes to loan options. A reputable, successful loan officer will be able to explain your options based on your personal situation. Like Rebecca Hansen of Guild Mortgage, (303)884-8481
5. Find out as much as you can about the motivation of the seller. Your Agent better be able to know how to do this. This is crucial to how you approach the offer-making process.
6. How’s the competition? In every price range there are different absorption rates, inventories, and motivations. This is another “must know” by your Agent. Knowing this information will also be crucial to how you make an offer.
7. Get an inspection. After the negotiation, you have the opportunity to make sure you are getting what you have agreed to pay for. Plus, this is another opportunity to re-negotiate the deal!
8. Work with a experienced agent. Like me! Jeff Hansen of RE/MAX Professionals
Happy house hunting.
Investing in the real estate market has risks and is not for everyone. I am, by no means, suggesting this is for you. I am a trained professional, I do this for a living. If you would like more information regarding real estate investment, just let me know. You can also consult your accountant, attorney, Priest, Pastor, or Rabbi about the risks involved in investing. I am, however, available to answer your real estate related questions.