If this is your first time to purchase property, here’s what you need to know about the best practices you must follow and the bad habits you must avoid in order to ensure a smooth transaction.
- DO understand how the home-buying process works
Buying a house is always an exciting prospect. But it can also be a very detailed and lengthy process. Read this website’s Buyers’ Guide section for a rundown of the procedures and requirements that purchasing a property entails.
- DON’T choose the most expensive home in your neighborhood
A lofty price tag doesn’t always mean the best in value. Choosing the most expensive house may mean owning property that is slow to appreciate, low in investment returns, and difficult to sell again.
- DO learn as much as you can about your neighborhood before you moving in
There is more to a brand new home than just the physical house. You are also moving yourself and your family into an entirely new neighborhood. Before finalizing a buy, visit the neighborhood frequently to meet your potential neighbors, discover the local attractions, and get a feel of the local lifestyle. Visit on different days and at different times to see how the community vibe changes in the evening, during weekends, and so on.
- DON’T wait till the last minute to get pre-approved
A loan pre-approval should be your top priority when you decide to shop for a new home. If you are targeting a luxury home, getting this step done early is especially important because of the large amount you will be dealing with for the purchase.
Read more about the loan pre-approval process in this blog. <link to Blog 3
- DO get your documents in order
Requests for personal identification and financial documents will be a common activity throughout the home-buying process. Prepare a “green file” and keep it handy. Your green file should include your:
- Bank assets and investment statements
- Credit card statements
- Tax returns for at least two years
- Copies of leases
- W-2 forms
- DON’T forget about closing fees and other recurring costs
When planning your finances for a home buy, take into account additional charges that will factor into closing the deal. Also be mindful of recurring expenses for maintaining the home.
- DO work with a reliable real estate agent
Find an experienced real estate professional with a deep understanding of your local market to get the best results for your home-buying endeavor.
If you’re considering a luxury home purchase, team up with a seasoned and knowledgeable professional who specializes in the kind of property you’re looking for.
If you want the best North Carolina real estate for sale, David Dunn is the man to call. With more than 10 years of experience dealing with Charlotte waterfront homes for sale, Lake Norman luxury homes for sale, and Cornelius homes for sale – plus a lifetime of local knowledge about the Tar Heel State – he can bring you to the home of your dreams.
Call David today at 704-999-3591 or email your inquiries at David.Dunn@SothebysRealty.com.