Once we have established our buyer-to-agent relationship and discussed your needs and wants, your first step, if you haven't already done so, is to get pre-approved for your home loan. Without a pre-approval, you cannot make an offer on a home. If you cannot make an offer when you find the home you like, you need not begin searching.
Your loan officer should go through the full monthly cost for your home loan, including principal, interest, taxes, and insurance (PITI). We'll also discuss HOA costs and any other monthly or yearly fees you'll incur. Remember also that you will be responsible for home and lawn maintenance now.
Falling in love with a house before we have an executed contract can also be a pitfall. If the deal falls through, it'll be much more difficult to recover and find a different house you like just as well. Falling in love with a particular house may also hurt our negotiating position. Remember that a house is an investment. If the price isn't right, be prepared to walk away and find something else.
In order to avoid major issues down the road, definitely get an inspection. A good inspector will be able to point out major issues, code violations, and minor problems that may need to be addressed down the road.
Again, remember that your house is most likely the biggest investment you'll ever make, and you will most likely move again within the next 10 years. Consider resale value when considering a home. Is it located in a desired neighborhood? Zoned to desirable schools? Are there easy things you can update during your time in your home that will increase marketability and value?
You can avoid major drawbacks in your home purchase by having a plan in place and sticking with it. When you're ready to begin your home search, call or email me to get started!
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Carolyn Barnes, Your REALTOR® & Katy Expert