Buyer Tips

Here you will find helpful tips for buying a home or property

  • Be sure to do your homework ahead of time

Finding the perfect home sometimes take time and patience. You may not always have the time though if you are selling a home or need to move quickley. Trust the agents at CENTURY 21 Premiere to help get you started in locating a home you love quickley.  

This is different than looking up a website for a mortgage calculator and determining how much home you can afford. These sites don't take into account your credit history, debt to income ratio, and other expenses you may have. A lender will look into all these and give you a more accurate figure of what you can afford. Then they will issue you a letter of approval and this is what agents can use as amunition to seal a deal. It proves you are serious and HAVE done your homework. Check here to get an idea of pre-qualification but speak to a lender about pre-approval.

Homes can vary in increase from 1% -20% a year and in some areas maybe even more. What makes a home increase in value to you? What are looking for in a home that is a huge plus? That is probably what potential buyers in the future will also look at. If buy a home with an odd layout, will that really sell in the future? Maybe you are planning on staying a long time. Ok, but what are your future beneficiaries going to have to go through to sell it. These are all things to think about now. Click here to learn more about Establishing Value

  • Start writing down what you love and hate about your home now.

If you make lists as you go, and not try to figure it all out at once, so many things will come up. Do you like the laundry room where it is or would you want it somewhere more accessible? What can you tolerate and what are things you can't live without? 

  • Make sure your lender finds a loan that fits you. 

What type of loan fits your needs? If you are buying real estate for the first time or a "transitional home" -- a home you plan on owning a little while, an ARM may be the best type of financing. If it's going to be your perfect home or a house in which you want to raise a family in, then you may want the stability of a fixed rate mortgage. If you choose an ARM, the index should be rooted on the Cost of Funds Index if rates are going up, and Treasury Bills if they are diminishing. The COFI's are not as frivolous over time than T-Bills; Be certain the teaser rate is clarified and what the real rate would be. Whatever loan you choose; Be certain that you examine all the closing costs. If it is vital to have a mortgage escrow account and private mortgage insurance, Be certain you discern the terms and cancellation regulations (your Agent has publications to aide you). Also, make sure there are no prepayment penalties so that you can utilize an accelerated mortgage plan. A good mortgage reduction plan may be able to save you lots of money interest costs, and lessen your loan term, with only small extra principal payments. If you have horrible changes in your job, vitality, or marital status, you can regress to the standard payments in your mortgage contract.

  • Look over and make sure you know what you are signing. 

Your CENTURY 21 Premiere agent will make sure you are signing a legal document that protects you but if you are not sure on anything or not clear about what a document is really saying, make certain to ask. We are here to help you and not make you feel like you are burdening us by explaining what it is you are signing. This is a huge puchase and you want to be protected. Many of the Purchase and Sale  Contracts now days are in favor of the buyer and will cover many issues that protect you. Learn more about Offers and Counter-Offers

  • Imagine if you are the seller 

As a buyer, you are about to make one of the most important choices that will change both your life and the life of the seller. If you take time to comprehend the causes the seller bought the property, their reasons for selling, and the improvements to the home they have or have not made, you'll be in a sharper position to analyze the house and bargain for a sharper deal. After all is said and done, the home buying approach blocks the authorities and comes down to the people buying and selling the house. A closer look at the seller may help you in deciding whether and for how much to buy an individual home.

  • Shop for your loan 

So many people shop many hours or longer for a car, even for the house itself, but what about the loan? A lot of people stick with the first person they talked to. This is something you really should shop around with too. Don't worry about all these lenders hitting your credit too much, since its happening all at once, underwriters are understanding what you are doing and when the time comes, they appriciate being the one you have chosen. This is important and could save you thousands at closing and hundreds in monthly payments 

Even if you are not planning on asking for any money, repairs or allowances from the seller, our agents recommend getting a home inspection just for your knowledge of your home. This is a huge investment and no matter how much you love it, you may want to make sure if you will need to replace the roof in 5-10 years or other costly repairs. Also, inspectors can tell you if you have pest problems or problems you may face in the future and these are good things to start saving now for. 

  • What is a Home Warrenty? 

To care for both you as a consumer, as well as the seller, it is a good thought to invest in a home protection plan. What exactly is it? A home warranty, or home protection plan, is a service contract, usually for a year, which protects buyers (homeowners)  against the costs of unanticipated repairs or an equivalent of their major systems and appliances that fall apart due to standard wear and tear. A negotiable agreement between the buyers and sellers which doesn't extend or displace homeowner's insurance policy, this kind of warranty can save the new owner lots of headaches, and also help the seller. The warranty covers for mechanical breakdowns, while insurance mostly repairs the tethered damage. To start: if a hot water tank burst and demolished a wall in your home, the warranty can repair the water tank and your insurance would compensate for the wall.