Important
Tips For
Home Buyers
This information could save you thousands of
dollars on your next home!
You're getting
ready to buy a new house. It might be your first time searching,
or you may be moving up, downsizing, or buying a vacation home
or investment property. In each case, it's important to go in
with your eyes wide open and know what's involved.
New Construction
It's important
to know that, when you look at new construction, the sales agent
that greets you in the office is working for the builder. Your
independent real estate agent is working for YOU. You will NEVER
pay more for new construction by bringing your agent with you...and
in fact, you can even save money. Click
here to read about Nicolle and Adam's experience with
new construction and their agent.
Is The Home It Worth It?
If the home
you're looking at looks great, and seems to be priced lower
than you would have ever dreamed, be careful. Most times, things
that look too good to be true are. Ask an expert when in doubt.
Resale Value Of The Home
Even though
you are just moving in, be sure to treat your home in two different
ways - one as a place you'd love to come home to every day,
and two - as an important investment. You're moving in to your
new home, but when the time comes, you want to be certain that
your home will be appealing to a new buyer (and train tracks,
lots with no backyard, lower-rated school districts, etc. will
have a definite impact on your resale value).
Use An Agent
Here's a
critical point to understand...in the state of Illinois, you
don't need to pay an agent...the agent is paid through their
office by the commission a seller offers. And, an agent does
not get paid until they've helped you achieve your goal!
Interview
real estate agents to find one that's a match for you. When
there's so much at stake (176+ pages of critical paperwork involved
in purchasing a home), you want an expert helping you. Be sure
to find a caring agent who treats you and your purchase with
knowledge and respect.
A great
real estate agent will listen to your needs, use those as boundaries,
and use their expertise to help you negotiate the very best
price on a new home.
Attorney
An attorney
is a great asset to your real estate purchase. You'll definitely
want legal advice throughout the process. Remember, however,
attorneys cannot negotiate a contract price for you, nor do
they necessarily understand the market and pricing of neighborhoods.
A great team consists of you, an agent you like and trust, a
lender, and a real estate attorney and staff that is available
when you need advice or information reviewed and put into writing
for your protection.
Lender
Just as
there are great real estate agents and ones that won't match
your needs, lenders are the same. Rates can vary, but when you
find a rate that's more than ¼ point different than what
you've found to be the normal rate, you should question it.
We've seen time and again buyers arrive at the closing table
only to find they were provided with an adjustable rate mortgage
when they wanted a fixed rate, or "small print" that
offers the rate they were quoted as long as funds are available.
And, what do you know, funds weren't available when they went
to purchase their home, so their interest rate is completely
different. Interview wisely, and if you've already found your
trusted real estate agent, ask them for lenders they know and
trust.
Amenities
Look for
things such as a Metra (commuter) train within walking or reasonable
driving distance, schools close by, grocery stores, doctors,
dentists and more all within a reasonable proximity. This makes
the home not only appealing for you, but for your future buyer
as well.
Location
According
to the famous Mr. Carlton (of Ritz Carlton hotels), location
is key! Remember, you can always paint, take down wallpaper,
or recarpet a home, but you can never change a location. Be
willing to take a look at the potential a home may have, even
if it's not in move-in condition when you see it. "Sweat
equity" can save you money, and make the most of your new
home, and new investment!
Purchase Price
A great
agent will help you to determine what a fair price is for the
home you're about to purchase. Use their expertise to help you.
A great agent will also advise you, but will never spend your
money for you (they will work within your comfort level). We'd
love the chance to interview with you! Feel free to call us,
or to send
us an e-mail message when you are ready.
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