For most people, their home is the largest asset they own, so there’s a lot at stake. This tends to add unnecessary stress to the buying process. Keep the points below in mind and your home buying experience will be much more enjoyable.
Choose a real estate agent who’s a good fit – buying is an emotional experience, so it’s very important to feel comfortable with your agent. Don’t forget, this is also a complicated process, so choose a highly competent agent who is able to represent you and get the job done right the first time.
No perfect time to buy or sell – if you find a great home that meets your needs today, buy it! The only way to identify the bottom or top of the market is six months after it has passed. When someone tells you interest rates or prices might be lower a few months from now, ask them if the home you want will still be available. Also, ask yourself this question: what if the person making interest rate and price predictions is wrong? If they can accurately predict the future, they’d be in Vegas rolling the dice betting their money. Chances are, other buyers like the home you have your eyes on and they may not wait around and risk losing it.
Too many opinions cloud your judgment – you want assurance you’re doing the right thing. Everyone does. Ask for 10 people’s opinions and you’ll probably get 10 different answers. Focus on what’s right for your family, the ones who’ll live in the home.
No home is perfect – let me say that again; no home is perfect. The location may be perfect, but the kitchen could be a little bigger. The yard is great for your pet, but the roof may need to be replaced in a few years. Little tradeoffs always present themselves, so zero in on what is truly most important to you.
Remember, negotiating is supposed to be win-win – negotiation is defined as a discussion intended to produce an agreement. Taking a hard line on every single point is the surest way to lose the home you fell in love with.
Complete the basic work ahead of time – find a lender you’re comfortable with and get pre-approved BEFORE you begin looking for a home. It makes no sense to look at homes you cannot afford. Insurance will be required, whether you’re looking at condos or single family homes. Ask your insurance agent to explain the different coverages because insuring a condo is vastly different from insuring a single family dwelling.
Take time to build a budget – you’ll incur some costs, even if you’re moving into a new home. Painting, window coverings and new carpet/flooring all cost several thousand dollars each. Don’t forget to factor in condo maintenance fees or association fees as well.
Everyone has buyer’s remorse – it will pass. A home is expensive, especially in Hawaii and it’s natural to feel a little uneasy. Don’t forget the reasons you bought the home and why you chose this one in particular.
Choose a home because it meets your needs – this is your sanctuary; your place to live comfortably. Over the long term it will probably appreciate, but that should not be the main reason you buy it.
Buying a home or investment property is a large commitment. You deserve nothing less than top-notch service, so don’t settle for less. Contact Michael Zimmerman for a no obligation consultation or give me a call at 808-457-9683.
