4 Essential Steps When Purchasing Property
Purchasing a house is likely the largest transaction you will ever undertake. It is essential that you perform your due diligence prior to investing in a property to ensure a smooth transaction.
- CHOOSE A LENDER.
- Do your research. Find an institution that you can trust and a Lender to whom you are comfortable disclosing financial information. Compare rates and terms. You shop for shoes, why wouldn’t you shop for money?
- Get pre-approved. The market in the Iowa City area moves fast and the more prepared you are to borrow, the better your chances are of purchasing the house you want.
- CHOOSE A REALTOR®
- Understand the market. Work with a Realtor® who knows your community, listens to you, and can lead you to choices in your price point.
- Take the pressure off. Find a Realtor® who understands the business and isn’t afraid to work for you.
- Count on your agent. Your Realtor® will negotiate for you, introduce you to other industry professionals (attorney, home inspector, and vendors), and guide you through the process.
- CHOOSE THE RIGHT TIME TO BUY
- The adage “the right time to buy is when you can afford it” is largely true. The sooner you purchase, the sooner you start to build equity in your home.
- Get your ducks in a row. Traditionally, there is more inventory in the spring and summer.
- CHOOSE A HOME
- Be patient. You may choose a home that you didn’t know you wanted at the beginning of your journey. When you see it, you’ll know it.
- Know your price point. If you know what your money will buy, you’ll know a good deal when you see it.
- Be willing to compromise. You seldom get everything you want in life. Know the essentials that will make you happy and go for it.
These general guidelines will give you a place to start and plenty to think about. Reach out to Westwinds if you are considering purchasing and we would be happy to walk you through these steps in greater detail.