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Home Buyer Basics... Tips Toward A Successful Transaction

Whether you're looking to buy in North Port, Fl. or elsewhere, real estate purchases are typically the largest single investment made by any individual. However, many still enter into these transactions with little or no knowledge of the process or potential ramifications.

The following will provide a foundation upon which to build to help you realize success in your next real estate venture.

• Don't Be Shy... Ask Questions:
  
  Ask questions... A lot of them.
  If there is anything you don't understand, ask. If you don't you will surely regret it later!
  Remember... There is no such thing as a dumb question. The only dumb thing is not asking!
  
  
• Learn The Process:
  
  Real estate transactions are complex transactions that can be tedious, confusing and frustrating to even a seasoned homebuyer. Be smart... learn all you can before you begin. You can use the Internet, speak with a realtor, visit a real estate office, attend community/realtor sponsored classes or find a book like Home Buying For Dummies by Eric Tyson and Ray Brown, (IDG Books Worldwide, Inc.)
  
  
• Know Your Finances:
  
  Before you jump in, figure out how much money you can raise for your down payment and how much you can afford in monthly payments. Don't forget to include homeowner's insurance, property taxes, private mortgage insurance (if required), utilities, repairs, and maintenance when determining total housing expenses. Talk with mortgage brokers as well as bankers to find the best mortgage rate, terms and costs possible. Finally, meet with a lender to learn the amount of mortgage you qualify for and get pre-approved prior to looking for a property.
  
  
• Determine Your Housing Needs:
  
  Here you need to consider both immediate and future needs. For example... How long are you going to live in your new home? Are you planning on expanding your family? Do you have other specific requirements i.e. proximity to schools, stores, public transportation, parks or recreation facilities, etc.? These all (amongst others) need to be taken into account when deciding the type of housing you need, not just for now but possibly years from now too.
  
  
• Identify Preferred Locations:
  
  If it's not located in a neighborhood you like, you will never truely enjoy your home no matter how nice it is. Typically, it's a combination of things that go into making a "good" neighborhood. To most, a good neighborhood is safe, close to things that are important to them and offers the services they depend upon, such as healthcare and convenient shopping. While ambiance and curb appeal might be particularly important to some. Regardless, once you have determined those areas that interest you most, find out as much as you can about each area's demographics, crime rate, schools, traffic, etc. Check city, county and state records, the chamber of commerce, the better business bureau (to name a few) or even research the internet for this information. The more you know the better equipped you will be to make the best decision.
  
  
• Select a REALTOR(R):
  
  The designation Realtor(R) means that in addition to being recognized as a real estate sales agent by any given state/municipality, the Realtor(R) is also a member in good standing of the National Association of Realtors and is held to a higher standard of education and training in addition to being required to adhere to a much stricter code of ethics. As a buyer, it usually costs nothing to hire a Realtor(R) to help you find and purchase a home as the buyer's Realtor(R) typically receives a portion of the commission (called a split) paid by the seller to his Realtor(R). When choosing a Realtor(R) get referrals from friends, relatives, and co-workers, conduct interviews and ultimately be sure to pick an agent that works in the neighborhoods in which you're interested. Most importantly though, once chosen listen to your agent but make your own decision.
  
  
• Communicate:
  
  Your Realtor(R) is not a mind reader, you need to tell your agent what you want as well as how involved you want to be in the home search process. Many buyers prefer that their agents review and handpick properties for their consideration while others want to receive new listings on a daily basis so they can comb through them themselves. Above all you should listen to your Realtor's advice however, always remember that you're the boss. And speaking of bosses, it's a good idea for ALL decision-makers to visit the properties your Realtor shows you.
  
  
• Get It In Writing:
  
  Get EVERYTHING in writting! This is especially important during any kind of contract negotiation. Verbal commitments are hard to prove after the fact and as such are essentially worth the paper they are written upon, so make sure that all the small details are added to the purchase contract. If the seller says you can have the curtains, make sure the contract says so! Remember--Anything and everything discussed and agreed to between buyer and seller needs to be included in the written contract prior to final signatures and execution.

A Final Note:

Hopefully you have found the tips above informative and helpful.
However, they are not intended to be all encompassing, comprehensive nor a substitute to aquiring additional knowledge or seeking the assistance of a professional Realtor(R).

If you are looking to purchase real estate in the North Port Florida area and don't want to go it alone,
Realty Concepts, Inc. is happy to help.

Just give us a call, email us or reach us via the "Contact US" page of this website.

And Remember...

Realty Concepts, Inc. ... We're here FOR you!

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