Twin Falls Home Buying Tips
Below you will find a list of “TIPS” we at WREG Twin have compiled over the years designed to help you successfully navigate the process of purchasing your property. Whether this is your first attempt, or you are a seasoned veteran in the residential real estate market, we think everyone can benefit from Westerra’s extensive experience in the Twin Falls Real Estate market.
- Interview and Select a REALTOR.
We believe it is essential that you select a real estate professional when considering your real estate purchase. This person must make you feel comfortable with their level of experience and knowledge in the particular market you have chosen to search. Communicating your hopes, needs, and desires must be easy with the person. You simply must be able to confide in this person and trust that they truly have you best interest at heart.
- Interview and Select a Lender.
Begin working on your financing options and raising your down-payment immediately. This is critical to the rest of the purchase of your future property. Your Realtor will be able to recommend several industry professionals. Please be sure to interview at least two, as different Lenders will have different products, options, and pricing. Know your credit score and maximum purchase price level before you begin your search; getting pre-approved will help you establish these levels. This will help you avoid the common pitfall of falling in love with a property you ultimately will not be able to afford.
- Keep Your Credit in Order!
Once you are pre-approved with a Lender, a common mistake some Buyers make is to go out and apply for other forms of credit, including automobiles, credit cards, and lines of credit. This might negatively impact your ability to purchase the property you have chosen. So until your real estate transaction is closed refrain from applying for credit or purchasing other goods and services on credit. Consult with your chosen Lender if you have questions here.
- Establish Your Timeline.
Once you have secured your lending pre-approval, sit down with your Realtor and establish your ideal timeline for the purchase of your new home. This may start with when you expect to be moving to town, when your current rental agreement expires, when your current home will sell, or when you will have your down-payment funds will be available. Knowing how much time you have to search can alleviate the stress of rushing through a process that is best executed at a measured pace. Westerra can help you establish benchmarks for progress to keep your purchase on track and as efficient as possible.
- Develop Your Selection Criteria.
After working out your timeline, establish a set of “must haves” to help define your new home. Westerra can help you separate out your NEEDS and your WANTS. Knowing the minimum features your new home must have will save immense amounts of time that might be ill-spent viewing homes that will not work for you. Because your Realtor will have access to many available listings, it becomes critical to have a set of minimum criteria. An example of these criteria may be: 3 bedrooms, 2 bathrooms, and a 3 car garage.
- Don’t Over Do It!
Once you have established your criteria and are ready to view homes that fit your needs, don’t try to do it all in one day. Going out with your Realtor from 7a.m. to 7p.m. on Saturday and Sunday will leave you guessing at what the first homes on Saturday morning looked like. Start with a few per showing date, and keep notes on each house to help you remember what you like and disliked about each home you view. This method will help you make an informed decision when you are ready to make an offer.
- Know the Costs of Purchasing Your Home!
Westerra can prepare a net-sheet for you once you have decided on a property and a purchase price. Remember, the purchase price may also include Lender fees, Closing Costs, and Pre-Paid items such as interest and property taxes. Your Realtor can help estimate these costs for you before you make an offer to purchase a home.
- Ask Questions!
There are no dumb questions in the process of buying your home. If you don’t understand something or are not comfortable with something, please ask for explanation until you are. Remember, you are signing legal documents that have legal consequences. Know before you sign!
- Pay Attention to Your Feelings.
If there are alarm bells going off in your head while you are viewing a property, pay attention to them. Don’t make a decision based on impulse or fear. Leave, sleep on it, come back for a second look, and if you still have reservations…Don’t settle! The kitchen that isn’t quite right, the garage that is just too small, the yard that is just too big, are all problems that will exist after you purchase the property.
Avoid Common Buyer Mistakes.
- Take your time.
Rushing into a snap decision will rarely end with you purchasing the home you need. This is where your timeline and selection criteria come into play. Your Realtor will help you stick to these base needs, and not end up with the wrong home.
- Use licensed professionals
For all your real estate transaction related needs hire reputable, insured, professionals such as Home Inspectors. Your Realtor can recommend several, always interview at least two. This is critical as many of your decisions through the process are based on their expert opinions.
- Trust and confide in your Realtor.
It is critical to your successful home search process that you continually communicate your feelings or changing needs with your Realtor. This will save time, frustration, and expense for everyone. Realtors are trained to be objective professionals to help guide you through a dynamic and often emotional process. Your needs can and will change during your home search and it is critical to share these changes as early and as often as possible with your Realtor.
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