California Apartments and Homes Blog

Now is the perfect time to dip your toes in the real estate market and purchase a home. Not only are the interest rates low, but the market is heavy with an astounding amount of homes ready for your choosing. However, before you begin your search, the following tips are sure to help you get ready:

1. Determine How Much You Can Afford:

Before beginning your home search, review your finances and know exactly how much you can afford to spend. Take a look at your monthly income and expenses to determine how much of a down payment you can put down. Don’t forget to factor in real estate taxes and insurance.

2. Work with a Professional:

Select a reputable and successful real estate agent. Not only will they be able to send you homes directly from the Multiple Listing Service, but they can also save you time in your search by weeding out homes that are out of your parameters.

3. Get Pre-approved:

Before you begin looking at homes, speak to a lender and get pre-qualified for your loan. This will help you to find out exactly how much money a bank will lend you and will also come in handy when it’s time to negotiate a price. Educate yourself on the type of loan programs and interest rates that are out there to see which would best suit your family’s needs.

4. Time to Shop for a Home:

Now that you’ve gone over your finances, selected an agent to represent you and have gotten pre-approved, you can start searching for homes. Several factors come in to play like choosing a single family, townhouse or condo; the neighborhood you would like to live in; do you want new construction or a home and area already established; what are the school districts associated with the home? Make sure the real estate agent knows your criteria so you don’t waste any time.

5. Negotiate the Price and Close the Deal:

Once you’ve found the perfect home, it’s time to negotiate the price of purchase. Your real estate agent can give you all the tools necessary to make a fair offer based on homes that are on the market and what they have currently sold for. After you’ve negotiated the price and terms of the contract, hire a reputable home inspector to take a look at the home and determine if it is safe and sound for purchase. Have your real estate attorney thoroughly examine all contracts for your protection. Once your mortgage commitment has been approved, you will be able to close on your home and begin the dream of home ownership.