No one wants to catch a case of good old-fashioned buyer’s remorse.
You probably know what I’m talking about: it’s the feeling that you’ve either paid too much or received too little. Most of us have felt that pit in our stomach at one time or another. Unfortunately, there’s usually no recourse for the buyer once the contract has been signed.
Clearly, no one wants to feel like they’ve gotten the short end of the stick in a transaction. So why are there so many people out there who end up suffering from buyer’s remorse?
The answer is actually super simple: most of these people engaged in a transaction without enough knowledge and information. It’s often not enough just to have a good buyer’s agent working for you. The complexity of modern real estate transactions often call for a great buyer’s agent. So what separates the good from the great?
Choose the proper buyer’s agent.
The best way to make sure that you choose the right home is to properly prepare yourself. Have your buyer’s agent work for you and with you in making the correct housing choices.
Hire an agent who is familiar with and knowledgeable about the area you plan to move into. The right agent will also be someone whose experience and personality makes you feel comfortable.
The purchase of a home is a tremendous investment, both monetarily and emotionally. If you have any questions or concerns whatsoever, your agent should always just a phone call or email away.
In order to make sure that the transaction goes smoothly, it is of vital importance that your agent be just as invested in the process as you are. Your agent shouldn’t just represent you–they should be an equal partner in the transaction.
Do you already know how what you can afford? There is nothing more frustrating than looking for a home, finding the perfect one, and then discovering that it is out of your price range.
Speak with a lender to learn about the different financing options available to you. When you find the right lender, get the paperwork processed so that you will be ready to buy when you find the right home.
Avoid purchases that stretch your budget too much. In order to determine the kind of home that you can afford, a lender uses your debt-to-income ratio. This ratio is the percentage of your pre-tax income that you spend on debt.
Your debt calculation will include monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt right before buying a home, it will impact the size of loan that the lender will be willing to finance.
Know what’s available.
In order to make an educated decision, you need to know what is available and how much it’s going for. We’ve got you covered here with our free custom property search.
New listings do not show up immediately on the national property search websites. This means that buyers getting property updates from local realtors get a head start.
Once you have found some homes you like, we’ll regularly send you new listings of similar properties. The best homes move fast, so you will want to make sure that you are on top of the available inventory at all times.
No one knows the home better than the seller of the property. However, it is not always in the seller’s best interest to disclose information.
If you can find out the seller’s motivation for selling, you might be able to negotiate a better deal on the home. Try to find out the last time service was performed on the roof, furnace, and water heating. Asking the right questions now can end up saving you a lot of money in the long run.
The last thing you want to discover after you have bought a home is that you have purchased a “money pit.” By “money pit,” I am referring to a home that is full of defects that are going to end up costing you a lot of money.
Save yourself a lot of time in future litigation and renovation by bringing in a licensed home inspector before you buy. An inspection can steer you away from a bad decision or help you negotiate a better price.
Our Bend and Eugene blogs are regularly updated with articles for prospective home buyers, so please continue to check back! And if you’re still on the fence about moving to Bend or moving to Eugene, we’ve got some articles for you too.