3. Research. Research. Research. And then step away from the computer.
I have the realtor.com app on my phone. And the Zillow app. And the link to the house hunting site our realtor sent us. Want to know what having all those on my phone does? It makes me crazy! It makes me sit there analyzing every picture of every house trying to figure out exactly where the laundry hook up is in the house with the fish tank in the wall.
It has me adding a dozen homes a day to the “no” list because I find some minor issue with it as I look at the listing for the third time and find a flaw I just can’t live with. It has me ready to move to Waco, TX because our budget there could buy a mansion while in Hampton Roads it buys a shack.
There is nothing wrong with looking at dozens of homes online. There is nothing wrong with researching neighborhoods so figure out what school district they are in or what the crime rate is in the area. There is nothing wrong with trying to figure out if the area requires extra flood insurance because hurricane seasons wreaks havoc on the yards.
Researching the actual house isn’t the only research you should be doing. Research the financial institution you plan on using. Maybe the first call gave you a nice, personal experience but the interest rate seemed a little high. If that’s the case it is a-okay for you to get on the phone with a different bank and see what they can offer you. Private, small lenders may have a higher interest rate than a chain bank with a recognizable name.
Shop around and find what you’re comfortable with…then stop making calls! Oh and while you’re looking at financials, look at the VA loan process. Did you know if you’re prior service with a certain disability rating there are fees that will be waived using a VA loan? I didn’t until I was talking with our financial guy. So dig into the paperwork and see what you are qualified to take advantage of.
Research your realtor. Ask around and see who your friends used and how they felt about their realtors. To be honest, we have a few people at our church that are realtors and a few personal friends that are realtors and we were not comfortable working with them. Not because they aren’t good at their job, but because I don’t like to mix friendship and finances when it comes to big things.
I felt uncomfortable disclosing all our private financial information with someone I coach on the softball field. So instead of using someone we know well, we went with a recommendation from one of those friends. Our friends were understanding when it came to our reasoning for not working with them and were happy to tell us who to call, or who not to call, in order to make sure we were happy with our realtor.
But there comes a point in time where you have to walk away from the computer and breathe. Most of the time when people are looking to buy a home, not just rent a place, there is a flexible timeline. When your research is bringing you nothing but stress it is important to remember that there is no rush on the purchase of your forever home.
Take your time, regroup, and go back to researching with a clear head and maybe a different list of what you have to have than you first thought. Above all remember, this is your home and the only person you have to make happy with the purchase is you and your family. Don’t let anyone tell you that you have to buy right now. Don’t settle!
