East Coast Meets West Coast | Three Tips For Buying A Home
Three Tips for Buying a Home!
Have you always wanted to own a home? Do you feel overwhelmed by even starting the search? Anyone can research and buy a home with the right tools and resources. Dottie Herman, CEO of Prudential Douglas Elliman, has three important tips for the first-time homebuyer looking for a great deal on a great home. With a little prep work — a little commitment to the process — you can walk away with your first starter house or what may be the home of your dreams!
Do Your Homework
Whoever heard of anyone who bought a house without doing a little research? If you are going to seal the deal on the home of your dreams, then you need to know what you think its worth and to determine what you are willing to pay for it by doing your homework. Survey the neighborhood. Research the homes in the area. What do they cost? How do their floor plans and specs compare to the home you are looking at in the same neighborhood? Research the school district near the neighborhood. Is there public transportation nearby? These sometimes help determine home values, too, and change depending on whether you are looking to buy a house in an urban or in a rural area. Herman stresses that it is very important to do research on the neighborhood, school districts, and similar properties to get an idea of the prices in the area and to decide whether you are willing to pay around this amount. “It’s an opinion of what you think the home is worth, based on how you are going to use it,” says Herman.
Determine Personal Value
Keep in mind that every buyer measures the value of a home differently. Therefore, what you are ultimately willing to pay for the home will be different as well. To this end, the concrete research you dig up will help you know what price you are willing to pay. In the end, the final price of the home is what you are willing to pay for it after accessing what you think is the value the home offers to you and your family. “Cost and value are not what the price of the home should be or shouldn’t be,” Herman says.
Seek Out a Broker
You are going to come out ahead when you have the best information and advice. A broker is a trained professional who is licensed to guide you through all of the complex steps in the home-buying process. Therefore, it is in your best interest to hire a broker once you have done your homework and determined what you see as personally valuable to you in the home. Your broker will be able to give you excellent financial and legal advice and also to act on your behalf to get the best possible deal on your new home. Your broker can help you answer more practical questions such as, “What’s the property worth with the conditions we are in today?” Herman advises.
Prudential Douglas Elliman is an industry leading full service real estate brokerage. We provide our customers with a comprehensive range of services to meet their every need. Elliman is based out of New York City and has been the #1 office for seven consecutive years in the Prudential network.
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