Buying a new home is a significant decision. It is also one of the most financial intensive undertakings you will ever take in your entire life. So, it only makes sense to want to get the most out of the buying process.
The home buying process can be hard or easy, depending on how knowledgeable and informed you are, and who you are working with. It can be difficult if you are doing it for the first time, and have no idea what critical aspects you need to bear in mind. But, it can be easy if you take time to educate yourself about the intricacies of the buying process and if you have the right professionals by your side. So, what would you like your home buying process to be like?
We’ll assume the latter because otherwise, you wouldn’t be reading this. So, to help point you in the right direction, let’s highlight some of the things you need to bear in mind when buying a new home in Princeton.
Consider your experience
First things first, are you experienced in the home buying process? If yes, well and good. If not, it might be in your best interest to hire a professional real estate agent to help you with the process. Many new homebuyers make the mistake of thinking they can buy a home on their own and do so flawlessly. Some assume that because the house is new, they are likely to experience little to no problems. But this is never the case. Working with a professional removes any guesswork from the process and ensures that you get value for your money.
Find a home to buy
Finding your dream home is not the easiest task. In fact, a majority of buyers perform several hours of research online before visiting a home in person. Studies show that an average buyer spends about six to eight weeks trying to determine where they want to live. The good thing about working with an agent is that they will send you listings that match your parameters. They also are aware of listings coming up that aren’t already on the market.
You don’t need a bank or mortgage broker in your pocket before purchasing a home – but it’s always recommended to get a loan pre-approval first. This will not just help you pick a home within your budget, but will also give you an upper hand before the sellers. Check with your credit union or bank for financing, or ask your agent for a referral to a mortgage broker.
Negotiate the listing price
Don’t focus your efforts on comparing the listing prices of different homes. Instead, you can have your agent offer comparable sales (which are the same home types in a similar location and condition that have sold in the last three months) and access the pending sales. Sometimes, you may need to pay more than the list price, especially in cases where many people are looking to buy the same property. If this happens, your agent will provide a reasonable price range and assist you to keep your expectations in check.