Buying a home is one of the most exciting, yet daunting, decisions you will make. Premier PCG Realtors are dedicated to finding you a place to call home. Thorough research, expert advice and personal experience allow for Premier PCG agents to assist potential buyers in successful transactions.
Our dedication, combined with our extensive market knowledge, results in consistent satisfaction by our clients. Contact one of our Louisiana real estate experts today.
While the internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you cant pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.
When deciding whether to make a mortgage loan, lenders evaluate the four Cs:
Capacity to pay back the loan. Lenders look at your income, employment history, savings, and monthly debt payments, such as your minimum credit card payments and other financial obligations, to make sure that you have the means to take on a mortgage comfortably.
Capital. Lenders consider your readily available money and savings plus investments, properties, and other assets that you could sell fairly quickly for cash. Having these reserves proves that you can manage your money responsibly and have funds, in addition to your income, to pay the mortgage.
Collateral. Lenders take into account the value of the property and other possessions that you’re pledging as security against the loan.
Credit. Lenders check your credit score and history to assess your payment history and overall management of debts. Even if you don’t plan to buy a home now, it’s always a good idea to build and maintain strong credit. Landlords often check it to make sure that you can pay the rent. It’s also important if you want to apply for a mortgage or other credit lines in the future, such as a student loan, car loan, or credit card.
Buyers spend an average of 6 to 8 weeks, according to the National Association of REALTORS, trying to figure out where they want to live. But once the neighborhood is selected, most buyers end up buying a home after 2 or 3 home tours.
There are a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, insurance, energy costs, and etc.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.
Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new homes resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.market and serving you every step of the way.