Tips for Buying a Home

Happy March! Spring is just around the corner, and so is the peak real estate season in Central Florida.

There is much uncertainty as to the potential economic impact of the developing coronavirus situation.  In time of market uncertainty, we can often look to real estate as a safe harbor.  If you do not own a home, consider the current advantageous buying opportunity of the extremely low mortgage interest rate.  If you want a more stable investment for your money in the volatile stock market, consider the soundness of buying rental properties with positive cash flow.

Last month we talked about ways to start preparing to sell a home. This month, we’re going to focus on what potential buyers should be doing now to get ready to purchase a home this summer. If you know anyone who is thinking they’re ready to become a homeowner, please share this information with them!

Here are our 4 best tips to start getting ready now for your future purchase:

1. Give us a call:

When we are on board early, we can provide detailed help and guidance on the 3 steps listed below.  You will also be one step ahead when it comes to home searches because we will be keeping an eye on the inventory for you, even before some homes hit the market!  Our experience and expertise will ensure you are well represented to avoid potential pitfalls in the home buying process, this applies to both resale and new construction.  We will be your partner, so you don’t have to do this alone.

2. Organize Your Finances:

This is the most important step. You can’t buy a home if you cannot qualify for a loan. We can recommend reputable local lenders that will provide the right guidance. You may need to save more money, increase your credit score, or improve your debt-to-income ratio. Do not make large purchases at this time. Be proactive about this, have a plan and goal before you start looking at homes.

3. Review Your Current Lease:

If you are currently renting, make sure you understand your rental lease. Know when it ends so you can try to time your purchase properly. If you need to break your lease early, make sure you have a clear agreement with the landlord first and know how much it will cost you.

4. Prioritize What You Want:

In this current low-inventory market, you may not get everything you are looking for in a home. We will explore neighborhoods and home features with you based on your needs, budget, and preferences. But it’s good to start thinking about your priorities in a home. This means knowing what you are willing to sacrifice if a 100% match isn’t available. This is personal and different for every buyer. For some, the location is paramount. For others, certain home features, such as a pool, is a must. Figuring out your priorities allows flexibility in your home search and may help you achieve success earlier!

If you have questions or would like personalized guidance, call us.  We love to help!

Until next month, take care!

                  – Yien and The Yao Team
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