If you’re thinking about buying a home or condominium in Woodland Hills or Simi Valley, there are many important things to consider before you put in an offer. From the number of bedrooms you’d like to the neighborhood, there are many factors to keep in mind before making a decision. In this article, we’ll discuss the top five things you should know before you buy a home.
At American Dream Realty, we’ve helped hundreds of people find and buy the home of their dreams and our realtors have extensive knowledge of the California real estate market. If you’re interested in learning more about our real estate agents, contact us today!
Home Buying Tip #1: Decide If Purchasing A Home Is Worth It
Before you reach out to a realtor to help you purchase a home, make sure you’re well aware of the current standing of California’s real estate market. The prices of homes can fluctuate dramatically depending on the supply and demand for housing in your area. When the economy is strong and the levels of unemployment are low, more people are likely going to be looking for houses to buy. If there is a shortage of available housing, prices will often rise. This is what is known as a seller’s market. In most major cities like Los Angeles, buying a home can be 35 percent cheaper than renting one.
At American Dream Realty, our professional realtors and listing agents have more than 17 years of experience in the California real estate market. All of our agents are required to stay up to date with the latest realty certifications and training methods, and we can help you find the home of your dreams at an affordable cost. If you’d like to learn more about homeownership and what is required in the process, contact our realtors today!
Home Buying Tip #2: Understand the Home Buying Process
Buying a home is likely the biggest purchase you’ll ever make in your life, so it’s important that you have a thorough understanding of the home buying process before you put down your first offer. Since most home buyers don’t have hundreds of thousands of dollars stashed away in a savings account, you may need to secure a mortgage. Some general steps to keep in mind during this process include:
- Once you find the perfect home, you’ll need to secure your offer by making a down payment. Make sure you save up enough money to do this, which is generally 20 percent of your future home’s value.
- Apply for pre-approval for a mortgage to know where you should cap your home buying budget. Once you find a home you’d like to buy, put down an offer!
- When the seller accepts your offer, you will be required to sign a purchase agreement along with a non-refundable deposit.
- It will be up to you to hire a home inspector to make sure the house you put an offer on is in good shape.
- You will need to attend the closing. At this time, you will sign all of the mortgage paperwork and make the official home buying transaction. You’ll then get the keys to your new pad!
Home Buying Tip #3: Research School Districts In Your Area
If you have small children or you and your spouse plan on having kids once you move into your new home, it may be a good idea to do some research on the school districts in the neighborhoods you are looking to buy in. Since public schools are largely funded by local property taxes, the quality of schools can vary significantly from district to district. Other family friendly places to check out may also include nearby parks, pools, and daycare centers.
Home Buying Tip #4: Decide If A Fixer-Upper Is Right For You
As the home prices in California continue to rise, you may be tempted to invest in a fixer-upper. Investing in a fixer-upper is a great way to purchase a home in a neighborhood you might otherwise not be able to afford. If you’re naturally handy and you like the idea of renovating parts of your new home, this could be the best solution for you. If you have your mind dead set on a new construction, talk to your realtor about new properties going up in the neighborhoods you’re looking at.
At American Dream Realty, we understand how stressful and complicated the homebuying process can be, especially if you’re unfamiliar with the California real estate market. If you need assistance purchasing a home, or you’re interested in learning about up and coming neighborhoods, contact our professional realtors today.
Home Buying Tip #5: Get Your Credit & Other Finances In Order
In addition to saving up money for a down payment, you’ll want to get your finances in shape to make it easier to qualify for a mortgage. Where you work and how much you earn can make a huge impact on the home you buy, and lenders will want to know specific details about your credit history and income before offering you a mortgage loan. In order to keep on top of your credit score, continue to pay your bills on time and avoid making any major purchases or credit mistakes while you’re looking for a home.
American Dream Realty is proud to be a leading provider of real estate services throughout California. If you need help buying or selling a home, contact our agents today!