Buying a home is a very significant milestone in anyone’s life. Whether you are a first time buyer and you are getting your foot in the door into home ownership, a move up buyer ready to expand your horizons, an investor looking to add to your Real Estate holdings, etc. The decision is a major one and the financial commitment is substantial.
It is also highly probable that you will own that next house for anywhere from 5-12 years easily before you dispose of it. I think you get the idea that making this decision should be approached with care and diligence. In my extensive experience with home buyers, I have seen the entire spectrum of decision making attitudes. It is not uncommon to be completely driven by the emotional aspect of realizing that dream of buying and neglect to do an in-depth review of how that new purchase is going to affect other areas of necessary planning for the future.
Young families for instance need to weigh the need to plan for children’s education as well as planning for their retirement. I find it very interesting that in the decades I have worked with home buyers, rarely have I seen anyone come to me prepared with a budget, or any other indication that the home buying process has been weighed carefully.
It is essential that the decision to buy a home be carefully planned out and all aspects of the purchase considered in order to have the optimal home ownership experience.
In order for any home buyer to be able to look at all the elements of the home buying process, you need to have the right professional team at your disposal. That is right, it takes a team. You need several capable and experienced professionals to guide you in the right direction.
A REALTOR will help you choose the right home, in the right neighborhood, with the right schools and other factors that need to be considered as part of the Real Estate purchase. The Real Estate business has become increasingly complex over the past decade or so. It is highly recommended that the agent you choose is selected carefully and methodically. I see often people choose an agent because they are a friend or relative, even though they don’t work full time in the business or may be newly licensed. Working with an experienced agent is key in today’s day and age. The nuances of the business are not learned by studying a Real Estate course, or going to a few seminars. It takes years to hone that skill to represent your clients in one of the most competitive markets in the country, Orange County.
A mortgage lender will counsel you on the types of mortgages available to suit your needs. With so many different programs available, and the never ending changes in lending requirements, it is imperative that you work with someone who has extensive experience in the field. It is also important to work with someone you feel comfortable working with. Personalities are very important in having a good working relationship with a lender, one that should last for years since it is not uncommon to seek the services of a lender with much more frequency than most people realize. You may need to refinance your home to lower your rate if the opportunity arises. You may want to get a home equity line of credit, or consolidate debt down the road. Having a trusted mortgage advisor will give you piece of mind that you don’t have to worry about that decision again down the road.
A tax advisor can help you understand the impact of home ownership on your cash flow. Many times I find that buyers make a decision to buy or not buy over a $100 a month difference in house payment, and when we consult with their tax professional, they can easily find an extra $100 a month to be able to make that purchase they were about to walk away from. It is impossible for an individual to know all aspects of how home ownership works and affects their finances. It is imperative to get the proper advice from trusted sources that can help you navigate that process.
Along the way during the home purchase process you will need home inspectors, appraisers, and a variety of other service providers to make that home buying process complete.
As an experienced agent for over 20 years, I have had the pleasure of guiding hundreds of clients through the process of buying a home. Helping them select the right home, the right area, and the best service providers to help them make the best of the home purchase experience.
I would invite you to take some time so we can discuss your home buying plans and see if my expertise is a good match for your needs. It would be my pleasure to help you make that next home purchase a rewarding and satisfying experience.