4 Things Home Buyers Should Know... But Most Likely Don't
Oct 31, 2013

 4 Things Home Buyers Should Know...
But Most Likely Don't

 

 

For most of us, a house is the biggest asset we will own. It usually is the biggest single financial transaction we will make.

It is also a field of interest that seems to draw opinions from everyone: uncles, aunts, well-meaning friends; everyone is an expert in real estate and they all are happy to give you advice. The honest truth is most are NOT experts in real estate.

When making a purchase of this magnitude, seek professional advice. I take my car to a mechanic when I need someone who is a professional. Do yourself a favor and do the same when buying or selling real estate.

Here are a few things that, as professionals, we think you should know:

1.) When you buy a home, you are actually making two purchases.

This sounds odd, but is actually a very sound thing to talk about. Buying a home involves not only buying a home, but buying the money to buy a home. Most things can be either fixed or ignored when buying a home-you can live with the outdated carpet if you need to because it can be changed. The interest rate of the mortgage and the resulting payment won’t change. Buy while the rates are good. The payment will dictate what other things you can afford in life. A 1% increase in rates results in a 10% reduction in buying power. Make the money go as far as possible.

2.) Homes are like people, they have problems.

Make sure you have a home inspection! Homes all have problems. Some have more than others. Consult with the inspector and your agent to decipher the 40-50 page inspection report to determine what is important and what isn’t. Inspectors are negative by nature-that’s kind of their job-but we want to know what is important to our purchase. Ask questions. Get bids. Be reasonable. Make sure you separate the not-so-bad from the serious. Don’t be emotional about it. If there are really bad things, walk away. If not, buy it. They all have some things wrong, just don’t let yourself buy the one that is about to collapse!

3.) Real estate agents are not salespeople.

An agent’s main duty is to protect your interest above all other interests-including their own. Their job is not to see what they can sell you but to help you find exactly what you need in the condition you need for the price you can afford. Make sure you are comfortable with the agent. It is likely you will have frank, honest and sometimes uncomfortable conversations with them. They must be someone you feel good about. They truly are there to help you. By helping you, they get referrals from you for people you know. The real key to getting more business for a real estate pro is not to sell you something, but to make sure you are happy with their service.

4.) HGTV is NOT real

They are called reality TV but most of the time they are as far from reality as it gets. I’m sure you’ve seen them- House Hunters, Holmes on Homes, Kitchen Crashers, Property Brothers, and all the rest. We have to remember they are filming many hours to get 20 minutes of TV time. It just doesn’t happen like they make it look. It’s harder. It’s more frustrating. What appears so easy is really a function of TV, not real life. Try to avoid watching these shows while you are shopping for a home. Trust your professionals. They will tell it like it is. It can be fun, rewarding and life changing, just make sure you listen to the right advisors.


Please feel free to contact us with any "Home Value" or your real estate questions.

We have an incredible team and anyone in our office will give you top notch advice:

Remax Real Estate Team La Grande - 541-963-1000

Thanks!

Randy McKinnis

Owner/Broker

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