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Now that you've established a home-buying budget, the next step is to get out there and find a house. But, before beginning your search, you will need to make a few key decisions.
What do you need in a home?
To make your search a little easier, we've created a homebuyer's checklist to help you keep track of the properties you visit. Issues you may want to consider include:
- How many bedrooms do you need?
- Do you require a garage or a basement?
- What kind of schools are in the area?
Print and make copies of the homebuyer's checklist to take along with you when you look at new homes. By checking off the specific features of each home you visit, you'll find it easier to compare your choices when it's time to make your final decision.
Will you work with a real estate agent?
Many homebuyers choose to work with a buyer's real estate agent or broker to help them find a home. Since finding a home, negotiating the contract and closing the deal is such an important process, an experienced agent can provide guidance to help you avoid potential pitfalls. A reputable buyer's agent should have vast knowledge of the real estate market, price trends and neighborhood conditions. The agent will help you shop for your home, tour properties and be your negotiator if bargaining over price is necessary.
Who is a buyer's agent?
A buyer's agent is a real estate agent who represents you and only you in the purchase of your home.
- As a buyer, there's typically no cost to you in working with a buyer's agent.
- Typically, the buyer's agent receives part of the commission paid by the seller upon the sale of the house.
- Be sure to discuss compensation with any real estate agent before you start looking at homes, as conventions can vary from state to state and region to region.
Anytime you speak with a real estate agent, be sure that you understand whom the agent is representing in a transaction.
Remember that a seller's agent is working for the seller — not you. The job of the seller's agent is to get the highest price possible for a property. If you're like most buyers, you're interested in getting the lowest price possible. If you decide to use a real estate agent, you should take great care in selecting one who meets your needs.
- You may want to ask family, friends and coworkers for referrals to agents who they recommend.
- Take the time to spend at least 15 to 20 minutes on the phone talking with a couple of different buyer's agents to find the one that best suits your needs and personality.
- Remember, a reputable agent won't mind spending some time with you on the phone before you begin a relationship.
