Today’s current market conditions has created some interesting and great opportunities for buyers throughout Los Angeles. It’s important for you to know some things which can help you while making this big decision! There are many elements to purchasing a home and learning all you can is only going to help you during the process.
Before you start searching for a home, it’s important to know what you qualify for and how you plan on purchasing your home. There is a big difference between pre-qualification and pre-approval and when submitting offers you’ll want to include an approval letter from your lender. The advantage on knowing what you qualify for at the beginning of the process is that if you have issues with your credit, you have time to start correcting those problems. Remember if you’re applying for a loan that the higher your credit score is, the better off you’ll be on receiving a lower interest rate. By being pre-approved for a mortgage, it allows you to know where you stand as far as a loan goes and makes shopping for a property easier.
Are you planning on paying in cash? If so, make sure you have records proving that you have the liquid available. If it’s a loan that you’re after, discuss with the lender all the available options and don’t be shy on asking any question. No question when it comes to your financial decision on purchasing a home is a bad question.
Now that you know what you are approved to purchase, you’re ready to start shopping for a home or condo! Do you know which area you’d like to live in? Is it here in West Hollywood or up in the Hollywood Hills? Were you thinking Hollywood Hills East or West? Are you thinking somewhere in Mount Olympus or were you planning on not being in the hills and prefer an area close to The Grove or Beverly Center? It’s important to know that all these area’s have pro’s and con’s so identify what area is best for your needs.
In addition, you should build a list of all the features you want your home to have. Are you planning on owning a large home, or a small condo? Do you want a yard with fruit trees, or is a swimming pool a must? Is privacy important or do you want a house which is visible from the streets?
To help best assist you while looking for the right home, it’s in your best interest to hire a reputable and well experienced licensed real estate agent (preferably a REALTOR®). Hiring an experienced agent will not only help you narrow your search and save you time, but can save you energy and money!
Your agent should have access to The MLS (Multiple Listing Service) and be able to provide you listings on a regular basis which meet your budget and needs. These days, buyers have a great advantage in working with their agents by maximizing use of the internet. It allows the use of going thru inventory easier before scheduling previews or visiting during open houses.
Put together your hitlist of questions to answer for yourself. How far is work? What schools will the kids be attending? How far are the freeways? Where’s the closest supermarket? Does my cell phone work inside the house? Is the street quiet or busy? Is there a dog park nearby? Only you know the questions important to you, so make sure to jot these down and go over them before making a purchase.
Another suggestion is visiting the property and neighborhood in the evening. If you’re planning to walk your dog every evening, why not take a trip before making the purchase and walking your dog down the block at night? See how it feels. Does it feel like home or are you nervous for some reason?
Be prepared during the process also to pay for inspections and other costs relevant . Your closing costs will vary depending on the situation, though it’s very common for closing costs to fall between 2 – 4%. Depending on the type of sale though may increase or decrease this percentage a great deal depending on the sellers motivation/reason. Is this a bank owned property? A short sale? Standard Sale? Ask questions about the particulars of the sale type process to avoid being disappointed should something come up which impacts the process.
Hiring a good real estate agent will help you identify what’s really important to you and walk you thru the process. A great agent cares about your best interest and will go out of their way to deliver the highest level of service.
