Looking to buy a home in St. Louis? Here are five essential tips for making the process as smooth as possible.
Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house. Call us today and we can help you find a lender.
Find a house you can afford.
There’s a general rule of thumb for identifying a price range when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, home owners association, etc. Beyond actual expenses, you need to consider personal lifestyle expenses. How much do you spend on travel, dining out, entertainment, etc. These numbers are important when considering how much you WANT to spend each month on housing as compared to how much you can AFFORD each month.
Hire a professional.
There are many websites that link to available homes. However, did you know that by working with a Realtor, you will have access to other properties that may be coming soon, or are not linked to popular sites such as Zillow or Trulia. Meyer Group will work to represent you. We will keep your interests at the forefront and work to present a competitive bid on your desired home.
Do your homework.
Before making a bid, we will show you the state of the market at large. We will show you sales trends of similar homes in the area or neighborhood and look at prices for the last few months. We will work with you to offer a price that’s competitive, but also realistic. Otherwise, you may end up turning off your seller.
Think long term.
When purchasing a home it is a good idea to plan to stay in the home for at least a few years. You should buy in a neighborhood with amenities important to your life style. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future. We can assist you in finding an excellent inspector as well as a warranty company.