Strategies for First Time Buyers
My wife and I have been successful Realtors® for over a decade, worked for major brokerages, and now own our own California brokerage, Ocean and Land Realty, BRE # 01961327, (949) 525 3626. I have a background in business management and construction and my wife has an extensive background in business. We both have extensive backgrounds in contract negotiations. We own homes as well as rental units, and have sold both for our clients. We walk the walk as well as talk the talk.
I’m hoping this information focused on first time buyers, will make your buying experience more enjoyable. I will center on the enjoyable as well as the not so enjoyable when purchasing a home or an investment real estate property:
- Be prepared before you search for a home or investment property. Get preapproved. Each type of purchase (home vs investment) requires different qualifications as well as down payment options.
- Think of a home as a place you live, and an investment as a means to increase your wealth. Yes, a house you live in can be an investment, but this thinking is risky and subject to the economies’ ups and downs.
- Of course there is the best of both worlds, where you purchase an investment property and live in one of the units as your home. Be sure to get tax advice from your tax attorney, CPA, or tax consultant on the tax advantages and disadvantages.
- Use the internet to search (you will anyway, because everyone wants to be the one to find that,”deal”).
- Find a great Realtor® to work with and present your offer. Pay close attention to what he or she says. Before you go out on a property search, interview the Realtor® for at least one to two hours to see if it is the right fit. Tell the person (be specific) what you want in a home or investment. Ask about their expertise in that geographical area that you want to purchase.
- Advise the Realtor® who your mortgage person is and make that person available, so if you find the property you want to make an offer, so it can be accomplished quickly.
- Have fun looking at the properties and don’t make it a marathon. Take notes and ask questions. I would advise looking at the most five properties in a day. You may find the right property right away. If you take that attitude that you have to look at twenty-five properties before you purchase, advise the Realtor® the first time you meet. Then the person can make a decision whether or not they want to work with you. Serious Realtors do not like window shoppers. Please remember that they work hard and this is a business for them.
- When you make an offer, be earnest. Everyone wants a great deal, but the market you are in may not provide the deal you are looking to get. Ask your Realtor® for what is known as market comparables. Usually this is what has sold, as well as in escrow and active on the market in the last six months. Discuss strategies for obtaining the property for a fair amount.
- For more advice and to find that property for you, call us 949 525 3626/3766 email us at RichAndDelAnn@gmail.com or visit our website at http://oceanandlandrealty.com/