Adam Hochfelder on How to Buy a Home the Smart Way
Becoming a homeowner is a big financial and emotional decision. A homeowner's job is to make the home buying experience a whole lot easier, provide guidance and make sure that both ends get satisfaction.
Buying a home can be both exciting and terrifying. For most people, this is the biggest and most important financial undertaking, and as such, it needs to be carefully planned and executed. Unfortunately, there's always room for error, and when it comes to buying a house, even the tiniest mistake can cost you tens of thousands of dollars. Adam Hochfelder is a New York- based real estate executive with years of experience. His recommendations for buying a home the smart way is to educate yourself before you embark on the home-buying process.
Of course, there is nothing wrong with looking online at pictures of pretty houses, but when it comes time to seriously start the process, you should find a professional to help you out. Real estate professionals like Adam Hochfelder can help you successfully navigate the maze of forms, financing, inspections, marketing, pricing, and negotiating. After all, it makes sense to work with experts who know the community. Educating yourself on the local market and working with an experienced agent can help organize your priorities and make an informed decision.
Online real estate websites can help you see what houses are currently for sale, but to stay on top of all brand-new listings, your real estate agent will need to set up an automated email through the local multiple listing services, so you can get notified every time when a new matching listing pops up. Tracking new listings can give you an advantage over other buyers by allowing you to schedule showings right away and eventually make an offer before another buyer even sees the listing.
Figuring out your financial situation may not be fun, but it sure is essential. In fact, financing is the first step in buying a home. Real estate experts agree that before you even begin your home search, you should find out how much you can afford.
In most cases, in order to buy a house, you need to get pre-approved for a home loan, which requires meeting with a mortgage lender and providing a good amount of paperwork. Lenders don't just hand out loans to everyone, which means they'll need to review your financial history and determine how much money they're willing to give you. Hochfelder recommends getting at least three quotes from different lenders. This way you can see what your options are, and find the loan that works the best for you. You’re entitled to explore your options, and meeting with just one mortgage lender can turn into a costly mistake.