Hello Valley Village friends and surrounding neighbors!
I'm going to tell you something that most other real estate agents would not... When begging your journey to homeownership, a real estate agent should NOT be your first stop. Yes you heard that correct! Of course I am happy to help you on your journey, but there are critical steps to take prior to heading out to look at homes. Buying a home is a process, and you want to be as prepared as possible.
Here are a few steps to take that will get you ready to buy a home.
1. Fully understand your money situation.
1 year to 6 months before you begin the buying process, find a lender and have them pull your credit. This will give you insight into what you expect and what you may need to mend before you can make the purchase that you want to. Your lender will be able to let you know what you qualify for based on your income at the time so that you can look for homes within your price range when the time comes.
You are also entitled to a free annual copy of your credit report from the major reporting agencies. If you aren't sure that you are ready to begin the home buying process, contacting the credit agencies directly will prevent an "inquiry" from showing on your credit report (which would happen if a lender runs your credit).
2. Pick a neighborhood where you are willing to stay in a while.
A home purchase is a commitment. While you aren't likely to keep the same home for the full 30 years of the mortgage, you do want to get your money's worth out of your purchase. You can always resell, but with the transaction fees that come along with buying a home, you may end up losing equity if you try to sell your home quickly after buying it. If you don’t think the home is somewhere you can see yourself for several years, keep looking.
3. Don’t hesitate to take your time.
There is a lot more to the purchasing process than just buying a home. It is important to weigh the pros and cons of a home that you are considering buying. How is the neighborhood? Will the long commute be overwhelming in 6 months? Perhaps seek out a location near mass transit options. Make sure you’ve considered the aspects of what makes up your day-to-day life and how your new home will help or hurt that process.
4. Know the difference between your fantasy home and a realistic home.
Being realistic is a key part of making the home buying process easier on you. Your agent will work hard to make your deal the best it can be, but when it comes down to it, you will usually get what you pay for. Major discounts typically mean you will have work to do, and that doesn’t necessarily mean a steal for you. Underlying issues with major systems equal big bucks in repair costs. Be realistic during your search and keep in mind that the perfect home might not be out there, but that doesn’t mean that your dream home isn’t.
5. Find an agent for you.
Finding an agent that works for you (that's me!) takes a major weight off of your shoulders in the home buying process. I will be able to show you houses that you can’t find from a simple internet search and be able to negotiate for you along the way. It is my specialty - don’t waste the time or energy trying to do the job of a realtor on top of everything else you have on your plate!
When your ready to take your first steps towards homeownership, I'll be here to help!
LUKE ALLEN
Realtor® - ABR® - ePRO® - SFR® - PSA
Mobile: 310.497.7754
Email: luke.jonathan.allen@gmail.com
Website: LukeAllenRE.com
Facebook: facebook.com/LukeAllenRE/
Instagram: instagram.com/lukeallenre/
License#02059886
Coldwell Banker - 12930 Ventura Blvd. Ste 202, Studio City, CA 91604
Referring me to your friends and family is the highest compliment you could give me!
