Connecticut Real Estate

Trumbull, Monroe, Shelton, Stratford, Bridgeport, Easton, Fairfield, Westport

Home Buying Guide
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Whether you're in the market as a first-time home buyer or not, following these 10 tips in the home buying guide below will give you the confidence you need to make the right purchase for you and your family.

1) Be picky...It's still a buyer's market

BUT...Be realistic; there is no "perfect home" but there is a perfect home for you.

2) Do your homework before you start looking.

Decide ahead of time which features you specifically "Must Have" vs. those you "Want To Have" in the home that's right for you. Determine when you want to move.

3) Get your credit in order.

You must make sure your credit history is as clean as possible. Don't make any major purchases at least a few months before you start house hunting. Get copies of your credit report(s) and make sure the facts are correct, and fix any problems you discover. AnnualCreditReport.com provides a yearly free credit report from Equifax, Experian and TransUnion in order to monitor your credit history or by calling toll-free at 1-877-322-8228, or by mailing a completed Annual Credit Report Request Form (available at www.ftc.gov) to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Among other things, these reports show whether you are habitually late with payments and whether you have run into serious credit problems in the past, such as a bankruptcy or foreclosure within the last seven years.

Fair Isaac, a firm that develops credit scoring systems, calculates a credit score based on the information in your report. You have three different credit scores, one for each of your credit reports. A low credit score may hurt your chances for getting the best interest rate, or getting financing at all. So get a copy of your reports and know your credit scores.

4) How much house can you afford?

Before you start shopping for a home, you’ve got to determine how much you can afford to pay each month. The FHA has found that most people can afford to budget 29 percent of their gross monthly income to housing expenses, depending on total debt. Buyers with no debt can budget as much as 41 percent of monthly income to housing.

Our Mortgage Calculator should tell you everything you need to know or by getting pre-approved you will void the heartache of viewing homes that you can't meet the expense of and put you in a better situation to make a sincere bid when you do find the right house. Not to be mistaken for pre-qualification, which is based on a brief review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

5) Get professional help.

Contact Me to be your exclusive buyer agent. Unlike a listing agent, whose first duty is to the seller, I will be working only for you and have your best interests in mind. Typically, buyer's agents are paid out of the seller's commission payment to the listing agent. I can assistance to you in finding the perfect home for you as well as assist you with strategies and negotiations for the duration of the buying process.

6) Before house hunting, Get Familiar with the Mortgage Industry.

Determining which is the right type of loan and choosing the best lender is essential to your home buying success; then get pre qualified before you begin your search.

7) Do your research before making an offer to purchase.

Your initial bid should be derived from the sales trend of comparable homes in the neighborhood. So prior to making it, Contact Me for comparable home sales over at least the last three months. If these homes have sold at 5 percent below the asking price, you should make a bid that's about eight to 10 percent below what the asking price.

8) Hire a home inspector.

You should hire your own home inspector, if at all possible an engineer with familiarity in doing home surveys in the area where you are buying. The inspector's job will be to identify likely troubles that could necessitate costly repairs.

9) Buy in a district with good schools.

Even if you don't have school-age children because when it comes time to sell, you'll discover that solid school districts are a top priority for many home buyers, consequently helping to increase property values.

10) Think Long Term

Are you looking for a starter home with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate the type of home that you buy and more importantly the type of mortgage, which will suit your needs best.

Richard S. Rocco
A Connecticut Licensee
Keller Williams® Realty
132 Monroe Turnpike, Suite 101
Trumbull, CT 06611
203-459-4663
Toll Free: (888) 876-5328