Buyers: you have several main ingredients to consider.
- The first step is to talk with a banker or a mortgage broker. It’s important to know what you can and want to spend on a new home.
- Speak to at least two or three lenders to find the best loan program and interest rate for your needs.
- Remember to factor insurance, taxes, and upkeep into your payments
2. Real Estate Agent
- Finding a realtor is your next step.
- If you are looking for a horse property, select someone who has an understanding of horse properties. A horse-savvy broker will notice things such as poor drainage, over-grazed pastures, loose fences, poor stable design, and horse booby-traps.
- Select someone you like, who is well qualified, and preferably a realtor. Those agents who are members of the National Association of Realtors are governed by a written code of ethics that others are not.
- Your Realtor will assist you thru the entire purchase process, including managing the due diligence and closing.
- It’s in your best interests to have a realtor working directly for you as your agent, versus calling the listing agent to show a property to you. Your agent has your best interests in mind when negotiating pricing, inspections etc.
3. Other Considerations
- Hire a property inspector to go thru the home/property. Additional inspections may be necessary i.e. roofing inspection, termite inspection, foundation engineer, electrician or plumber.
- A survey for acreage properties is highly recommended.
- Mineral rights and water rights may require the services of an attorney.
- It’s important to know if your desired property is in a flood plain or an area at risk for forest fires. Property insurance can be difficult or expensive to obtain in both cases. A good realtor will point out these potential hazards.
I hope these suggestions will help if you are planning to buy or sell a property – I wish you the best of luck!