Tips for Home Buyers

Maine Home Buyer Tips

Buying a home is an important decision and the experience can be stressful unless you are working with a Realtor who understands the process. If you are thinking of buying a home, here are some Maine home buyer tips to consider:

  • Don’t make major purchases of any kind prior to buying
  • Don’t move money around
  • Consider the business cycle and buying a home
  • Recession and expansion
  • Supply and demand
  • Buy a home with resale value
  • Location, location, location
  • A home with a view?
  • Closets, garage, laundry and storage

Factors Affecting Your Offer Price

  • Property condition
  • Home improvements which will need to be made
  • Seller motivation
  • Market conditions
  • Earnest money deposit
  • Cash offers
  • Contingencies in a purchase offer
  • The closing date
  • Disclosures from the seller
  • Condition of the property upon transfer
  • Inspections you may require

5 Things Every Home Buyer Needs to Know

Real estate can be a confusing industry, which is why having an expert broker on your side will make the process easier and less stressful. At Lakepoint Real Estate, we have more than 85 years of experience in the Belgrade Lakes region and we would like to share five things that every home buyer needs to know.

1. Know what you want vs what you need
Before starting a search for a new home, you need to know what you are looking for. You may find yourself falling in love with something impractical or a home that doesn’t fit your needs. A family of four will have significantly different needs than a couple looking to find a home to retire in. By making a list of wants and needs you can quickly weed out homes that don’t have the amenities you need. Armed with this information you can narrow your search results to a short list, and compare those with the features on your “wish list.”

Lakepoint Real Estate has the experience to help you with this process. By working with you to establish your needs and wants, our team can show you homes that would be the best fit for you – not the best fit for our commission.

2. Get loan pre-approval
The first stop in any search for a home should be the bank. By looking into loan pre-approval you can establish three very important things.

1. You will know what price range you can afford, helping you narrow your search.
2. It can give you an edge in the event there is a competing offer on a house.
3. It can speed up the underwriting process once you have a purchase agreement.

Pre-approval can help the buying process go smoothly and, in many cases, at a faster pace. Some banks may not issue pre-approvals, but it is important to at least try and get prequalified, which isn’t as helpful as a pre-approval but will still help you in the home buying process.

3. Get an agent
Once you know how much you can afford, it’s time to find an expert agent. One of the biggest temptations of buying a new home is to try to do this on your own, but an expert agent can provide you with knowledge of great listings or guide you toward a home or property that you may not have been aware of. You want someone who is going to negotiate a great deal, with the experience to find you the best home for your needs. Find the right agent by asking the following questions:

  • How long have you been licensed?
  • What percentage of your clients are buyers?
  • How well do you know the area?

Lakepoint’s team of experts has extensive knowledge of the Belgrade Lakes region and beyond. Our team members reside in the areas they sell in, which extend beyond just the Belgrade Lakes region. Lakepoint’s team knows the school system because many have kids that are in or have gone to school in the area. They know the local resources because they live and shop in the same places you would.

4. Make a Fair Offer
This is where having an agent on your side will help the closing process go as smoothly as possible. When attempting this process on their own, many people have a tendency to make an offer price that is too low, which could insult the seller who may choose to stop the process. Having an expert agent on your side will help you determine a price that will be agreeable to the seller and still a deal for you.

Lakepoint’s team has been trained in how to negotiate the best deal possible. By working to determine what the fair market value is and backing up your bid with recent comparable sales in the area, Lakepoint’s agents will help you find the price that is best for you.

5. Have a Backup Plan
There are still many things that could delay or stop the closing process. It’s always a good idea to pay a professional inspector to do a walk-through of the house with you so you can ask questions and have potential problems pointed out to you in person. If the inspection turns up a major problem, this is where your backup plan will come into play. Having a great agent on your side will be beneficial here because they will have included a provision in the purchase agreement stating the sale is contingent upon a good inspection. If an inspector finds problems, this gives you the option to back out of the agreement or renegotiate with the seller.