Perhaps buying a home was on your 2020 list of things to do. Well, that doesn’t necessarily have to go by the wayside. Virtual real estate services are popping up all over the country and since we were practically doing everything online anyway, this is a natural and easy transition. People are buying and selling, viewing homes virtually, scheduling one-on-one private showings, and doing all of the loan application work as well as transferring documents completely digitally. But, if you are still a little hesitant about pulling the trigger now, there are some things you can be doing to prepare yourself for a future purchase.
You may be waiting simply because there’s not a lot of inventory. Homeowners may have pulled their listings, suspended their marketing, or held off listing their property, and if you want the most variety of homes to choose from, it might make more sense waiting until the economy is back open. With that in mind, here are three things to do now if you want to buy a home later.
#1. Get a good handle on your finances.
This means getting a copy of your credit history and report, going over it with a fine-tooth comb, correcting any errors or mistakes, paying down debt, and getting a good chunk of liquid funds reserved in the bank. You will need money to buy a home even if you’re choosing a USDA home loan. You’ll need the initial earnest money deposit which can be as little as $500 or as much as $10,000, home inspection costs, and potentially an appraisal fee. These out-of-pocket costs will need to come from your bank account so having everything in place ahead of time will make you a more prepared borrower. Make a list of all of your assets and liabilities, credit history, open debts and accounts, and how much you have going out and coming in each month.
#2. Start looking at homes and know what you want.
Now is a great time to be looking at homes to see what’s in your price range and make a list of items that you must have at home, that you can tolerate, and things you absolutely do not want in a house. Who knows, you may find the home that you’ve been looking for or just get a good sense of what you want and what you don’t want.
#3. Start interviewing real estate agents.
Now is also a good time to do a little reconnaissance work of your own tracking down the best real estate agent or brokerage for your needs. There are plenty of agents out there and some deal with buyers, some with sellers, and some do both, but it’s important to have an experienced agent that not only knows the market but your particular neighborhood as well. Perhaps you need to sell a home before you buy and having the same agent complete both transactions makes things easier and closings smoother. Start now by interviewing a few agents and if you get to feeling a little overwhelmed or pressure from an agent, you’ll know it’s time to move on.
When you’re ready to buy a house, we’ll be here. We want help with all of your central Indiana real estate needs and we specialize in a variety of communities, subdivisions, and unincorporated areas around central Indiana so we have an agent who specifically works in your neighborhood. Contact us today to learn more, interviews for your buyer’s agent, or start browsing our website for all homes in real estate in central Indiana.
Great advice for relocation and moving:
- How much do buyers really need to spend?
- What to do with pets when you move
- Can you back out of a real estate deal?
- How to Find a Walkable Neighborhood