Don Daugherty Real Estate Relocation Services

HOMEBUYERS: How to Avoid Paying Too Much for Your Simi Valley Home or Condo

Buying Simi Valley real estate - a home or condominium is one of the most important steps in your life. Here are 8 essential tips you must know.  Each decision you make has money riding on it. Finding the right home to meet your needs is hard enough. But knowing how to avoid paying too much for that home once you've found it is another job entirely. As someone who has helped countless buyers find their dream homes and save money at the same time, this guide can help you avoid the pitfalls inherently in the home-buying process.

The tips contained in this report will go a long way toward making you a savvy buyer.

Tip # 1: Know what you're shopping for, before you start.

Before you begin shopping, understand that there are two homes or condos out there vying for you're interest-the one that meets your needs vs. the one that fulfills your desires. In a perfect world, you would find a home that satisfies both. But since this isn't a perfect world; you will be confronted with choices. Do you choose the three-bedroom home with room for your family to grow, or the one with the big back yard and deck that is perfect for entertaining? Is having a big kitchen more important to you than a few extra rooms? When you start shopping, you're going to find homes you fall in love with for different reasons. That is why you should list the features you want before you start shopping. Use the form provided at the back of this report and break your list into two categories: "Needs" and "Desires" - and prioritize the items you come up with. Understanding what you really need as opposed to what you would like to have, will help you keep your priorities straight as you shop around. I've seen people all in love with a home for the wrong reasons then regret their purchase when the home fails to meet their needs. Don't let emotion cloud your judgment. Satisfy your needs first. So much the better, if you find a home that meets your needs and fulfills some of your desires. The important thing is to know the difference before you get caught up in the excitement of the hunt.

Tip # 2: Shop for a mortgage before you shop for a home.

Getting a loan pre-approval is the smart way to shop for a home. It tells sellers that you are a serious prospect, and you know in advance the maximum mortgage you can afford. Make sure you get a commitment in writing. The good news is that it's easier than ever to qualify for a home loan. Lenders have modified qualification rules and created programs designed to help people even if they have problems in their credit or unemployment histories. Many programs call for dramatically reduced down payments - the biggest obstacle for first-time buyers in particular. You will save money when you make an offer and the seller knows without a doubt that your loan is approved and the deal is firm on that issue.

Tip # 3: Pick a winning team to help you.

From picking a mortgage, to finding the right home, to inspections, to negotiating the best deal, it can be exhausting for even the hardiest of souls. That's why most people have a Realtor® in their corner. A good agent has the knowledge and experience that come from years of helping both buyers and sellers. He or she also has a team of other professionals to put at your disposal-lenders, title insurance companies, lawyers, home inspectors, movers, etc. Most sellers you encounter are certainly going to have professionals in their corner. Having a pro on your team is the best way to make sure you get the best deal possible.

Tip # 4: Make sure your Realtor® knows what you are looking for.

Once you have a clear, detailed picture of the home you want, make sure your Simi Valley Real Estate Agent has the same picture. This communication is critical. Otherwise, you will both waste times looking at homes that you are not really interested in. Also, make sure your Realtor® knows your priorities. Your shared goal is to find a place that meets all of your needs. Your Realtor® will then try to satisfy as many of your desires as possible. A good Realtor® will ask you several questions about what you are looking for and what you can afford, and they will listen carefully to your answers.

Tip # 5: It's a cliché, but . location, location, location.

The desirability and resale value of your home-to-be depend on location more than any other single factor. Again, don't let emotion get in the way of a wise investment. No home is an island, and the homes and circumstances that surround it affect the value of yours. Assuming you've already considered the elements that make up a desirable community - character, quality of schools, access to work places and services, recreational facilities, etc. - there are several elements that combine to create a good location. Assuming you've already considered the elements that make up a desirable community-character, quality of schools, access to work places and services, recreational facilities, etc. - there are several elements that combine to create a good location. Your first consideration is the neighborhood. Every neighborhood has its own unique character. You need to make sure you'll be comfortable in the one you're thinking of living in. Take a long walk and observe carefully. Do people take care of their yards and homes? Are the yards fenced? Do children play in the streets? Talk to the neighbors and ask questions that give you a better feel for the area. But be careful not to appear judgmental - you might be talking to a future neighbor. If the neighborhood is to your satisfaction, look at homes on the market in the area. In some neighborhoods, extremely large homes surrounded by smaller ones tend to appreciate less than a large home among other large homes. Conversely, the smallest home in the neighborhood tends to be "pulled up" by the other homes on the block. However, it might take longer to sell a smaller home when the time comes because many people are unwilling to pay extra for the neighborhood. The outer edge of a neighborhood is usually not good for resale value. There are noticeable dividing lines between unlike neighborhoods. It could be a difference in architectural styles, home sizes, property use or something else. Look for a home in the middle of a community of similar homes - it will hold its value better. An exception to this rule is a house on the edge of a neighborhood bounded by woods, parkland, golf course or water front. Be sure to give the neighborhood a long, hard look. The home you are interested in may be perfect, but if the neighborhood has problems, your investment won't be worth as much when it is time to sell.

Tip # 6: Use your Simi Valley, California Buyers Agent to narrow the prospect list.

A good agent brings to the table an in-depth knowledge of the current housing inventory in his or her area, and continually updates that knowledge by touring homes as they are placed on the market. This is to your advantage. Trying to personally see every available home that might fit your needs would be an overwhelming process. If you are thorough in communicating your needs and what you can realistically afford, then your agent can help you narrow down the list of prospective homes to those that best suit your needs. This will save you much time and energy. When the time comes to settle on one home, you can do it with the confidence that you've made a well-informed choice.

Tip # 7: Talk to your Simi Valley Realtor® as you tour the homes.

As you tour the homes on your "short list" discuss your likes and dislikes of each one. This will help your Realtor® understand your preferences and help you focus on priorities.

Tip # 8: Don't ignore red flags when evaluating a home's pluses and minuses.

When evaluating the advantages and drawbacks of a particular property, be sure you know the difference.