Home buying on the radar? Top 5 crucial tips to buying without remorse

If you've been thinking about taking the plunge and buying a home, it might just be the right time to do it. Rates on loans are still low, plus the market seems to be leveling off, but who knows for how long. Once the Summer arrives home prices could begin to rise again as we saw late last year, although I expect it will go up at a steady rate.

Below are the Top 5 tips for home buyers to consider as they start their home search.

1. Aim for a home you can really afford.
The rule of thumb is that you can buy a house that runs about 2 1/2 times your annual salary. There are tons of helpful tools and mortgage calculators online to make sure you get the best handle on how your income, debts, and expenses affect what you can afford.

2. Before house hunting, get pre-approved.
In the line with the information above, the financial side of things is key to getting the house you want. Getting pre-approved will save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find that perfect house. Sellers are much more likely to accept your offer if you already have a pre-approval letter. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. We, at J&M Real Estate, have preferred lenders that we know, trust and have worked with in the past that would be happy to help.

3. Get professional help.
An agent is essential to this process. Even though the Internet gives buyers unprecedented access to home listings, most new buyers are better off using a professional. Find one that will make your needs their own and has your best interest at heart. Plus, it doesn't hurt to really like the person because they will become your right arm as you go through this process.

4. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

5. Research. Research. Research.
I can't emphasize this enough. Research everything. Research the area, do drive-bys and make sure that the shopping - grocery stores and otherwise meets your needs, visit at night and at rush hour. You want to do everything you can to make sure you are going to not just like where you live, but love the house and the neighborhood. If you don't love it, don't buy it. Buyer's remorse is real and you don't want to be a victim. Also, research home buying, negotiating and schools. You can never be too educated.

I wish you the best of luck on your home search. I would love to hear from you. Leave a comment or shoot me an email for any advice or assistance. Happy hunting.