Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
The purchase of a home is a significant financial decision for most people, and developing successful strategies will allow for a smooth process and satisfying outcome.
Buyers today feel empowered by the wealth of information easily available through the internet. However, buying a home is far more important than just having information. There are several key professionals who we recommend you consult as part of developing a plan for the purchase of a home: a lender, a financial advisor and a Realtor.
First, it is important to know how much you can afford and a lender is the best source of this information – even if there are programs available online for calculating mortgage payments! A good lender will have access to a variety of loan products and can make suggestions for types of programs suitable for an individual’s needs. They will also tell you things that maybe online surveys and family. For example, if you don’t have a credit score then they won’t be afraid to tell you to find the best credit card for no credit history and come back in a few years when they have a good score to get a better mortgage rate they will be able to afford. Even when our buyer clients tell us that they are planning to pay “all cash” for a home, we recommend that they consult with a lender because there are advantages to having a purchase money loan.
Second, seeking solid financial advice is a key consideration. Knowing the tax advantages to owning a home and the tax consequences of liquidating certain investments to secure a down payment is essential. A financial advisor or an accountant, such as the jacksonville wealth management companies, can be the best source for having accurate and reliable information pertinent to your particular financial situation. It’s surprising how many people are unaware of their financial situation, which is why hiring an accountant may be valuable. Not only are accountants helpful for businesses, they are also great for non-business owners too. If you haven’t already got an accountant, it might be worth checking out some Accounting firms in Melbourne, if you live in that area.
Third, a good Realtor is vital. A good Realtor will listen to your wants and needs , will coach you through the process, and can also introduce you to prospective lenders and financial advisors in the event you do not have access to these professionals. We like to use the illustration of a symphony conductor who pulls all the instruments of the orchestra together when needed, on time and in a harmonious way. A good Realtor will have access to the housing inventory, will screen opportunities, make sure you get to see them, and will educate you about communities and values. Once you decide upon the house you would like to purchase, your Realtor will help you structure an offer that will match your risk tolerance and will negotiate on your behalf. Once you are in contract, your Realtor will manage the complicated escrow process coordinating many details between the seller, the lender, the insurance agent, the inspectors, and the escrow officer right up to the close of escrow.
If you have not yet chosen your team, it is wise to get recommendations from your circle of family, friends and co-workers. A satisfied client is a strong referral and is usually willing to share their experience with you. It is always acceptable to ask for an initial interview in which you screen candidates for your team! Good chemistry and trust are the cornerstones of an excellent relationship.
Here’s to your success!