Buying / Renting Advice

Overwhelmed? You’re not alone - many people find the process of buying or leasing a property daunting. No two buying or renting experiences are the same, but this list provides an idea of the different steps you may encounter when buying a property.

What Can You Afford?

Now that you know what you’re looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary.
If you are purchasing a property, you’ll want to get pre-qualified for a mortgage loan early on in the process, which helps determine how much you can afford. It enables you to move swiftly when you find the right property, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be.

Shopping For a Property

An important first step is selecting an experienced agent to help you find what you are looking for. He or she can represent the buyer’s interest in a real estate transaction. When you are ready to visit properties, ask your COREO professional to arrange showings, and be sure to keep track of the properties you’ve seen. Each time you view more properties, refer to your “what’s right for you” notes to immediately eliminate any that clearly do not meet your standards. Also, bring a digital camera to record what you see – you’ll be happy to have the record afterwards.

After touring each property, write down what you liked and didn’t like. Develop a rating system that will help narrow the field. For example, pick the property you like best on day one and compare all other properties to it. When you find a better one, use the new favorite as the standard.

Making an Offer

Once you’ve found the property you are looking for, it’s time to get started with the financial and contractual side of the purchase or lease. Let your COREO® professionals guide you through this process. Because you and the seller have different goals, rely on your COREO agent’s experience and expertise. He or she can bring order and calm to the process and will know what questions you may not know to ask to help you reach a favorable outcome.

Inspections

 This is a major step in the buying process and there are many potential problems that can be discovered during this period. Your COREO® Real Estate Professional can help make these discussions go more smoothly.

Moving in

       Two weeks prior: 
          • Hire a reputable mover or rent a moving truck. 
          • Contact your utility and phone companies to set a specific date when service

            will be discontinued. 

          • Register children for school and ask for school records to be transferred.
          • Notify cleaning and security companies when service should be terminated.
          • Advise the post office, publications and correspondents of change of address

            and date of move.

       Moving Day:
          • Have tools handy for breaking down beds and appliances.
          • Move valuables (jewelry, legal documents, family photos & collections)

            yourself - don't send them with the moving company.
          • Don't forget to check in with your local COREO® Real Estate Professional -

            he or she may be able to provide useful local advice, and/or referrals.