Whether you’re in the market for international real estate, a beach cottage, condos or Palm Desert real estate, there are a few rules that you should never, ever break. While they aren’t actual “rules,” like there are with mortgages and some of the other financial aspects associated with buying a home, these are guidelines that should be looked at as best practices, especially for those who are new to the real estate game. Read on for three that we think are very important to keep in mind.
- Always work with a professional. Buying a home or international real estate is one of the most sizeable transactions you may ever make, and is something you will probably only do a few times in your lifetime. It’s essential to have a realtor or agent in your corner to help you navigate everything from negotiating with sellers and identifying the right neighborhoods for your family to getting through the closing process and finding local contractors. Working with a real estate professional can save you money in the long run.
- Don’t make an offer before you’re pre-approved. One of the first steps you should take, even before you actually start viewing homes, is to get pre-approved by a lender so you can determine what your budget truly is. They will evaluate your credit and financials to let you know the extent of your purchasing power, and can provide pre-approval letters for you to show sellers how qualified and serious you are about buying their Palm Desert real estate.
- Prepare to put down earnest money. It is usually required to put down a deposit when you make an offer—not a down payment, but an amount that is around one to two percent of the purchase price, though this number can vary, depending on the location. Coupled with pre-approval letters, this shows sellers how serious you are and vets you as a legitimate candidate.
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