Quick Guide for First Time Buyers of Lake Michigan Homes for Sale
Being in the market of Lake Michigan homes for sale for the first time is exciting; in fact, that many first time homebuyers fail to take note of critical issues before entering into a final agreement with a seller.
Here are a few first time homebuyer tips to help keep you grounded and focused before, during, and after your search. Let me help you cover the basics.
Covering the Basics
Before you ever even start looking at real estate Lake Michigan has on the market, make sure you have the following:
- Pre-approval from a lender - Estimate of your costs, including down payment - Sufficient funds in the bank - Target price range - An experienced real estate agent
Finding the Right Home
As a first time homebuyer you probably don't want to spend the first few months or years repairing your home, so investigating thoroughly for obvious signs of damage will be well worth your time.
Outside look for
- Cracks or missing masonry in the foundation - Quality of the shingles on the roof - Cracked door and window frames - Quality of condenser (outside heating/conditioning unit) - Sturdiness and quality of wood on deck/porch - Additional structures - Dangerously low wires
On the inside of Lake Michigan homes for sale look for
- Cracks in doorways - Signs of water damage on the ceiling - Mold in dark corners and near plumbing fixtures - Weak spots in the floor - Cracks and signs of water damage in the walls - Operational fixtures (cabinets, closets, etc) - Open wires near or attached to the circuit breaker - Faulty outlets or light fixtures (flip every switch) - Low water pressure
Making an offer
If you're serious about making a valid offer, you may be interested in seeking a quality appraisal first. It's something you will need, anyway; and there's no use getting into a deal that you can't afford. Your agent will help you determine a fair price to offer, how much of an earnest deposit you should put down, and anything you should ask of the seller by way of repairs, assistance with closing costs, or any other number of possible concessions.
Be certain to allow yourself an 'out' in the event of a negative home inspection or in case - for one reason or another - you are unable to get qualified for a mortgage loan to invest in Lake Michigan homes for sale.