8 Steps to Buying Your First Home : Step 4

Step 4 : Finding the Right Place and Paying the Right Price

When you finally find the place you’re ready to call home, it’s time to put an offer in. But never forget that this is an investment first and foremost. You make your money when you buy, not when you sell, so you have to buy right. You do this buy taking a look at the comparable properties that have closed in the recent past, and evaluating their different nuances and increasing or decreasing the values between them to come up with a final bid price for the home you want to buy. This is where your agent’s experience comes into play big time.

There’s no rule book that tells you the different values of different types of finishes or sizes. If you’re buying in a condo building, what’s the difference between a second floor unit compared to a 10th floor. What about new verses old. Every single one of these factors has an intrinsic value that you have to know when placing a bid. Your agents experience comes into play because they’ve done this many times and they know those values.

Another aspect to think about is the time you’re looking buying. When you’re putting an offer in is the market on its way up, or on its way down? You have to buy ahead of the market, so make sure the price you pay is the right price to make your investment grow over time. Protect your money.


Additional Episodes

Episode 1 : Getting Pre-Approved
Episode 2 : Connecting with a Real Estate
Professional
Episode 3 : Finding the Right Home
Episode 4 : Paying the Right Price
Episode 5 : Earnest Money
Episode 6 : Attorney Review
Episode 7 : Finalizing Your Loan
Episode 8 : Walk Through + Closing Day

Check out the full series on our Facebook and Youtube channels.

 


RENT WITH VESTA PREFERRED REALTY, BUY WITH RNP GROUP.
Vesta Preferred Realty is a licensed real estate broker in the state of Illinois with offices located at the address below: 

1001 N Milwaukee Ave Suite 401, Chicago, IL 60642.

RNP Group is the residential real estate sales arm of Vesta Preferred Realty. Equal Opportunity Housing.