A house is likely your most significant investment, and if you’re making your first investment, there are many questions. Real estate is a tricky landscape to navigate, which is why people turn to real estate agents. Below, you’ll find answers to common questions to ensure the smoothest home-buying experience.

Answers to Common Home-Buying Questions

How do I establish a budget?

You shouldn’t purchase a home you cannot afford. To make a budget, determine what 30% of your monthly income is. You shouldn’t take out a mortgage loan that will be higher than this. The 30% rule ensures that you can comfortably pay for the house without cutting into your usual financial needs.

Should I get mortgage pre-approval?

Sellers want to work with serious buyers, and mortgage pre-approval lets them know you’re financially capable of purchasing real estate. Pre-approval will also give you an idea of available loan amounts to budget around. Consider several lenders, as some may offer better deals than others.

Are home inspections and appraisals necessary?

Homes are complicated, even to the trained eye. To ensure you know what you’re getting, schedule an inspection, and possibly an appraisal. Home inspectors will look at all aspects of the property, including plumbing, HVAC, electrical, the foundation, land erosion, and mold growth. An appraiser will accurately value the home based on the existing real estate market. Use this information to negotiate a lower price and ensure you don’t inherit problems.

Should I hire a real estate agent?

A real estate agent is an invaluable resource. They’re experts on the local market and will help you find properties that match all your criteria. They’ll ensure you have backup throughout the negotiation, closing process, and filing the turnover once the purchase is complete.

If you want to buy real estate in the Waterloo, IL, area, contact RE/MAX First Choice-JoAnn Meier. She has helped buyers and sellers throughout the region reach their real estate goals since 1984. She’ll work closely with you through every step of your transaction, so call (618) 939-6003 to schedule a consultation. Explore her real estate listings on her website and connect on Facebook for updates about homes for sale in your area.