Have you ever called your realtor and had her answer the phone in the ER? Has your mortgage broker driven 40 miles to pop by your home during inspections just to make sure all was going smoothly? As I sit in the living room of my new house, I finally have a moment to reflect back on all the superhero professionals that it took to help us finally buy our first home.
Who are these housing heroes? There were four people who we relied on most heavily during our home-buying process. Thinking of buying a home? Surround yourself with these people first:
Realtor: Our realtor talked us out of the first house we looked at, which would have been an easy commission for her and a mistake for us. She negotiated and brought expertise that was far beyond what we expected. In picking your realtor, interview a few people, check their credentials (a Certified Residential Specialist is a good place to start) and pick someone who specializes in the type of home and area you are after. Your realtor also brings a wealth of referrals to other professionals, including home inspectors, plumbers and electricians.
Financial advisor: Should you buy a home or keep renting? My husband and I were happy renting for a long time, but when we decided we wanted to stay in Los Angeles to raise a family, we compared what a big enough rental would cost us vs. buying a home. Our financial advisor helped us see the trade-offs we would be making by embarking on such a large financial commitment and how much home we were comfortable buying.
Mortgage broker: Having a loan specialist that you trust is imperative. As a CFP® professional, I get to interact with many mortgage brokers, so when the time came for me to get a loan, I picked someone who I’ve seen go above and beyond for my clients. A good broker will give you a layout of all your loan options and make sure you are getting the right loan for your lifestyle. Our broker steered us away from expensive, overly complicated loans and kept us abreast of changes in the loan market. A broker, unlike your local banker, has many lending institutions to pick from, so you are able to shop around.
Contractor/handyman: I have a close family contractor friend who went to every open house with us. He scaled walls to check on the quality of roofs, crawled under homes to take a look at pipes and checked electrical panels to see how new everything was. Have a friend who knows their way around a tool shed? See if you can drag them along to open houses with you. A good handyman or contractor can help you see what issues in a house are cheap and fixable vs. expensive and time-consuming. Ours helped us figure out exactly what kind of projects we would be taking on with each house we viewed, something we could not have done without his expertise.
When you walk into a home, you have about 20 minutes to decide if you are going to make one of the largest financial decisions of your life. Making that decision on your own is something no one should do. They say it takes a village to raise a child, but I would say that it takes a village to buy a house. Happy home hunting!
