BUYER REPRESENTATION
Buying a property is likely the largest financial commitment you will ever undertake. Whether you are a first-time buyer or a seasoned investor, this decision should be approached with care and caution.
Why are you considering buying a property? Is it because you're tired of renting? Are you ready to start building equity in your own home rather than contributing to your landlord's wealth? Perhaps your family needs more space, or you're seeking to diversify your investment portfolio or purchase a rental property. Maybe you desire more light, a better kitchen, or want to try out a different neighborhood. Understanding your motives for purchasing can help you find the right property.
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Has your income increased? Owning property is a solid investment, whether it's acquiring your dream home, a rental property, or expanding your investment portfolio. Real estate is one of the safer ways to increase your equity or get a higher return on your initial investment.
Before you begin the process of searching for a property, it's advisable to get prepared.
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Create a Green File: A green file should include all essential financial documents needed to secure financing for your property. Typically, a green file includes:
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Financial statements
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Bank account records
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Investment details
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Credit card information
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Auto loan details
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Recent pay stubs
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Tax returns from the last two years
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Copies of leases for any investment properties
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Statements from 401K, life insurance, stocks, bonds, and mutual funds.
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Check Your Credit Rating. Your credit score greatly influences the type of property you can purchase and the price. It's wise to first check your credit score with a reputable lender to assess what you can afford. The lender will review your credit reports from the three major credit agencies: Equifax, Experian, and TransUnion. We can recommend experienced lenders who are knowledgeable in residential, construction, commercial, and investment real estate.
Be Mindful of Your Finances. Avoid making drastic career changes or large purchases right now. It's important to approach the purchase of a property from a position of financial stability.