Advice to Buyers

Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why Do You Want To Buy?

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Before you start shopping for your property, it is a good idea to make some preparations. First and foremost, with the help of a real estate agent, apply to be pre-approved for a mortgage. It does not matter how much you think you can afford – and it does not make any sense to look for a property – if you have no idea how much house you can buy. You want to go shopping, drive by potential houses knowing what you can afford.

Prepare Your Documents And Financial Information

You need to put together a file that contains all your important financial documents. You will need it to secure financing for your property. A typical file should contain:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

Check Your Credit Rating

Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.

Be Careful With Your Finances.

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.

Once those preparations are out of the way, it is time to find the right property for you. With the help of your chosen real estate agent, start looking with confidence. While the ultimate decision of where to buy and how much to offer for the property is entirely yours, take advantage of the realtor’s knowledge and access to specific information.

We are here to help you.



New Door Real Estate LLC.  1343 Main Street Suite 410   Sarasota, Florida 34236

Office: 941-536-9422   |   Mobile 941.730.3330

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