Buying a house is perhaps the biggest financial decision anyone can make in their lifetime. This site is here to help you understand the home buying process and arm yourself with the knowledge you will need to make the best decison for you and your family. The first thing to do before buying a house is to educate yourself on how it all works.
Perhaps Bill and Janet’s story can help you better understand how to buy a house in San Diego the RIGHT WAY! This is a real case study of some past clients and will help you educate EVERYTHING you need to know before you begin your house search!
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Meet Bill and Janet. Bill and Janet recently bought a home in San Diego. When they first started thinking about home ownership they had no idea what they were getting into. Bill had many financial questions and was concerned with the costs of home ownership. Janet was more concerned about the size of the kitchen and the closet space.
They went into the home buying process blindly and were very surprised at all that went into it. They originally thought they could shop online and find the perfect home. After a few weeks they realized buying a home was no walk in the park and reached out to Tristen Campanella at Place Realty for more help.
Chapter I-Buy House
Bill and Janet reached out to Tristen Campanella because they became very frustrated with trying to do everything on their own. A few weeks earlier they were searching on websites such as Zillow, Trulia, and Red Fin for homes of interest to them. They spoke to a couple of mortgage professionals who told them they were pre-approved for $300,000. It all seemed “too easy”.
Initially, Bill thought he could save some money doing everything on his own. Bill is the type of guy who won’t stop at a gas station for directions when lost. It was after they began feeling extremely overwhelmed when they finally decided to meet with a real estate agent. They were surprised at what they found out!
The service of a buyer’s agent was FREE plus the agent did all the work.
Before you go out shopping for a home online you should sit down and speak to a real estate agent. If you want to buy a house the right way for a good price a real estate agent will help you do that. Best of all is that their service is FREE! The key is hiring the RIGHT real estate agent that knows exactly what they are doing.
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Chapter II-Understanding The Home Buying Process
The meeting with Tristen Campanella left Bill and Janet totally excited. Initially they thought that a real estate agent would cost them lots of money they didn’t have. They avoided meeting with a real estate agent earlier because they did not want to be “sold” on something.
When they first called the Tristen Campanella, he offered to take an hour out of the day to meet with Bill and Janet to explain the entire home buying process to them from start to finish. This helped Bill and Janet understand what to expect going forward so that they could plan accordingly. All the rules of engagement were laid out so that Bill and Janet completely understood the entire buying process from start to finish.
Buying a house is not something you make a quick decision on. You NEED to be armed with the proper information from start to finish so that YOU CAN MAKE a well informed decision. The very first place to start is understanding the entire home buying process.
Chapter III-Establish A Purchase Price YouCan Live With
One of the biggest takeaways that Bill and Janet received from meeting with Tristen Campanella was establishing a price point they were comfortable with. Bill and Janet were pre-approved, but they did not realize the monthly payment associated with that pre-approval amount.
The monthly cost for the amount they were pre-approved for was way more than they anticipated spending on a monthly basis.
Tristen Campanella broke down the total monthly costs involved in homeownership. Bill and Janet did not think about property taxes or homeowner association dues that are payable on a monthly basis. They were grateful that someone finally showed them ALL costs involved in homeownership on a monthly basis.
Bill and Janet were able to reach a conclusion on a purchase price they were comfortable with. It was NOT what the mortgage broker told them!
The very first step in shopping for a new home is establishing a purchase price that you are comfortable with. This will ensure that you do not get in over your head with a housing payment that is much higher that you are comfortable with.
To get familiar with the TOTAL monthly costs associated with homeownership Click the link below.
Click to find out : How Much Should I Spend On A House?
Zillow Home Loan Calculator
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Chapter IV-Tax Deductions
Bill and Janet were super excited to start looking for a new home, but they were not done yet. Tristen Campanella continued to educate Bill and Janet about the tax advantages to homeownership. They knew that there were tax advantages to owning a house, but nobody ever explained in detail exactly what that meant. The real estate agent explained to them in detail how they can deduct the interest on their primary mortgage and property taxes off their annual income! Bill really liked this part of the meeting and now understood why his CPA and father kept telling him to buy house!
If you are curious in the tax advantages of home ownership make sure you read this! Buying a house is not only an asset but also a tool to receive some very beneficial tax deductions. If you want to fully understand these deductions make sure you click below so you get a full understanding on exactly how this works.
Click to Learn Tax Advantages Of Buying A House
Chapter V-The Buyer’s Triangle
Bill and Janet were about to thank Tristen Campanella for educating them on the home buying process. The meeting went so well that they completely forgot to tell him what kind of house they were looking for. They were so surprised at the amount of knowledge they received from a simple 30-45 minute meeting they forgot what they were there to do in the first place. They went there originally to explain exactly what they were looking for in a new house!
Tristen walked them through the buyer’s triangle using the “Where should you live” tool. Bill and Janet were able to create a wants vs. needs list to help them see what is most important to them. After thinking things through, they realized that they would not realistically get everything they wanted. They were able to list out the things they can live with and without. They were again surprised at what they learned about their home buying search.
Determining what is realistic and what is not up front will save you the most amount of time and aggravation. Buying a home is simply a process of elimination. It is up to you to decide what you can live with and without. Use this exercise below to help you realize what’s most important for you in your upcoming home search.
Chapter VI-Buyer Closing Costs
Tristen Campanella had a good idea of what Bill and Janet were looking for and was able to point out some properties that matched their criteria. The final topic of the meeting left to discuss were the typical buyer closing costs involved in purchasing a new home. Bill and Janet were shown in detail the closing costs involved in purchasing a house in Chicago. Bill and Janet took note of what to expect and added those costs to their spreadsheet they were creating.
When you buy a house you will have more than just your down payment. There will be some closing costs involved. Knowing exactly what these closing costs are upfront will help you budget better for them so you can avoid any surprises as you get close to closing on your new home.
Tristen and her team can walk through expected closing costs to eliminate any surprises.
In a short 45 minutes the meeting was wrapped up. Bill and Janet had a very clear idea of how to buy house. When they left the meeting Bill looked at Janet and said, “I know honey…You told me so… We will use a real estate agent and it’s a much better decision”.
That week they began looking at properties that matched their criteria and within a couple weeks they found something they fell in love with. It didn’t have 100% of what they were looking for, but by using the buyer’s triangle they felt very comfortable in their decision. They put in an offer and the Tristen Campanella negotiated aggressively with the seller’s agent and got them the deal they wanted. Their offer was accepted and they closed on their new home 39 days later.
Bill and Janet to this day are living happily ever after…
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