HONOLULU (HawaiiNewsNow) - For most people, buying a home is the most significant investment they will ever make. While the prospect of owning a home is an exciting one, it can often times seem overwhelming, especially for those who are new to the real estate process. Patrick Graham of Coldwell Banker Pacific Properties joined us on Sunrise with some tips for first-time home buyers dreaming of home ownership. Check out the video of his interview and his notes below.
Utilize free online tools to arm you with as much knowledge as possible. Looking up listings and real estate information.
Take time to access and closely review your credit score and explore mortgage pre-approval. A sound financial track record and solid credit score can help lock in a loan and lower interest rates. A pre-approval will let home buyers know where they fall financially while informing the mortgage company that they are ready to buy.
Line up your "all-star" team of professionals. A team of experienced professionals is essential to making the home buying process simple and seamless. Start by interviewing and selecting an agent who you "connect" with. A great way to meet agents is by visiting open houses and asking him/her questions. That agent may also be able to help you identify suitable lawyers, mortgage lenders, home inspectors and others who play a role in the process.
Anticipate your future needs and buy for lifestyle. Try to anticipate how long you'll live in your next home and plan for major lifestyle changes when possible. What may make a perfect starter home for a couple might not work as well when children come into the picture.
Hone in on your housing priorities. Your ideal home may have a porch, a pool and five full baths. But before you start looking, make sure to separate your "must-haves" from your "nice to haves," so you know where you can compromise to meet your budget.
Example property: 46-283 Kahuhipa St #C503, $335,000 FS
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