You picked your neighborhood, know your price range and are ready to start shopping for a new home. But before you start your hunt, it’s important to identify what kind of buyer you are to avoid wasting time.
For many home buyers, school district, neighborhood and affordability dominate the decision-making process, but knowing your “buyer personality” will help define and focus your search.
For instance, if you want a move-in-ready home but never convey that to your realtor, you can waste time looking at fixer uppers. Or if you care about the environment, you may want to see only green homes, which could require a more specialized agent.
Personality #1: The Move-in-Ready Buyer
These are the home buyers who want to purchase a house that only requires them to move in their furniture and start decorating.
These buyers are not afraid to look at many properties to find the perfect home that won’t force them to roll up their sleeves for improvements or repairs.
Personality #2: The Minimalist Buyer
Minimalist buyers aren’t afraid to make changes to a home as long as they are minor. This type of buyer is drawn to homes that are structurally sound, but may need some new paint, updated curb appeal or other minor cosmetic changes.
Personality #3: The Fixer Upper Buyer
This group of buyers can see the potential of almost any home and aren’t afraid to buy a home needing renovations.
Sometimes these buyers are first-time buyers looking for a home to put their stamp on something and other times it’s a savvy buyer looking to make money off a property with a repairs and renovations. Either way, a fixer-upper buyer won’t think twice about remodeling the basement, bathroom or even the entire house.
Personality #4: The Life Timer Buyer
The recession has changed the way people view the home buying process, and many first-time home buyers aren’t looking for the starter home – they are seeking out a home they can stay in for 10, 20 or even 30 years.
These buyers tend to have young children, planning a family or have multiple generations living under one roof. They plan to buy a home and stay in it for the long haul.
Life-time buyers may not be at a certain life cycle when they purchase the home but have the ability to plan for the future and purchase accordingly.
Personality #5: The Eco-Warrior Buyer
For this type of buyer, going green isn’t a fad–it’s a lifestyle. The eco-warrior buyer is always looking for ways to conserve natural resources and wants to buy a home that is energy efficient and uses minimal water and electricity.
An eco-warrior also wants a home that is close to work, entertainment and groceries to reduce his/her carbon footprint. Since eco-warriors have very specific requirements whether its geo thermal heating or solar panels, they should go with a real estate agent that specializes in that area.
Figured out what type of buyer you are and ready to take the next step? Apply for a 10, 15, or 30 year First Financial Mortgage today!*
A 10 year mortgage of $100,000 at 3.126% APR* would have a monthly payment amount** of $965.61.
A 15 year mortgage of $100,000 at 3.651% APR* would have a monthly payment amount** of $708.76.
A 30 year mortgage of $100,000 at 4.541% APR* would have a monthly payment amount** of $499.29.
You can also subscribe to our Mortgage rate text message service by texting “firstrate” to 69302, and receive instant notification when our mortgage rates change.***
* A First Financial membership is required to obtain a mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. Subject to credit approval. See Credit Union for details.
**Payment examples do not include taxes or insurance. Financing up to 70% value of property.
***Standard text messaging and data rates may apply.
Article Source: http://www.foxbusiness.com/personal-finance/2013/03/13/what-kind-homebuyer-are-find-out/