Buying Your Home at the Best Price

 Buying Your Rhode Island Home at the Best Price


Finding a great deal when buying your home

What price point works for you the buyer?


No matter how many homes you have bought in the past or whether you are a first time home buyer, the   process can be an emotional and stressful journey.  Ensuring you buy your home at the best price is the real deal.   This is where your  real estate agent in RI real estate is put to the test.


  It usually is the biggest asset you will purchase in your life.  Take the time to do a bullet list of must haves and needs before you start home shopping.


1) Get Pre-Approved from a Mortgage Lender

That is the process of finding out what a mortgage lender will allow you, the home buyer, to borrow based upon income and down payment amounts.  It gives you an idea of what you can afford so go to a tried and trusted professional. Ask your real estate agent for recommendations too.  A good Real Estate Agent will need a pre-approval in hand when you are ready to make an offer on a home.  Just so you know an offer on a home can not be made without a pre-approval mortgage approval or a Proof of Funds (if buying with cash).  Always make sure the mortgage lender will document the amount you can afford and send it to your Real Estate Agent as well.  Always have the discussion of the maximum you want to pay monthly on a home (monthly mortgage payment, real estate taxes, homeowners insurance,etc.).

2) Talk to your Real Estate Agent about what you Want in a home

It is important that your agent understands your needs, affordable price points, work distances, family situation, desired location and much more in order to do the best job for you.

3) Picture Your Home

You may or may not know what style of house you like or what amenities in the home are a must (2 baths, hardwoods, garage, etc.).  So these items should be discussed so that your expectations may be met or perhaps may need to be scaled back when buying your home.

4) Consider the area- the ultimate Location

Driving by neighborhoods that you are interested in at different times of day as well as different days of the week give you an idea whether or not that location may be right for you.  How are the schools- are they important to you?  Distance to your job? Do you want to be near the water- are you a sailor or sun bather?  Important questions that should be answered by you prior to looking for a home.

5) Review the Flood Maps

Whether you are considering buying waterfront RI real estate, or by a river or stream or inland, check with your insurance company early on to know whether or not you need flood insurance for the property.  Most coastal and waterfront RI homes do require some kind of flood insurance.  It may be just a few hundred dollars a year but you need to know so you factor that expense into your annual home maintenance costs.

6) Rehabbing a Home

Unless you have experience doing it and know how to estimate your costs, be careful on many of the short sales and foreclosures that are on the market.  Your real estate agent will have a network of contractors that can help you with pricing – it is not for the faint of heart.  It takes time, resources and money.  Ask yourself is this what you want when buying your home?

7) Home Inspection

Once you have found the home, negotiated a price and have signed the purchase and sales agreement the next step is the home inspection.  A good home inspector is a must to ensure that any deficient conditions that you were not made aware of are found as well as other items (i.e. past flooding in basement, cracks in the foundation, termites, structural issues, etc.).   Request for repairs to the homeowners is the next step in the process and ensure everything is done on paper and not orally.  Work with your Real Estate Agent on this request for repairs addendum form.

8) Negotiate the Repairs

Once you have received your home inspection report the request for repairs should be reasonable in order to keep the transaction together.  Deficient conditions should be addressed by the homeowner and if not, then you can terminate the agreement, get your deposit back and begin looking at other homes to buy.  Hopefully, there is a meeting of the minds on the repairs and then you can move towards closing on the home.


Call me, Ginny Lacey Gorman, at 401.529.7849 or email me at  Let me set you on the Right Path to buying your home at the best price.

Ginny L. Gorman – RI Real Estate Agent – 401.529.7849 –


North Kingstown, South Kingstown, Exeter, Narragansett, Jamestown, Warwick, East Greenwich,Westerly and Charlestown RI Homes for Sale – waterfront homes, ocean front homes, luxury and vacation homes are my Rhode Island specialty.