A lot of thought goes into buying a home. And whether this is your first home or you are a home-buying veteran, there are things you should always keep in mind. Below is a list of helpful tips for conducting your search. If you have questions, or you’d like to discuss anything, don’t hesitate to contact us!
Before you look for a new home, ask yourself a few basic questions.
Why are you moving? Because you need to? Or because you want to? Do you want to find a nice family neighborhood? Or a house near the beach? Are you looking for your first home? An investment property? Or a place to retire? Assess your needs ahead of time, and you will have already done half the work.
Dream big, but don’t get lost in them.
Looking at homes well beyond your means is fun. But falling in love with one can spell trouble. Talk to a lender. Find out what you can afford. Then look at homes just below and just above your price range.
You never know.
You might find a bargain fixer-upper. Or you could come across an expensive home with a motivated seller who’s willing to work with you. Try never to get too excited, or too worried, and always be willing to walk away from a home that’s not right.
Put your finances in order.
Don’t make big-ticket purchases, like buying a new car. Don’t move money around from one bank account to another. That makes lenders suspicious. And finally, get pre-approved by a lender. They will order a credit report ahead of time and resolve any mistakes or blemishes You’ll be a stronger buyer when the time comes to make an offer.
Get to know the market.
Find out if you’re in a hot market where homes get multiple offers. Or a cold market where properties remain on the market for months. The difference is night and day. Get in your car and drive around. Locate the neighborhoods that appeal to you. Take notice of the services and the sense of community each neighborhood has. Visiting open houses is another great way to get a feel for the market.
Your offer is more than a number.
When you offer to by someone’s house, don’t just show them the money. Think of other ways to make your offer attractive. Agree to their escrow preferences. Suggest a lower selling price while offering to cover necessary repairs out of your own pocket. If the seller conducted their own inspections, consider waiving your inspection contingency. Offer to pay some of their closing costs. Money does talk, but it’s not everything.
Inspect it now, or pay for it later.
If you buy a home and find out termites are feasting on the floor boards, or that your pipes are about to burst, don’t say we didn’t warn you. There are just too many unknowns when buying a house. Always get property, pest and roof inspections, and read them carefully. Inspections not only protect you from buying a lemon, they can serve as a valuable negotiating tool.