Homebuyers, we know how overwhelming the whole home buying process can be, whether it’s to be your first property or one of the many. With the real estate market constantly evolving, one must be very careful to remember every detail when buying a home. Otherwise, the chances of getting your dream home will be slim to none. Yes, a house and lot is a massive investment that calls for sharp financial decisions, and if you make the RIGHT move, you’ll be SET FOR LIFE.
So, what does it take to find the perfect house that’s worth all your hard-earned money? Here are nine top-secret tips for buying a home:
Getting pre-approved for a home loan is key
Most buyers don’t realize the big difference between being pre-qualified and being PRE-APPROVED for a mortgage. There’s seriously no point getting your search started if you’re not certain what house you can afford. So, to avoid heartbreaks and empty pockets, get a pre-approved loan before shopping around and make sure that your chosen lender has all relevant financial information, just so you’re clear on how much they’re willing to lend you.
Border disputes are a pain
Don’t exhaust yourself with border disputes. Not only are they costly and time-consuming, but they can also affect your otherwise healthy relationship with your neighbors, as well as your own home. Before making that purchase, look out for tell-tale signs of a brewing border dispute and gather the proper documentation to prove where the limits of your property lie to avoid this unfortunate situation.
Avoid trying to time the market
Is the best time to buy a house just a myth? Yeah, don’t be too obsessed with the idea. Trying to anticipate the housing market is almost close to impossible, and the best time to buy is when you find the perfect house THAT YOU CAN AFFORD. Real estate is too cyclical to be timed–and if you’re trying to wait for the perfect time, you’re probably going to miss out.
Bigger isn’t always the best choice
Yes, we feel you. The temptation to scale up and search for a larger property (given it’s within budget) is always there. The wide, open space can mean endless possibilities for a hopeful homebuyer, yet we must always keep in mind that bigger houses require more work– these properties are more upkeep and are more likely to cost more to run. So, before going for that larger option, have a good idea of how much space you’ll need and flick off anything that’s above and beyond (or at least consider it carefully).
Sleeper costs are a big N-O
While the biggest number associated with buying a house is always the price tag, one must be wary of ‘sleeper costs.’ Are you looking to buy a large property? The cost of painting every room may leave you strapped for cash. Maintaining expansive grounds can also gobble up a large part of your precious income. So, avoid those hidden costs AT ALL COSTS (pun intended)!
Trust your instincts
Avoid heartbreaks– don’t buy a house based on emotions! Falling in love with a property may cause you to make pretty bad financial decisions, so go with your instincts instead, as it’ll help you get the right house for a good value. Try not to be charmed by superficial features, but consider its structure: is it robust or likely to deteriorate over time? Think long-term and always choose to be wise!
Give it a once over
No matter how hard you try, you can’t tell the state of a house at a glance. Don’t hesitate to bring in the professionals and get a surveyor to give your chosen home a once over. This expense will pay dividends in the long run, as your dream home can turn into a nightmare if you’re too lax.
Know the right bidding approach
Bidding may sound like a simple thing, but it’s a combination of art and science. Try to lowball, and you may offend the seller of your potential home, but bid too high, and you’ll end up overpaying for a property when the time to resell comes. Make sure to inspect the value of neighboring properties to help you make the right choice. A specific bid indicates that you’re a serious buyer and that you’ve done your research.
Get to know the neigborhood
A property’s value is affected by the quality of its neighborhood, so before you view your prospective home, take a walk around the local vicinity and inspect it for signs of neglect or upkeep. It’s always a good idea to do your research about school zones and other amenities, too, especially if you have young kids in tow. Yes, stalk that neighborhood!
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