Buying A Home May Be Your Biggest Purchase In A Lifetime – And There Are Lots To Consider!
A home is a sanctuary. It is a place that conjures the powerful feeling of belonging. Whether your motivation is in investing or choosing a house to live in, you must be ready to face details upon details of considerations before making a decision that would usually cost you an arm and a leg. A small detail left out could mean a waste on your huge, hard-earned money. Being educated is your best defense against a bad deal. Here are some helpful tips to get you headed in the right direction:
- Look for a good value in a location where you would choose to live. Every real estate valuation comes down to two considerations: current real estate appraisal and the most recent sales figures from similar properties. Understand the determination of fair value in property: the most a buyer will spend and the least a seller will accept, both parties fully aware of uses and advantages.
- Choose the Right Property. Don’t rush yourself into buying a property. Start going to a LOT of open houses. Check all the amenities, house condition, price range and location. Look at the different styles, talk to the realtors, be honest, many will surely enjoy helping you. Get the property inspected. If there is work required to be done as part of the purchase agreement, do not have the seller do it. Get the money in the form of a price reduction and/or credit and do it yourself. This way you can control who does the work.
- Have good representation. A good agent is a must if you want to get exclusive listings that are not on the market, avoid overpriced listings and save some time. When looking for agents, create a shortlist. Choose a realtor that understands what your needs are as the buyer, be patient with you and be willing to put the time into finding you the right home. If you are buying a home that needs work, make sure you do the math, figure out the cost of improvements, what the other comparable homes in the area have sold for which have the modern updates. Your realtor should be able to or willing to help you with this.
- Consider the neighborhood. While you may believe that the house is ideal for you, think about important things, such as the proximity to what your family needs: the local school, grocery store, transportation, etc. Also, take time to meet the neighbors before you buy your property. The last thing you want is to move in next to someone that you really don’t get along with.
- Be sure to get the mortgage that is right for you. If you are intending on staying in the house for a long while, then a fixed rate mortgage is the way to go. On the other hand, someone who intends to move after a few years should take advantage of a low rate adjustable mortgage. This way you will save money. Lenders also have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and getting an experienced, responsive mortgage bankers to assist you can make the process much easier.
When you’re sure you’re ready to buy a home, the first thing you’ll need to do is learn everything you can about the process. There’s a lot to know, but our start-to-finish guide on the subject will walk you through the basics.
Be a smart buyer!