Top 5 Helpful Tips for Buying a House
Whether you are a long-time homeowner who is upgrading or this is your first house, there is always something new to learn about the purchasing process. Here are some tips to help you as you begin your journey towards buying a new home.
Date: 7/18/2021 7:42:39 PM ( 13 mon ) ... viewed 64 times
Buying a house is one of the most exciting, yet stressful things you will do in your life. There's nothing like the feeling of owning your own home and being able to put your unique stamp on your living space. Whether you are a long-time homeowner who is upgrading or this is your first house, there is always something new to learn about the purchasing process. Here are some tips to help you as you begin your journey towards buying a new home.
1. Get Pre-Approved
Many people are confused about the difference between being pre-qualified for a loan and pre-approved for a loan. Most people have the ability to be pre-qualified, so this doesn't mean much to sellers. Being pre-approved, however, can make a substantial difference in whether or not your offer is accepted. The lender will first look carefully at your financial situation. Then they will let you know how much they will lend you, which will, in turn, let you know what types of houses you will be able to afford. This means you won't waste time viewing houses that aren't financially feasible for you.
2. Make a List of Your Needs and Must-Haves
Stay focused on your reasons for purchasing a new home as you view houses. For example, you may want to consider a duplex if you want to make some extra money through renting. If you don't want to spend a lot of time making improvements and repairs to your property, a condominium may be the best choice. When you make a decision about the type of property that is right for you, the next step should be to make a list of your needs, wants and must-haves. If you have pets, a fully fenced yard may be one of your needs. If you have several children, a house with five bedrooms and a large family room may be non-negotiable. Conversely, a pool or pation area may be a nice-to-have option.
3. Choose an Experienced Real Estate Agent
If you have some experience within the real estate market, buying a house without a realtor may be a good option for you. If you are not confident in your ability to handle negotiations and navigate the real estate process, hiring a real estate agent may be your best choice. A real estate professional can help you choose the right houses to view, attend showings with you, help you decide on a purchase offer price, submit your offer, assist with negotiations, handle communication between both parties and attend the closing with you.
4. Stick to Your Budget
You should know your budget before you even begin looking at homes. Don't forget to factor in the "hidden costs" of purchasing a house, such as attorney fees, insurance, inspection fees and appraisal costs. Commit to not going over your budget, even if you find a home that seems perfect but is out of your price range. If you are able to do so, make a sizeable down payment so that your monthly mortgage costs are lower.
5. Opt For an Inspection
Any real estate professional will tell you to never opt out of an inspection. You would never purchase a car without looking it over first, so why would you purchase a home without making sure it is in good shape? The cost of hiring a home inspector is only a few hundred dollars, but it could cost you literally thousands in the long run. A home inspector will look over every aspect of your potential new home and give you an unbiased third-party opinion on any problem areas. Generally, if you find any major flaws, you will have the option to back out of the house purchase at that time. Don't be shy about asking questions, either. This could mean the difference between a home you love and buyer's remorse down the line.
Good luck on purchasing your new home! Keep these simple tips in mind and the entire process will go more smoothly.
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