If you're not in the business of buying and selling homes, then it is likely you have little experience doing so. Buying a home is one of the largest purchases you'll make in your lifetime and it should be treated as such. Don't go into the home-buying process blind-sighted. Follow these 10 tips as seen on HGTV.com.
1. Don't be spending on large purchases within three to six months of buying a home.
2. Get pre-approved for your home loan. Anyone can get pre-qualified, but getting pre-approved means a lender has thoroughly evaluated your finances and is letting you know how much they will lend you. This gives you a set budget so you don't waste your time wanting what you can't have. This also gives you an opportunity to shop around for the best interest rates. Get a few quotes to ensure you accept the best deal.
3. Know your property lines to avoid future issues with neighbors.
4. Don't try to time the market. The housing market is cyclical. It is always going to have ups and downs and it is near impossible to predict what exact year, month, or day you will get the best price possible. If you find "the one" and it's within your budget, don't wait around. Yes, we sometimes get cold feet with such a large investment, but waiting for the "perfect time" could cause you to miss out.
5. Bigger doesn't always mean better. Bigger homes appeal to smaller audiences and your house is only going to appreciate in value as much as the properties around it.
6. Plan for the extra costs. Like we mentioned in our last blog about buying vs. renting, don't focus solely on the mortgage payments. Remember there are a lot of other costs associated with buying a home such as: insurance, interest, homeowners association fees, maintenance/repair costs, etc. Be sure to factor that into the equation when budgeting for a house.
7. Use your head, not just your heart. Don't buy a house solely based on emotion; it could hurt you in the long run. Go with your instinct and buy the one you feel meets your requirements and is the best bang for your buck. Try to avoid emotional splurging as this could lead to serious buyer's remorse.
8. Get an inspection. It is crucial you don't skip this step; it could save you thousands. Hire a third-party trained to look for issues. It is the only way you can get a professional and unbiased evaluation of the house. Any necessary repairs should be noted as an expense to the seller and repaired before you take possession of the house.
9. Know how to bid. Your offer should be based on what you can afford and what you think the property is really worth. You don't want to offer something so low that you will lose out to another better offer. At the same time, you don't want to offer something higher than what you think it's worth. Running comps on similar properties should give you an idea of a fair price per square foot.
10. Get to know the neighborhood. Check it out more than once or twice. See what it's like in the morning, midday, and evening. If you're not familiar with the area, try out your commute one morning. Make sure this really is the perfect house for you.
Author:Kurt Galitski Phone: 714-957-6677 Dated: December 20th 2016 Views: 80 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.
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Kurt is a true professional and he has even continued to help me with letters to and from the Seller, even though escrow has already closed. I couldn't have been more happy to work with Kurt and his team. I highly, highly, highly recommend speaking with Kurt when you are ready...Read more on Yelp"