10 Tips For Buying A Home

By Kurt Real Estate Nov 23, 2019

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.