RENT OWN SELL
Newyork
RENT OWN SELL
Newyork
Buying a new home is a serious affair. It requires a major time commitment. The job becomes more daunting if you are not flexible in your choices. The best time to start hunting for a home is as soon as you’ve made up your mind to move.
If you’ve purchased real estate property before you might already be familiar with the home buying basics. But first-time homebuyers should invest some time in becoming familiar with the process.
Everybody wants the most attractive home. While house hunting, you are likely to get carried away when you set your eyes on your dream home. But wait! Can you afford that?
Getting pre-approved for a home loan is the best thing you can do to avoid those temptations. Pre-approval is a process where the lender determines how much money you can borrow for a home loan.
Pre-approval serves two purposes. First, it helps you establish your budget. Second, it helps establish you as a committed buyer. The pre-approval process requires that you provide the requested financial information to the bank from which you intend to acquire the loan.
Once they analyze the information, the bank calculates how much you can borrow for a house. However, it does not mean that you should max out your budget by getting the most expensive house your loan can buy.
Location is not merely a place, it’s a statement. Oftentimes, where you live determines what kind of lifestyle you are going to have. Your location determines where your children will attend school, it will dictate your work commute and where you socialize. Find a neighborhood based on your lifestyle priorities. Do you want a nearby park for a morning walk or do you prefer to live close to local dining spots?
Your preferences will likely narrow down your search and save you time in the end. To find homes, get in touch with someone you know who lives in the neighborhood, or visit websites and use search filters to narrow your search by neighborhood.
When you plan to buy a home, you imagine it in a certain way. You think of certain features you want in your homes such as number of stories, location, number of bedrooms, or yard size. You might compromise by agreeing on a home with fewer bedrooms in exchange for a better location or shorter work commute.
You need to be sure about what you’re willing to compromise on when it comes to your next house. It will help you narrow down your choices when you have multiple options.
At some point during your house hunting, you will be visiting houses in person. Going casual is not the way to approach house hunting. Rather, make a list of features your dream home must have so when you visit them you can check these features off your list.
Once you have visited multiple homes, you may compare the lists and figure out which house is better. These lists coupled with your finalized list of non-negotiables from the previous step should make things easier for decision-making.
While you may find properties through real estate websites or realtors, one proven alternative is to find properties that are for sale by the owner (FSBO). A telltale sign of an FSBO listing is a property with a “for sale” sign with no broker or real estate agent’s information.
FSBO properties mean less competition so you may not have as much hassle when it comes to making an offer. Reach out to the owner directly using the contact information listed on the signboard.
It’s possible to fumble during the house hunting process. Here are some of the most common mistakes people make:
While you might be tempted to save money by avoiding the agent’s commission, hiring one is in your best interest. An experienced agent knows the market inside out and is privy to market trends. You can get key insight into the market with the help of an agent, and that would help you make an informed decision.
Real estate agents are also always good in negotiations and know which strategies work best in certain situations. So, the chances are you will still save money having an agent than if you opted to navigate the home buying process without one.
Another common mistake that buyers make is to ignore pre-approval. Getting pre-approved for a home loan is the best option and it gives the seller the impression that you are a motivated buyer. It also helps you determine how much you can afford to spend on a house.
Look, the truth is if you weren’t involved in the home’s construction then it’s probably not going to be a replica of the house that lives in your imagination.
It might have almost everything you want except for a few features that you desperately wanted in your dream home. For that reason, you’ll have to be flexible in your approach while hunting houses.
In highly competitive markets, being lazy does not go in your favor. People who prolong their decisions run the risk of missing out on valuable opportunities. The market requires quick decisions. So, when you’re searching for your next home, it’s important to be decisive or risk losing out.
House hunting is a serious job that demands that you be at your best. Not taking it seriously and not having a plan are huge mistakes. Know what you want but add some flexibility to your preferences.
These house hunting tips are good enough to help you in your cause. With any luck, you’ll have a smooth and pleasant house hunting experience.
Related Article:
Apartment Hunting Tips For First Time Renters
FAQs When Apartment Hunting
