Here are some important tips to help you on your house hunt. Buying a home is likely the single most important purchase in life. Not matter if you are a first time home buyer, buying your dream home, or downsizing your home, here are some tips for success.
Making the wrong mistake while buying a home can have long lasting effects. When buying a home it is very helpful to be well informed. So, here are five basic ground rules when it comes to buying a home and shopping smart:
#1 Get your financing together if you plan on buying a home
The absolute #1 consideration when embarking on a home search is securing your financing. Getting pre-approved ahead of time has a number of advantages. First, when you are looking at home you are not guesses how much home you can afford. This is very important because there is nothing worse than falling in love with something that is totally out of your reach. By knowing exactly how much home you can afford before you go shopping will help you avoid wasting your time looking at unaffordable properties.
#2 Look at the community, not just the home
It is an excellent idea to look at the entire community, instead of focusing on a single home. This can be a particularly important in South Florida with gated communities and HOA’s. It is crucial to determine the areas that are most desirable to you, and to consider things like your lifestyle, property values, schools, the distance from your job, and shopping.
We have all heard that location, location, location when it comes to real estate, and that is absolutely the #1 rule when it comes to value. Buying the right house in the wrong area can be a big mistake, and lead to nightmare commutes, subpar education experiences or a negative equity position.
#3 Be fair with your first offer
Do you remember that feeling of satisfaction you get every time you find a deal on that designer purse, shoe, or those center court tickets? Who doesn’t love that feeling? So why not try to get a great deal when you are buying a house? However, you have to know what type of market you are dealing with at the time you are trying to buy an house. Is it a buyer’s or a seller’s market? The answer to this question makes all the difference. If it is a buyers market they you can certainly swing for the fences and submit low offers. But if it is a seller’s market you have to be very careful if you want the house of your desires. Don’t know the difference between a buyer’s and sellers market? Check out A Quick Guide: Buying a home.
#4 Always get a home inspection
Always inspect the home once you are under contract. Remember when you first see a home you are looking thru rose colored glasses. Getting a home inspection will allow a qualified professional to protect you and your pockets from costly repairs that might not be obvious.
Home inspectors will check things like the appliances, and HVAC and make sure they are working like they should. Inspectors also check things like the roof and plumbing. Imagine moving is and learning that the AC is on the brink…. that would be about a $5000 hit to your already empty pocket. So believe me spending the approximately $300-$750 for the home inspection can save you big bucks in the long run. Let me know if you need a referral for a good home inspector.
#5 Do not alienate the sellers of the home
Quite a few real estate deals have fallen victim to hard feelings between the buyer and the seller. Try to find a delicate balance between getting a good deal and remember, it’s still the seller’s home until they sign on that line at the closing table.
Remember these 5 rules when buying a home and enjoy a much better home buying process. Want a more in depth manual to buying a home check out Secrets every successful first time homebuyer knows. If you are ready to buy now please give me a call at 954-850-3381 or fill out the contact form.