You can never have too much information when you are looking for a new home. Information is education! However, make sure the information you are receiving is from a reliable source. Below are more tips when you are searching for that dream house.
- Should I buy now or should I wait? Trying to anticipate the housing market is impossible. The market is cyclical. If you try to wait for the perfect time, you will probably miss out. The best time to buy is when you find the home you want and you can afford it.
- If you are a first-time home buyer determining your budget, don’t neglect to add in the hidden costs. Besides the obvious cost of your mortgage, hidden costs are property tax, insurance, utilities, and homeowner and association fees. Also account for repairs, maintenance, and property tax increases.
- Consider a home’s potential, rather than focusing only on the negatives you can see. That pealing wallpaper and shag carpet may be disguising your future dream house.
- Don’t always go for the biggest house. Bigger is not always better. Layout and efficiency are what really matter. Does the house work for your family. A larger house with a lot of small rooms may not work as well as a smaller home with an open floor plan where you have sightlines from the kitchen to the family room.
- You are buying a house not marrying it. there is a huge difference between our emotions and our instincts. Remember it is an investment. Instinct is recognizing that it is a great hose for a good value. emotion is falling in love with a color or design aspect.
- Stalk the neighborhood you are interested in. Do drive-bys at different times of the day. Take a trip by in the evening. check out the commute, check out the school district. A good school district vs. a bad school district can affect the value by as much as 20%.
- So, you decided to make an offer. Base it on two things. 1. what can you afford, and 2. what do you believe the property is worth. Your offer should be fair and reasonable and not offend the seller. To do this you need to do your homework, know what other homes have gone for in the neighborhood, compare square footage, and factor in any improvements.
Armed with more buying information, you are almost ready to go out there and find your dream home. The only thing that you need is a great buyer’s agent. A buyer’s agent will be your advocate and guide you through the entire process, from the beginning, when you are still looking to the negotiations of putting a bid in, all the way through the closing.
Keep an eye out for an upcoming blog on Finding the Right Buyers Agent.