Buying a Home Tip #8: Avoid a property border dispute
It’s absolutely essential to get a survey done on your property so you know exactly what you’re buying. Where does your potential new property begin and where does the neighboring property end? Knowing precisely where your property lines are may save you from a potential issue later on.
Buying a Home Tip # 7: Don’t Try to Time the Market
Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible. The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.
Buying a Home Tip # 6: Is bigger really better?
Yup, we all love the big house on the hill, but bigger isn’t always better when it comes to buying a new home. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. Sometimes it is best to buy the worst house on the block. This is because the worst house per square foot will trade-in more than the biggest house when you go to resell.
Buying a Home Tip #5: Be aware of extra costs
The difference between renting and home ownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association fees. It’s also a really good idea for new homeowners to be prepared to pay for repairs/maintenance and potential property-tax increases. You cannot make a good financial decision if you are not aware of any home extras that are connected to variations in costs. This can include buying a home that uses oil heat when you’ve always used natural gas in the past. What is the price difference? Is the potential new home using a septic tank and if so, how old is it? Make sure you budget for “extra”costs so you’ll be covered and won’t risk losing your new home.
Buying a Home Tip #4: Do not get emotionally invested until it’s yours
Don’t fall for you. Just don’t do it. Never buy a house based on emotions. If you fall in love with something, you might end up making some pretty bad financial decisions. There’s a big difference between your emotions and your instincts. Going with your instincts means that you recognize that you’re getting a great house for a good value. Going with your emotions is being obsessed with the paint color or the backyard. It’s an investment, so stay calm and be wise.
Buying a Home Tip #3: Give Your House a Physical
Would you buy a car without checking under the hood? Of course you wouldn’t. Hire a home inspector. It’ll cost about $200 but could end up saving you thousands. A home inspector’s sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy. It’s really the only way to get an unbiased third-party opinion. If the inspector does find any issues with the home, you can use it as a bargaining tool for lowering the price of the home. It’s better to spend the money up front on an inspector than to find out later you have to spend a fortune.
Buying a Home Tip #2: Negotiate
Your first home purchase should include you considering two primary things: (1) what you can afford (because you don’t want to outbid yourself), and (2) what you really believe the property is worth. From those two points, you can then make a fair and reasonable offer that won’t offend the seller and still may get you your new home. Your home purchase offer really depends on what the market is doing at the time as well and any good realtor can help guide you. You need to look at what other homes have sold for in the neighborhood.
Buying a Home Tip #1: Get the best neighborhood by putting in the time
Many home buyers have become completely frustrated because they were under the impression they found the perfect home, only to later learn that the neighborhood wasn’t for them. Put in the time now or pay for it later. We suggest driving by the house at all hours of the day to see what’s happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with daily. Consider how far the nearest grocery store is. Are there restaurants? Are the schools good? If you buy a house in a good school district compared to a not so good school district in the same town, the value can be affected as much as 20 percent when you go to resell.
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