Looking to buy a house? Search around your area for something you fancy. More than likely, your neighbours are moving into new homes. They are trading up to bigger houses with better features and more amenities. After living in this house for a while, they may even make some changes to make it their own home. And why not? Their houses have probably increased in value, and their pride of ownership is evident.
When you decide to buy a house, look forward to making it your own too, but remember these eight tips:
1.) Don’t expect the property appraisal when you start negotiations on price
Home values do fluctuate slightly during the year—even month-to-month in some cases—but most appraisers don’t re-appraise property every time there’s movement in market prices. The exceptions to this rule are if the homeowner has made recent, significant improvements (such as an addition) or if there’s been a natural disaster in the area.
2.) Get pre-approved for a mortgage before you start shopping
This will put you in a much stronger position when making offers on homes. Sellers often receive multiple offers, and having pre-approval shows that you’re a serious buyer. It will also help you determine your budget and narrow your search.
3.) Factor in all of your costs associated with homeownership
These include your down payment, closing costs, moving costs, repairs/updates, and monthly payments on Mortgages, property taxes and homeowners insurance. If you’re not prepared for these additional expenses, you could find yourself in a bind down the road.
4.) Location, location, location
Think about what’s important to you in a home. Do you need to be close to work? Are schools and parks important to you? What kind of neighbourhood do you want to live in? Are you looking for only 55+ communities in richmond va or one in another location? Consider all of these things when looking at properties.
5.) Tour homes during different times of the day
You may have a completely different opinion of a property if you tour it at night than you did during the day. Take into account things like noise levels from traffic, airports or other sources of noise pollution. It’s all well and good buying a house with a morning room, but if it’s west-facing, you’ll be sitting in a very dark room to eat your breakfast!
6.) Get a home inspector’s report before making an offer
Even if everything looks great on the surface, there could be serious underlying problems with the property that you won’t be able to see without a home inspector. It’s always better to know about these things before you buy, rather than after the fact.
7) Don’t be afraid to ask for help
If you’re not sure about something, don’t be afraid to ask your real estate agent or lender. They are there to help you and want you to be as successful as possible in this process. Buying a home is a huge investment, so it’s important to educate yourself on all of the pertinent information.
8) Remember to have a written offer ready to present
When you find the perfect house, be prepared with a written offer. You’ll need to put in writing who you are, how much you’re offering, and what closing costs you are willing to pay. This will help speed the process along when negotiating with the seller.
There you have it!
When buying a house, keep these eight tips in mind to make sure the process goes as smoothly as possible for you. Happy house hunting!
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