Home is where the heart is, but we’ve all heard stories about house purchases that went badly. We want to help you to avoid having your own bad tale to tell, so follow our tips to below to avoid costly mistakes.
- Get Pre-Approved – Pre-approval tells sellers that you are a serious buyer and can guide you to the price range that you are looking for.
- Don’t make major purchases. The lower your debt, the better rates you can get.
- Avoid moving money. Even if you’re just transferring it to yourself, it will still show a large withdrawal.
- Show stability. This is not the time to change jobs or take big risks.
- Avoid Going It Alone – While it may be tempting to just start with an internet search and handle it yourself, you will be missing many great opportunities. An agent can network to help you find listings that fit your needs and wants, but haven’t even hit the market yet. The expertise of a buyer’s specialist can negotiate to get you a better deal.
- Get a Home Inspection – Even if you’re sure that you have found the home you want, it’s better to know what to expect. A licensed home inspector can uncover hidden problems that could cause you stress and grief later on. This home will be one of the biggest investments you’ll ever make, so be sure you’re protected. You can also get a home warranty to make sure your family is covered.
- Don’t get emotional – It’s easy to get caught up in the excitement of a new home. The possibilities are endless, however dreaming to big can mean disappointment or worse. While this is typically associated with first time home buyers, it can happen to anyone. You need to keep your emotions in check and focus on what you need and can afford. A good agent can help keep you on track and show you the homes that fit those needs, while an internet search becomes too tempting to look outside your means.
Get The Right Team
Buyer’s Agent – From helping you find the house through the closing, you’ll want an agent you can trust and enjoy working with. You’ll want to make sure you have a fierce negotiator on your side…. After all, the seller will so don’t you want to make sure your interests are represented by a knowledgeable, experienced professional?
Lender/Appraiser – We’re talking about your money, so hiring a lender is one of the most important decisions you can make in this process. You want someone who is trustworthy, so be wary of someone that promises you more than you think you can reasonably afford. Not all banks and backers are the same, so do your research and make sure that you have the right one for you.
Lawyer – The purchase of your home is one of the biggest investments you are going to make. Don’t skimp on legal representation. It could cost you in the long run. Find a lawyer who is familiar or specializes in real estate law and someone who is willing to take the time to discuss your worries and questions.
Home Inspector – Like an agent, a home inspector is there to protect your interests in the property. While a home inspection can’t give you a 100% guarantee, it can protect you by uncovering major problems that could be costly in your future.
Contractor – If your new dream home isn’t quite perfect, you may want to hire a contractor. Sometimes you can get almost the home you want at an amazing value and put in the work to make it perfect. However, the renovation market is booming in many areas. Some contracts are booked for months in advance. If you can’t live in the house until the renovations are complete, this may not be a good fitting house for you. Make sure you find the right contract and not the right now contractor to save you time, money and frustration in the end.
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