Buying your home is a big milestone in your life. If you don’t want to make any mistakes then follow our tips.
First time home buyers are more likely to get scammed, misled and deceived by sellers if they step into the market without any prior research. Even with that said, doing the homework, filtering out the homes based on desirable parameters and doing a comparative analysis between choices is a truckload of work.
Instead, you would just find it easy to go with the option that seems fine and that is why most people end up buying overpriced and defective property. If you want to buy property under market value effortlessly then here are a few tips that you must follow.
Tips for buying your first home
1) Get help from a reliable agent
A buyer’s agent would help you get an insight into the property industry. He would let you know if the property is overpriced or not and would preview houses in your place. By hiring an agent, you would be saving a lot of your time and energy.
2) Pre-approval of the loan
Before you head out to the market, make up your mind in which price range you want your home to fall. If you do not have enough bank balance then it is always wise to get a pre-approval from the loan issuer. This way, you’d know how much money you can spend on your first house.
3) Multiple home inspections
It is wise to do multiple home inspections before you finalize the offer. Who knows when you might find something faulty? You always have an option to blow the deal before paying the full price. Therefore, make sure that every inch of the house is in good shape.
4) Always negotiate
Sellers can tell you any price they want so, always negotiate before accepting the final price. Get help from the agent as he would tell you the original price of the property.
Mistakes to avoid before buying your first home
1) Making haste
The buying process is complex and if you rush it then you are sure to get into some kind of trouble. Take your time and consult with agents and people who you know who have an insight into this industry. Always make an informed decision by considering all the aspects of the matter.
2) Hastily believing on online advertised properties
Making up your mind after witnessing an advertisement on a property finding website can sometimes cost you later on. Always do multiple home inspections before making a final decision. It will help you find out the faults in the property. Furthermore, visit the sites which are a reliable source of the real-estate advertisers.
3) Making emotional decisions
There are countless houses in the market that might make you drool but they come at a wallet-emptying price. If you have a tight budget then you should look for a home that suits your pocket instead of the one that might leave you broke. Never make decisions solely based on your emotions and consider the opinions of others especially your family.
4) Not considering hidden costs
People who forget the hidden costs might end up with a negative bank balance. You have to consider the homeowner’s association fee, insurance of the house, property taxes and the maintenance cost. Make sure that even after considering all these hidden costs you stay under the budget.
5) Skipping interior inspections
Finding an ideal home is equivalent to finding a needle in a haystack. But once found people just try to move fast by skipping the inspection of the interior. Who knows the house that apparently looks great has faulty foundations? Therefore, never skip the inspection step.