Best Kept Secrets of Buying a Home

Buying a home is a huge investment, doesn’t matter if it’s your first home or your 10th. Finding your dream home takes months even years if you are a picky buyer. Location, bank loan, real estate market, your expenses, there are so many factors that can slow down or speed up the process. 

Buying a house for the first time can be even more daunting and it’s always better to ask for expert advice and not shy away from seeking professional help. 

Here are a few secrets that Real Estate Experts want you to know before you set out to find your dream home:

Best Kept Secrets of Buying a Home that Real Estate Experts Won't tell

8. Improve your Credit Profile

Before you think about applying for a home loan make sure you have a solid credit score. Home loans are a lot bigger than a car or any other loan and also will be deducting money from you for a much longer time. These few tips might come in handy in trying to improve your credit score:

• Pay your bills on time as it’s the first thing that creditors look for. It shows that you’re reliable.
• Don’t take more credit or new credit cards
• Clear your debts as soon as possible and it’s best if you don’t have any more loans on you.
• If you already have unused credit cards, don’t bother closing them.

Start saving money in your bank at least 6 months in advance as your last 6 months' bank statement is required while applying for a home loan. Ditch those extra shopping and luxury spa dates and start saving now.

7. There’s never a better time to Buy a Home

Real Estate does not have an offseason, so do not try to time the market. The best time to buy a house is when you find one that suits your requirements and most importantly feels perfect. The real estate market is cyclical with its ups and downs and can be tricky for a first-time homebuyer. 

However, many Real Estate experts believe that late summer or the beginning of fall is a great time to go house hunting as the competition is much less compared to the spring season. The listings on most real estate websites go up during the fall. The sellers are more open to bargain as they fear that winter might slow down the process and they won’t be able to make the sale. 

6. Don’t fall for the First House you see

Most people think from their heart while looking for a house. Homes, unlike other products, are more sentimental and there’s a lot to think about as well. For example, the proximity of the house to schools, markets, relatives and so much more. 

There are chances you might love the first house you see but before you write that check consider seeing at least 3 to 4 more houses and we mean to see it through and through. There are so many things that you might need and like when you explore more options and it will save you from the Buyer Stockholm syndrome which is a post-purchase regret. 

5. Take a thorough House Tour

We need not mention that you must take a proper house tour before you make a decision however remember that most houses are staged to look their absolute best and might not look as nice once all the furniture is removed. Before you seal the deal you must look at the house without the staged decor. 

Make sure to hire a home inspector to properly analyze the house and give you an unbiased and professional opinion. There are a lot of issues that might skip your sight but they’ll catch it. We assume you won’t be climbing on the roof yourself or properly inspect the chimneys. Yes, a home inspector will do it all. Check the basements for any damages, the roof and chimneys, the plumbing, and even electrical systems. They’ll just cost you a couple of hundred dollars to save you from some major future damage.

Check out our blog: TOP AND BEST REAL ESTATE LISTING WEBSITES TO FIND A HOME

4. Get Pre-Approved for Your Home Loan

It’s no secret that being pre-approved for a home loan will save you a lot of time and energy and also give you the much-needed insight into how much you can spend to buy your dream home. It will ease your house hunting as you won’t be wasting your time on houses that are out of your budget.

Now you might be pre-qualified for a home loan but it’s a huge difference between being that and being pre-approved. Getting pre-approved means that you have been deemed eligible for a home loan based on your financial standing, creditworthiness, and repayment record. Thus, any lender would be ready to give you a home loan in the future without you breaking a sweat.

3. Learn to Bid

This is the most important step and quite frankly the scariest part. What if your dream home didn’t make it under your budget? Nobody wants that.

To start with, don’t play it cheap and bid low with the expectation that the seller will go with it and decrease his offer. On the contrary, he or she might get offended so be fair. Make a decent offer after doing some thorough research like the following:

• Determine whether it’s a seller's market or a buyers market
• Look at how much the neighboring houses are sold for
• Learn about why the seller wants to sell to reason with them
• Ask your agent, they always know

2. Examine the Neighbourhood

The neighborhood is equally important while buying a home. There’s a reason why houses in different localities are priced differently. Thus, don’t be skeptical to stalk the neighborhood and not just once. Drive by the neighborhood a few times to get used to the place and see if it’s where you would like to spend the rest of your life. 

Also, talk to the neighbors and find out how it’s like to live there or if they have faced any issues.

Decide based on your personal preferences like the proximity of the house to your kid’s school or your work or even your favorite shopping complex.

Also, it’s important to consider the future of your new localities like any upcoming construction plans, or any bridges or flyovers, or even metro stations that can incense or decrease the value of your new address.

1. Make room for the repair cost in your Budget

Don’t be elated if you manage to secure your dream home under your budget if you haven’t made room for some extra cost like repair cost, registry cost, or even remodeling your kitchen or bathroom. A proper inspection will be sure to reveal some of the other issues with your house that might need attending to and a one with some expense. Don’t forget property tax and homeowner association dues. 

If possible use these points to haggle while negotiating your offer and you’re good to go.

Now that you know the first steps to start your house hunt, it’s time to find yourself a home.

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