Things To Know When Buying Your New Home Sweet Home
Whether upsizing, downsizing, or buying a home for the first time, buying a new home can be an exciting and sometimes overwhelming process – with new terms to master, skills to learn, strategies to understand, and competitors to outmaneuver. These home buying tips can help put you in a better position to get the home that really fits your lifestyle.
Make Sure Your Credit Is Up To Snuff.
Unless you’re paying with cash, you need to be aware of your credit situation. Your credit score will have a large impact on the homes that are available to you and how much you’ll end up paying in terms of your interest rate. Get your credit score as high as possible. If it needs improving, know the it will probably take at least six months, so plan early. Pay off old debts and be extremely careful to pay all bills promptly and on time.
When making a new big purchase, such as a car or apartment, is it wise to accept the very first offer received? Of course not. Purchasing a home is no different. Buyers should look at a variety of homes in several different markets whenever possible. They should also shop around for financing; separate institutions may offer somewhat different interest rates and other qualification requirements. It is impossible to know the best deal possible until at least a few are on the table, so buyers should never hesitate to shop around.
This is a biggie. Amongst other things, getting a pre-approval will give you more negotiating room on put you in a better position with home sellers. You’ll know exactly how much home you can afford, and the seller will know you’re a serious buyer and give your offer more consideration over one that is not pre-approved.
Sweeten The Deal.
A big down payments can really get the attention of the seller when you’re in a competitive bidding situation.
If you’re able to be flexible on the closing date or can work within a shorter inspection period, it might make your offer more appealing to a seller.
Work With An Experienced And Local Agent.
Don’t go it alone. You’ll need an agent to help protect you and ensure you get the best deal possible. It’s smart to ask potential agents for their sales history, especially of homes in the target market/price range. And make sure they know the community where you’re buying. Remember, you’re buying a house, but you’re also buying into a community.
Hire An Experienced Inspector.
Don’t go in blind. Sure, you’ve found a house you love, but make sure you REALLY know what you’re buying before you make the move. they’re going to want to move in as soon as possible. However, it is best to resist that urge. Hire a professional home inspector to ensure that you’re getting the home you think you are. It’s worth it! An experienced inspector can identify problems you might not notice including major issues like faulty electricity, foundation problems.