For home buying success, there are five basic ground rules that a buyer must know when it comes to buying a home and shopping smart. It can mean the difference between owning a home that makes you happy or a headache. There are very few purchases in life that carry the financial and psychological weight of buying a home. Whether you are buying your first home, moving up to your dream home, or downsizing your home and your life after the kids have gone, it is important to understand the ground rules for success in the world of buying a home.
Making the wrong decision in buying a home can have devastating and long-lasting effects. Making a wise decision can greatly increase value of the investment. Learn all you can about the world of home buying and mortgages. Prepare before you set out to purchase the home of your dreams.
There are plenty of websites designed to help the first time homeowners learn all they can. However, most financial experts say that there is no substitute for the good old one-on-one learning. Fortunately, most mortgage lenders, home inspectors, and real estate agents will be able to provide this kind of one-on-one learning.
Use a systematic approach to be sure that all decisions are based on the information. Buying a home can be an emotional process, nevertheless, it is imperative to keep your emotions under control and not let them cloud your judgment.
There are five basic ground rules when it comes to buying a home and shopping smart, and they are:
Home Buying Success tip #1. Get Your Financing Lined Up Before Searching For Your Home
There are few things in life as disappointing as losing out on the home of your dreams due to not being able to secure funding. While the desire to get out there and search for that great home is understandable, it is vital to line up the financing before you start shopping for a home.
Getting the financing ahead of time has a number of important advantages, including knowing how much you can buy and gain more respect from the listing agents. By knowing how many homes you can afford before you starting shopping, you will avoid wasting your time looking at unaffordable properties and the listing agent will be more than willing to show you the homes in your price range.
It is also important to take a good look at the various types of mortgage products on the market before getting started in the home buying process. Mortgages come in many shapes and sizes, so it’s important to understand what type of mortgage you prefer and what options are available to you. A potential home buyer needs to understand how each type of mortgage works and to gauge which mortgage is the best choice for their needs.
Home Buying Success tip #2. Look at the Community, Not Just the Home
It is a good idea to look at the entire community, instead of focusing on a single home. This can be a particularly important thing to consider for those moving to a new metropolitan area, as these buyers will be unfamiliar with the local climate and lifestyle. It is crucial to determine the areas of town that are most desirable to you and to consider things like distance from work, and local amenities and shopping opportunities.
We have all heard that location is the key consideration, and that is certainly the case. Buying a house in the wrong area can be a big mistake, and it is important to choose the location as well as the home. Potential buyers can learn a great deal about the nature of the various neighborhoods simply by driving around town, as well as by talking to other residents.
Home Buying Success tip #3. Be Fair With Your Offering Price
Trying to lowball a seller on the first offer can backfire. It can ruin a deal just as much as paying too much. Carefully evaluate the local market. Compare the asking price of the home with what similar houses in the neighborhood have sold for.
Comparing the sales of comparable homes, what are known as “comps” in the industry. It’s one of the best ways to determine what is fair. In conclusion, make sure that you neither overpay or underbid on the property.
Home Buying Success tip #4. Get a Home Inspection
Always investigate the home for any possible defects before making an offer. Compared to the cost of the average home, the price of a quality home inspection is virtually negligible.
Home Buying Success tip #5. Do not alienate the sellers of the home
Many real estate deals have fallen apart due to the personal animosity of the buyer and the seller. Avoid alienating the seller of the home during the process and to avoid nitpicking every little detail during the sale.
Keeping the goodwill of the seller will help the transaction go smoothly. It will provide the best environment for seller and buyer alike.
The Offrbox web app is here to streamline the home buying process by allowing the buyer and the seller to send offers and counteroffers and negotiate the terms of the offer from the comfort of their homes.