Everybody has some benchmarks they need to cross in life, and buying a house is one. But purchasing your dream home can be a challenging task as there’s a lot of thought behind the process. Sometimes, individuals may find their dream house in mere days, while others can take up to months. Whether you’re planning on buying an apartment or a bungalow, the process remains the same—and you need to do proper market research to ensure you get the best deals possible.
To make the process simple for you, below are the six best-kept secrets when buying a home—helping you get the most out of your money.
Give the Property a ‘Physical’
Before you decide on buying a home, it’s best to hire a home inspector to check every nook and cranny of the property. Their job is to provide you with relevant details to help you make a better-informed decision about the property. Whether it’s pointing out if the house has a secured metal fencing or lacks any security system at all, home inspectors can give unbiased opinions about the home. Plus, if they find any issues about the home, you can use it as a bargaining tool to haggle the price down.
Bigger Isn’t Always Better
Most homebuyers are often drawn to the largest and gorgeous house on the block, but keep in mind that bigger isn’t always better. That’s because, in reality, the biggest properties only appeal to a small audience, and limiting potential buyers is never a good idea, especially if you’re planning on selling the house down the line. Sometimes, it’s best to buy the ‘worst’ home since these per square foot often trades from more than larger homes.
Avoid Facing a Border Dispute
Before choosing a home, it’s crucial to get surveys done on your property to help you see what you’re purchasing—knowing where the house lines are can save you from potential disputes with neighbors. Plus, property taxes are based on how much property you have, so knowing your property lines beforehand can save you from hefty fines later on.
Avoid Overspending
It’s not advisable to make any expensive purchases around three to six months before buying a new house. That’s because you wouldn’t like it to affect your credit profile, which is essential when trying to get a loan. Lenders base their decisions if they’re going to approve you for a loan on credit profiles, so it pays to have it at its best condition before buying a home. If you open any new credit cards, have a massive debt on your hands, or bought many big-ticket products, you’re going to have a difficult time getting a loan.
Get Pre-Approved for Home Loan
There’s a considerable difference between homebuyers pre-qualified and those with pre-approved mortgages. Individuals can get pre-qualified for loans, meaning a lender has looked at your financial details and given you an amount you can afford and how much they’re going to lend to you. This method can save you a ton of time and money, narrowing down your options, giving you the chance to shop around for the best deals and interest rates.
Don’t Time the Market
Don’t try timing the market, which means figuring out when’s the best time to purchase a property. That’s because trying to anticipate the housing market is impossible as the real estate industry is cyclical, continually going up and down—and up again. So, if you’re trying to wait for the ‘perfect time,’ you may miss out on some great deals. Generally, the best time to purchase a home is when you find your dream house and can afford it.
Buying a new property is a significant investment, and if you’re ready to purchase your dream home, you’ll likely want to get a great deal and get the most out of your money—and the best-kept secrets mentioned can help you with just that.
