Real Estate 101: Tips for the Homebuyer
Before you purchase real estate, there are many things you should consider, primarily because it’s a major lifestyle change that involves a lot of money. You’ve worked hard for your dream home, and there are proper preparations that should be taken care of before you make a decision. Apart from the financial aspect, it’s also a major legal commitment and sometimes, the sheer amount of paperwork can easily intimidate you.
When everything is done right, there’s nothing like the satisfaction of finally owning your dream home – whether it’s a home by the beach or a city pad – to come home to everyday.
However, it shouldn’t be completely overwhelming as long as you know exactly what you have to do in order to prepare. Here’s a checklist you should go over and think about before you commit to your home purchase.
- Evaluate your current lifestyle situation: are you single, married, or about to start a family? Are you also currently struggling with your daily commute to work? These factors should heavily influence the type of real estate you will be purchasing as your new home should complement your lifestyle, not subject you in hardship.
- Is the location of this home convenient for you and your family? Consider the home’s proximity to recreational facilities and retail outlets, distance from family and friends, nearness of hobbies, and your preferences for the city living versus open spaces and greenery.
- Is the neighborhood of the home you want to purchase safe and secure? Do your homework with regards to crime rates, traffic, and commuting options in the locations you’ve chosen. Properties for sale may be particularly attractive in certain locations but safety and accessibility should not at all be compromised.
- Once you find an ideal location or neighborhood, go for a drive around as you may find other houses for sale that may interest you more. This tip is particularly important to those who have chosen a home because of its neighborhood or location. Contact your realtor and see if there are other homes available in the community. You may request your realtor to keep you posted whenever there are new properties for sale which match your preferences.
- Realtors are your best friend when purchasing real estate, especially if it’s your first time. It’s their job to do most of the work for you, which includes presenting you with options that suit your needs, lifestyle, and budget. Don’t be afraid to tell them what you’re really looking for; you can even get as specific as you want.
- It’s highly recommended to arrange for building as well as pest inspections before you purchase property. There are many reliable services out there that specialize in thorough inspections of property, and will be able to tell you if there are any safety issues and potential pest problems associated with a property.
- Save time by pre-approving your finances prior to searching for property. Also, think about the mortgage structure you are after or the financial product which will help you purchase your dream home. Find a mortgage broker who can assist you with finding the right financial help for your home purchase.
- Lastly, don’t forget to negotiate before you make a final decision. You may be able to save a good amount of money through negotiating the cost of the home you are looking to buy. A common mistake by some home buyers: Being too sly to negotiate. There are people who save up to $10,000 just trying to negotiate.
Purchasing a home is a time-consuming process, mainly due to the preparation involved. But if you’ve invested time and effort to do it well you will be able to enjoy your property hassle-free now and in the future.