Article: Tools To Task
Shopping Tips Before Buying A Home
The prospect of buying a house need not be daunting. Armed with clear objectives and the right information, any person can become confident enough to strike deals in the real estate market. Consider the following tips before shopping for a new home.
• Get pre-approval for a mortgage first. Assess your buying power before you even start shopping for a new home, that way you know how much house you can afford and what neighbourhoods are within your budget.
• Get an idea of what kind of home you want (and need) to buy. Put together a list of things you absolutely must have in a home (like the number of bedrooms and bathrooms, a large dining room, a finished lower level, an office, or a large backyard) so it’s easy to find a home and community that’s
perfect for you.
• Take location into consideration when looking for a home and community. Get an idea of how close you want to be to schools, recreation areas, grocery stores, shopping areas or high ways.
• Do you have a friend or family member with strong opinions on everything?
You know the one. Well, bring them along during your house hunting trips! When you think about it, it makes perfect sense. The house hunting process stirs up many different emotions — excitement, anxiety, joy, fear, frustration, exhilaration. Moreover, while these emotions are perfectly normal, they can cloud your judgment. That is not something you want when making a big financial decision. You can balance this out by bringing a friend or family member along on your house hunting trips. This gives you an objective ally who can help you identify the pros and cons of each house. Chances are they will also be able to spot aspects of a house you might have missed otherwise.
• Do you have a digital camera, or do you know somebody who does?
If so, you have the ideal tool to help with the house hunting process. Take pictures of every house you visit, and then categorize them in folders by house address. This will help you recall the details of each house later on (when the details tend to blur together). The photos will also give you an opportunity to see each home more objectively, after your initial excitement has faded. Then you can more easily decide which houses you would like to follow-up on. Before you purchase a home, visit or drive through the neighbourhood at different times and on different days to get an idea of what you would experience living there daily.
• Buying a home will probably be the biggest financial decision of your life. Therefore, it deserves careful consideration each step of the way. Whether the markets are up or down, you have to make wise decisions based on research. Remember, there will always be another house to come along. So even if you miss one due to your cautious approach, another home will be right around the corner. Then again, if you find your dream property and all the boxes been ticked-off, it is equally important to make a decision rather than wait for the impossible to happen. You will not forgive yourself easily if the right house passes you by due to lingering on too long.
• Make sure you want to live there for some time. When buying a house for the first time, make sure your house is also a ‘home’. It is of vital importance to consider all the financial aspects, but in particular as a first time buyer you should also ensure the property you are buying is a suitable home for you to live in, i.e., somewhere you can happily live for a number of years.
There is never the guarantee of an increase in property prices and you should not view your home as simply an investment. Of course, you can improve a property and potentially increase its value, but if the recession has taught us anything it is that those least affected by the crisis are those who are happy in their homes and able to live there for a number of years without concern.
The property market is tough at the moment and there is any number of things likely to make your sale fall through, from testy mortgage lenders, to low valuations and gazumping or gazundering.
The best way to avoid problems and overcome them if you do have them is to build up a good relationship with the other party. Remember you are buying a home off them, not going to war with them. There is no reason why the process cannot be amicable and if you can both put a face to the name and call each other up, then difficulties can be resolved easier.
Do not just deal with each other through the estate agent or solicitor. Swap phone numbers and emails and keep each other updated, then if there are hold-ups you can communicate it with each other. This makes buying and selling a far more pleasurable experience and a lot less likely to end up in an expensive mess.
Keep these tips in mind while house hunting and you will have a much better experience.
