Here are some tips and tricks that you can do to save yourselves time and money.
Know when Homes sell
It is important to know when the majority of homes are going on the market. In most areas houses hit the market in the summertime. Most people don’t wanna sell their homes in the winter. So they wait. That tells you 2 things. In the summer months, you have access to a larger inventory of homes to buy and in the winter months you have less selection but buyers are more eager to sell. If you’re looking for something specific it makes sense to wait until the summer rolls around. You’ll be competing with more buyers but you have more homes to choose from. If your mind is open the winter months can be the best time to snap up a bargain.
Get pre-approval
Before you start looking for a house you need to know exactly what you can actually afford. This is why it’s so important to get pre-approved for house hunting. The last thing you want to do is find the perfect house and then realize you can’t afford it. Getting pre-approval can be a long ordeal, however, it’s really the first and most important step in the home buying process. Remember, you’ll need pre-approval before you can start looking at homes to buy.
Find a real estate agent
You don’t need to work with a real estate agent to buy a home. But I highly recommend you do. A local real estate agent will work with you through every step of the process. I personally work with a network of individuals who make buying a home as easy and enjoyable as possible. This network includes inspectors, credit counselors, and insurance agents. All of them are part of my team, and if you work with me you have access to them as well. I can’t stress how important it is to surround yourself with a knowledgeable team of professionals when buying a home. It costs a little bit more but you will be kicking yourself if you’re going alone.
Stay mindful of your budget
A great piece of advice for home buyers is that you can buy less than what you are pre-approved for. You may be pre-approved for a certain amount but that number reflects the highest possible amount you can payback. You need to take into consideration not just the amount you are pre-approved for but also your current lifestyle and how that would change with mortgage payments. Will you be happy giving up when going out with friends every week? Figure out what you have to forego in order to make those payments and if these sacrifices are too great, consider buying a less expensive home that you can technically afford.
Don’t get emotional
My last tip is to think logically about your purchase. Remember, real estate is all about location. Always be thinking about the neighborhood and the potential resale value of the home. This is another spot where a real estate agent can help you make the right decision. They have intimate knowledge about the area including new developments in the works, and the history and trends in the local market. They will guide you through your decision. It’s also worth mentioning that you should be choosing a home based not only on its location but on its layout. Paint, wallpaper, flooring, cabinet, sinks, all of these things can be replaced. When it comes down to it, it’s the location followed by the layout and size of the home that will determine its resale value.