Home Buying Tips
While buying a home is a big decision, there are also lots of small decisions to make along the way to homeownership. To help you navigate the process, we’ve gathered suggestions for avoiding some of the most common mistakes.
A pre-approved buyer always has the advantage in an offer situation. Becoming pre-approved is very easy. You complete your loan application with a credit check prior to beginning your home search process. Pre-approval means that you have actually been approved for the purchase by a lender, which gives you the edge in home purchase negotiating. Your Raleigh Triangle Realtor Allan Pharr can help you with finding the right mortgage partner.
Your Home Wants and Needs
Before starting your exciting journey of home shopping, sit down and develop a list of your home wants and needs. Prioritize you list as follows:
- Have to have (desired location/commute times/proximity to schools etc.)
- Nice to have (screened porch/sun room/fenced yard etc.)
- Icing on the cake (chef’s kitchen/pool/outdoor entertaining space)
By making this list, you can partner with your Raleigh Triangle Realtor Allan Pharr to target homes in specific geographies as well as those with the amenities you desire.
ALWAYS Hire An Inspector
Would you buy a car without checking under the hood? Of course you wouldn’t. Hire a home inspector. It’ll cost about a few hundred dollars but could end up saving you thousands. A home inspector’s sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy. It’s really the only way to get an unbiased third-party opinion. If the inspector does find any issues with the home, you can use it as a bargaining tool for lowering the price of the home. It’s better to spend the money up front on an inspector than to find out later you have to spend a fortune.
Know your Budget
Calculate a monthly payment that you can comfortably afford. Then discuss this amount with your lender. Making sure you can meet your projected future home payment is probably the most important part of successful homeownership.
Include PITI (principal, interest, taxes and insurance) in your budget. Mortgage calculators will show you how much you’ll pay towards principal and interest every month. Remember that you’ll also have to pay property taxes and homeowners insurance.
Buy Your House...Don't Date It
Buying a house based on emotions is just going to break your heart. If you fall in love with something, you might end up making some pretty bad financial decisions. There’s a big difference between your emotions and your instincts.
Going with your instincts means that you recognize that you’re getting a great house for a good value. Going with your emotions is being obsessed with the paint color or the backyard. It’s an investment, so stay calm and be wise.