Top 7 Tips for House Buyers
Posted on April 23, 2009 in the Real Estate category
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We’re in a buyers market right now. House buyers are in luck, most homes on the market are having trouble selling. If you’re looking for a new home, now is the time. Follow these tips and you’ll have a much easier time buying a new home.
Know what you want in a house. Consider these the minimum requirements and make a list of them. These are the things you desire and must have. Knowing what you want will help make choosing a house much easier.
Know your budget. Figure out how much you can afford to put as a down payment, this should account for 20% of the price, you can borrow the other 80%. There are many options for mortgages, but using the 20/80 ratio will keep you from buying more than you can afford.
Using a home inspector. A Home inspector can give you a heads up on any problems the house might have. Water damage, foundation leaks and even structural problems can be caught before you buy the home, potentially saving you thousands of dollars.
Sure it’s great now. You’re newly married and the house is perfect, for two people. But unless you want to keep moving around, you need to buy a house that can accommodate future additions to your family. Prepare now and you won’t have to scramble in the future.
Buy the neighborhood not the house. You can take the exact same house and place it in two different neighborhoods, that house will have two different values. Buy the house you love, but make sure it’s in a decent neighborhood, that is going to improve as opposed to degenerated.
Think logically. We all know impulse buys are the worst. A house is likely the largest purchase you’ll ever make and it’s not something you can return for a refund. Don’t buy based on your emotions. Analyze all the options and buy a home for logical reasons. Don’t kick yourself for making a bad decision.
Trust, but verify. If a home is selling for far less than the others in the neighborhood, you have to ask yourself, “what’s wrong with it”. This is where a home inspection or pest control inspection can come in handy, insist on it, especially if the sellers put up an argument. If there’s nothing to hide then it shouldn’t be a problem.
Following this advice will help you make a better, more informed decision when buying a home. All house buyers should make sure to do their research and this article can help.
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