Are you thinking about buying a house to settle down in the near future?
You should read the following tips first:
Do not move your money
It is not a good idea to move your money 3-6 months before purchasing a new home. Doing so would be taking huge chances with your credit profile. A lender needs to know that you are reliable to give you the best loan for your needs.
If you start to use new credit cards and build up too much debt, you will have a hard time receiving a loan from any lender.
There is a difference between a buyer who has been pre-approved for a mortgage and one who has been pre-qualified. Just about anyone can pre-qualify for a loan, but getting pre-approved means that a lender has gone through your financials and decided how much he or she can lend you.
Being pre approved saves you a lot of energy and time so that you do not spend any time looking at houses that you cannot afford. Moreover, it gives you the chance to shop for the best interest rates on the houses that you can afford.
Avoid border dispute
It is necessary that you get a property survey done to figure out what you are buying. You should know where your property lines are as this could save you from a potential dispute with would-be neighbors.
Additionally, your property tax will be based on how much land you have; therefore, it is good to have a map ready.
Bigger is not always better
Everyone’s eye is naturally drawn to the largest house in the neighborhood. However, bigger is not necessarily better when it comes to houses. The biggest house will only appeal to a few people and you do not want to limit prospective buyers if you ever plan to resell your house.
Your home’s value is only going to appreciate as much as the neighboring houses. Therefore, if you pay more for a large home, its appreciation will be limited.
Avoid sleeper costs
The difference between owning a house and renting one is the sleeper costs. Many people just focus on paying their mortgage and forget about other expenses such as utilities, homeowner-association dues, and property taxes. A new homeowner needs to be ready to pay for maintenance and repair.
You should budget for sleeper costs to eliminate the risk of losing your house.
Inspect a house before buying it
Would you buy a new car without looking under its hood? You need to hire a home inspector to look at the houses that you are seriously considering. The sole responsibility of a home inspector is providing you with useful information so that you can know whether to buy or not.
An inspector will give you an impartial third party opinion. If he finds any problems with a home, you can use them as a bargaining tool to lower the price offered for it. Moreover, isn’t it better to spend a little money upfront than a fortune later when you run into problems?
Stalk the neighborhood
If you are looking into Atlantic luxury condos in Atlanta, you need to stalk the neighborhood first. Many homebuyers end up disappointed after thinking that they found the perfect neighborhood. To avoid this, you should drive by your potential neighborhood in the morning, noon, and night to get a lay of the land.
Are you still confused about which house to buy? You should get some input from your family members and friends. They are more likely to give an honest opinion than a real estate agent is.