Five Best Kept Secrets for Home Buyers
Key Takeaways
- Be open-minded when searching for a home, as minor cosmetic issues can be easily changed to suit your taste.
- Don't compromise on critical flaws and evaluate your budget and time constraints before considering a property that requires extensive repairs.
- Get pre-approved for a mortgage and consider sleeper costs like HOA fees and utilities, in order to shop within your budget and avoid financial surprises.
There are so many factors to consider when beginning the home buying process, from location, to price, to condition. It's important to approach the home buying process with a clear and informed mindset. By taking certain steps a year before you plan to buy, you can set yourself up for success and avoid common pitfalls.
Let’s explore some tips to help you prepare for homeownership so that you can navigate the real estate market with confidence and achieve your home buying goals.
1. Be open minded. It can be worthwhile to broaden your search in order to cast a wider net of potential homes. Don't overlook a home just because of minor cosmetics or simple fixes. An ugly wallpaper, outdated sink, and other minor upgrades can all be changed to suit your personal taste.
2. Don't overlook critical flaws. Don't compromise on your essentials. It's great to get a good deal on a home because of minor flaws, but don't compromise and over-extend yourself thinking you'll repair the entire house. These costs can quickly add up. Make sure you evaluate your budget and time constraints before considering a property that isn't move-in ready.
3. Get pre-approved and beware of sleeper costs. Getting pre-approved should be your first step in home hunting. A mortgage professional will help you understand how much you can actually afford so that you're not shopping for houses outside of your budget. Make sure to factor in "sleeper costs" as well - such as HOA fees, utilities, and welcome taxes.
4. Shop, shop, shop! Look at as many homes as you can that are within your budget. Staying up to date with new listings, visiting open houses, and doing your due diligence will ensure you find the perfect fit.
5. Get a professional inspection. An inspection will cost you about $200 and might save you thousands down the line. You don't want to get stuck paying for costly repairs unexpectedly.