10 Secret Tips For House Buyers
Buying a house is a huge investment, but if you make the right choice you’ll be set for life. Buying a property starts long before you’re actually house hunting with sharp financial decisions, and ultimately the job isn’t done until you’ve considered all the property maintenance costs. Read on for our ten secret tips for buying a house.
10: Keep Your Money Where It Is
When it comes time to get a loan, your finances are going to be closely inspected. Plan in advance and don’t move your money around too much for six months before you come to start house hunting. Limit any big expenses in this time and you’ll appear as the perfect candidate for a loan.
9: Get Pre-Approved for Your Home Loan
There’s absolutely no point getting your hopes up searching for your dream house if you’re not certain what you can afford. So many new buyers make the mistake of shopping around before they get a pre-approved loan, and end up disappointed. Make sure your lender has all the relevant financial information, and you’re clear on what they are willing to lend you.
8: Avoid A Border Dispute
Border disputes are expensive and exhausting to resolve, and can ultimately poison your relationship with your neighbors as well as your own home. Before you buy a house, make sure you’re clear - and have the documentation to prove - where the limits of your property lie. Look out for the tell-tale signs of a brewing border dispute: zigzagging fences and structures overhanging obvious boundaries.
7: Don’t Try To Time The Market
Playing the property market can seem like a savvy move, but any small fluctuations in property value are part of wider movements that are not always obvious to see. The housing market is moving in a positive direction, so it’s unlikely you’ll lose money on a property. When you’re searching for your dream home, buying the right house is more important than buying at the right time.
6: Bigger Isn’t Always Better
When you’re searching for a new property, the temptation to scale up (within budget) is always there. It’s easy to fantasize about what you can do with all that space. But bigger houses require more work, more upkeep and ultimately more cost to run: in the case of buying a house, bigger isn’t always better. Have a good idea of how much space you need. Anything above and beyond needs to be considered carefully.
5: Avoid Sleeper Costs
The biggest number associated with buying a house is the price tag - and it’s easy to forget about everything else. Sleeper costs can hit hard, however, so be wary. If you’ve bought a large property, the cost of painting every room can be significant. If there are expansive grounds, maintenance of the lawn can gobble up a lot of your precious income.
4: You’re Buying A House – Not Dating It
When you’re buying a house you need to think long-term. Try not to be charmed by superficial features, but consider the structure of the building: is it robust or likely to deteriorate over time?
3: Give Your House A Physical
You can’t obviously tell the state of a house at a glance. Bring in the professionals and get a surveyor to give your potential property a once over. This is one expense that will pay dividends in the long run, as your dream home could turn into a development disaster if you’re not careful.
2: The Secret Science of Bidding
Bidding on a house is both an art and a science: lowball and you may offend the seller, but bid too high and you’ll overpay for a property and suffer when it comes time to sell. Inspecting the value of neighboring properties can help you make the right choice. A specific bid indicates to the seller that you’re serious and you’ve done your research.
1: Stalk The Neighborhood
One of the biggest factors in the value of a property is the quality of the neighborhood, so before your viewing take a walk around the local vicinity and inspect it for signs of upkeep or neglect. Doing your research about school zones and other amenities can make a big difference too.
Buying a house is a big commitment: but with these top-secret tips, you’ll be sure to settle on the perfect home.
Michael Dehoyos is a content marketer and editor at Write My Thesis. He has fifteen years working in real estate supporting families to discover their dream homes.