Top 8 Key Answers For Buying a New Home

Top 8 Key Answers For Buying a New Home

Now that you have found your prospect dream house and neighborhood and you're planning to buy it, you might want to read these tips first as a guide to help you buy a new home. Buying a new home can be really challenging and fun too!

Reliable Credit Profile

Lenders demand and require that they see if you’re reliable and they will need to see a complete paper trail for them to get you the best loan possible. Bear in mind that it’s not practical to make any enormous purchases or move your money around three to six months before buying a new home. You might have a difficult time taking out a loan if you open new credits cards, this will just bulk up debt or buy a lot of big-ticket items.

Pre-approved Home Loan vs Pre-qualified

If you are not yet familiar, there’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can easily get pre-qualified for a loan but getting pre-approved means that a lender has already looked at all your monetary information and they have let you know how much you can afford and how much they will lend you. It’s better to be pre-approved than just be pre-qualified like anyone else because this will save you plenty of time and energy so you won’t be running around looking at houses you can’t afford. This will give you the opportunity to look for the best deal and interest rates.

Ask for a Survey on Your Property

To avoid a border dispute, before you buy a house, ask for a survey done on your property to have an idea what you’re buying. If you know accurately your property lines, it may help you to avoid a potential dispute with your neighbors.

Buy the House at the Right Time

Don’t waste your time trying to catch the perfect time of the market and figuring out when is the best time to buy. Don’t anticipate, because the housing market is impossible. The best time to buy is when you are 100% sure which house is the right for you and you can definitely afford it. Real estates are just like a cycle, prices go up and down all the time. If you will just wait, you might miss the chance of getting that dream house.

Don’t Buy the Biggest House

Of course, everybody dreams of getting the biggest and most beautiful house on the block. But bigger houses are not really the best ones. What you need to find is the right house for you and your family that appeals to you and their needs. Another important thing is that the largest house only appeals to a very small audience, so if you plan in the future to resell your home, buying the biggest house may not be a good idea.

Right and Accurate Budget

When you buy a house, you don’t only consider the mortgage payment alone, but you also focus on other expenses such as property taxes, utilities, and homeowner-association dues. And if you’re a new homeowner, you have to be financially prepared for payment of repairs, maintenance, and potential property-tax increases. Budget everything so you won’t risk losing your house.

Don’t Use Your Emotions When Buying

Buying a house is like a relationship, you also have to use your brain and not only rely on emotions. If you fall in love with something and it pushes you so much to buy already that house, you might end up with bad financial decisions. Use your brain and instincts when buying a house, this will help you recognize if you’re getting a great house for a good value or not. This is a lifetime investment, so take all the time you need to decide and not rush yourself.

Do a Home Inspection

It’s not enough that the house looks good on the outside. Don’t be too excited! Hire a home inspector, it may cost you a little money but you are going to need it. It could save you from any issues that may arise sooner in your home. They will help you whether you’ll buy it or not. And not just that, they can give you tips so you can bargain the price of the home if the inspector does find problems with the home. Don’t be shy to also make a bid because sellers do respect a bid but just be sure that you can really afford and you are sure with what you believe the property is worth.

Author bio: Ivandrea Ollero is a daytime writer for Wincrest, one of Australia’s most experienced and well-renowned home builders designing and building modern family homes. Ivandrea provides information for choosing the right home builder so people can enjoy their local community with their new residence.

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