Buying a home can be exhilarating and nerve wracking at the same time. With so many factors to consider including floor plans, neighborhoods, affordability and so much more, the process can seem a bit overwhelming sometimes. Put those worries to rest because here are 5 home buying secrets that can save you time and money:
1. Bigger does not always mean better.
Since you were a child, you may have dreamed of owning the biggest, most luxurious house in the neighborhood but in reality, bigger does present some disadvantages. Should you ever decide to move and sell the home, you run the risk of taking a major hit on the selling price since the market for a home like this is relatively small. Size should not necessarily be your primary factor when making the decision to purchase a home.
2. Never fall in love at first sight.
Do your best to refrain from falling head over heels for a home. The golden rule of house hunting is that you must always be willing to let the home go. This factor becomes especially critical during negotiations. If the seller knows that you are willing to walk away from the home entirely if your demands are not met, they may be more willing to yield. And in the case that they do not give in, do not fret, there are plenty more homes out there.
3. There is no such thing as a ridiculous offer.
If you come across a property that has been sitting on the market with few or no offers, do not be afraid to make an offer that is well below their asking price. The buyer may be eager to sell and this could end up saving you a lot of money. Worst case scenario, the seller turns down the offer entirely but in the current economic climate, they will likely make a counter-offer.
4. Give your house a good pat down.
You would never buy a car thoroughly inspecting it, right? Well houses are no different. Always make sure you hire a home inspector. While they are not cheap, the average inspector costs around $200, they can save you much more than that by finding any potential issues with the home. Always wait until the inspector gives your potential home a clean bill of health before finalizing anything.
5. Inspect the neighborhood.
Prior to making the purchase, be sure to check out the neighborhood at various times of the day. This allows you to see what activates and events regularly go on so you can decide if the neighborhood is for you. Additionally, be sure to check nearby schools and grocery stores as well as public services like fire and police stations. Make sure that they are close enough to respond should an emergency ever arise.
There you have it. With these tips and a little patience, you will be well on your way to finding the perfect home for you and your family. Military veterans may be eligible for special loan rates and provisions. If you are a vet and haven’t looked into a va home loan, now is the right time to do so.