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Owning a home can be a daunting undertaking for first-time homebuyers. But if you are like countless others right now wanting to get in on the action and move into the home of their dreams, you have to be ready to take on the task. During the current ideal market conditions that make it a great time for buyers there are a few things you can do make sure your experience is as fruitful as possible. Here are three insider tips on how you can secure a great place, for a fantastic price – without making any serious mistakes in the process.
Make Sure the Price Is Right
Nothing can be more disheartening than to find out you have overpaid on a home. With today’s rollercoaster real estate market the best way to be sure you are not overpaying – is to have a professional appraisal done and to ask your Realtor to do some comps. By
comparing like-kind properties that were recently sold in the same
neighborhood, you can get a good idea of what your property should be
priced at. And at the negotiation table, both the home’s appraisal and comps will work to corroborate your offer.
Do Your Home (Inspection) Work
Inexperienced homebuyers stand to risk getting more than what they bargained for if they do not take the proper precautions before signing on the dotted line that makes them homeowners. Even
though it may seem tedious and at times feel like an unnecessary
expense, the importance of having one or more home inspections done is
pivotal to the home purchase process. The
last thing you want to do is to forego an inspection only to learn when
it is too late that there were too many serious problems to contend
with. Depending on where you are doing your home search, any number of inspections should be completed prior to going under contract.
It is standard procedure to have a regular home inspection completed. In fact, many lenders require an inspection as part of the lending process before they will grant you a mortgage. But there are several areas of a home that do not fall within the parameters of a normal home inspection. Wood infestation, for example, can be a major hazard and if there is a serious problem it can be very costly to manage it. Radon gas is extremely unsafe, hazardous gas that can wreak havoc on the health occupants of a home or surrounding areas. Find
out from your home inspector what is and what is not covered and after
consulting with your Realtor to investigate other potential hazards in
the area, it is a good idea to have additional testing conducted as
well.
Carefully Choose Who You Want To Owe Money
There
are myriad lending choices out there but only a handful of companies
that provide professional, timely and effective lending services. At
a time when mortgage processes are heavily scrutinized, it is important
that you find a reputable lender that values you as a client and
simultaneously values your time. Even
though some companies may try to lure you with lower interest rates and
low fees, at the end of the day they get that money somewhere in the
process but the homeowner usually ends up paying the price.
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Regardless
of where you are searching for your dream home, what your budget is or
how you plan on financing the purchase – it is essential to work with an
experienced Realtor. Not only
will you benefit from their knowledge but also you will be able to avoid
making any major mistakes when fulfilling your dream of homeownership.
