Whether you’re a first time buyer or just looking to invest in new property, purchasing a new home can feel quite overwhelming.
You are, after all, going to be investing a lot of money into a house that you hope will accommodate your needs well into the future. That’s a lot of pressure! Fortunately, all of the careful thought and planning that goes into becoming a homeowner doesn’t have to detract from the overall experience. To keep the process as smooth, seamless, and stress-free as possible, here’s are 6 tips for buying a great home.
1. Don’t Try to Time the Market
Have you ever heard people say that there’s “no perfect time to have a child”? Well, the same sentiment rings true for the housing market. Obsessing over the “right” or “best” time to buy will only drive you insane and make it seem downright impossible to ever seal the deal. Ultimately, the “perfect” time to buy a home is when you find a house that suits your needs and that is within your budget. Remember the real estate is extremely fickle and will continue to yo-yo up and down. Trying to wait for “ideal market conditions” will likely cause you to miss out on something great.
2. Get the Lay of the Land
Alright, now that you know that it’s a good time for you to buy, you need to start scoping out neighborhoods. Drive through the area at various intervals throughout the day. Is it prone to high volumes at traffic at certain times that would inconvenience your daily routine? How easy is it to get to the nearest grocer and other necessary services? What will your daily commute to and from work be like? These are all extremely important considerations. It’s also smart to look into nearby schools. Even if you don’t have kids, the district that a home is situated within can make a huge impact on its value.
3. Keep Your Emotions in Check
As you look at houses within your ideal neighborhood, it’s hard not get get emotionally attached to ideas about your “dream home”, but getting too worked up can cause you to end up with a broken heart. Falling in love with a specific room within the house or a backyard might cause you to overlook other glaring details and make some poor financial decision. Know the difference between going with your instincts and going with your emotions. Your emotions may lead you astray, but your instincts will tell you when you’re getting a great house for a good value.
4. Give the House a Full Physical
So, you’ve found a home that seems to meets your practical needs and is within your budget. You may be excited, but before diving right in and making an offer, you need to have a professional give the house a once-over. A home inspector will provide you with all of the information that you need to make a good decision about whether or not the house is actually a good investment. This unbiased third-party opinion will bring any issues to light that could allow you to bargain for a lower-than-asking price or to choose to walk away and look at a different property instead.
5. Account for Sleeper Costs
Don’t make the mistake of forgetting to anticipate all of the extra “sleeper” costs that go into owning a home. Too many people will plan their mortgaging budget to the penny without setting money aside for property taxes, HOA fees, monthly utilities, homeowners insurance, incidentals, etc. Always be prepared for these expenses before making a buying decision as this will cover all of your bases and prevent you from potentially losing your home.
6. Make a Fair Offer
When, and only when, you’re fully sure about a house that you’re interested in buying, you need to start strong with a good opening bid. This should be based on what you can actually afford and what you feel the property is worth. The offer should be fair and reasonable as opposed to trying to undercut the seller to the point of offending them. Basing your bid on what other homes in the area are worth should be a good jumping-off point.
Are you searching for Denver real estate professionals that can assist you with buying or selling your home? When you’re ready to make that big change, contact The Denver 100 for all of your home needs. Our professionals will lead you through the process quickly and efficiently!