5 Ground Rules For Home Buying Success

5 Ground Rules For Home Buying Success



5 Ground Rules for Home Buying Success
There are few purchases in​ life that carry the financial and psychological weight of​ buying a​ home .​
Whether you are buying your first home, moving up to​ your dream home, or​ downsizing your home and your life after the kids have gone, it​ is​ important to​ understand the ground rules for success in​ the world of​ buying a​ home.
Making the wrong decision in​ buying a​ home can have devastating and long lasting effects, while making a​ wise decision in​ home buying can greatly enhance the overall value of​ the investment .​
It is​ necessary to​ learn all you can about the world of​ home buying and mortgages before setting out to​ purchase the home of​ your dreams.
While there are plenty of​ web sites designed to​ help first time homeowners learn all they can, most financial experts say that there is​ no substitute for the good old one-on-one learning .​
Fortunately, most mortgage lenders, home inspectors and real estate agents will be able to​ provide this kind of​ one-on-one learning.
When buying a​ home it​ is​ often best to​ use a​ systematic approach as​ this is​ often the best way to​ be sure that all decisions are based on information and reason, not on impulse or​ emotion .​
Buying a​ home can be an​ emotional process, nevertheless it​ is​ imperative to​ keep your emotions under control and not let them cloud your judgment.
There are five basic ground rules when it​ comes to​ buying a​ home and shopping smart, and they are:
#1 – Get your financing before you get your home
There are few things in​ life as​ disappointing as​ losing out on the home of​ your dreams due to​ not being able to​ secure funding .​
While the desire to​ get out there are search for that great home is​ understandable, it​ is​ vital to​ line up the financing you will need before you start shopping for a​ home.
Getting the financing ahead of​ time has a​ number of​ important advantages, including knowing how much you can buy and gaining more respect from the listing agents .​
By knowing how much home you can afford before you shop you will avoid wasting your time looking at​ unaffordable properties, and the listing agent will be more than willing to​ show you the homes in​ your price range.
It is​ also important to​ take a​ good look at​ the various types of​ mortgage on the market before getting started in​ the home buying process .​
These days, mortgages come in​ far more choices than the typical 15 or​ 30 year .​
For that reason, potential home buyers need to​ understand how each type of​ mortgage works, and to​ gauge which mortgage is​ the best choice for their needs.
#2 – Look at​ the community, not just the home
It is​ a​ good idea to​ look at​ the entire community, instead of​ focusing on a​ single home .​
This can be a​ particularly important thing to​ consider for those moving to​ a​ new metropolitan area, as​ these buyers will be unfamiliar with the local climate and lifestyle .​
It is​ crucial to​ determine the areas of​ town that are most desirable, and to​ consider things like distance from work and local shopping opportunities.
We have all heard that location is​ the key consideration when it​ comes to​ real estate, and that is​ certainly the case .​
Buying a​ house in​ the wrong area can be a​ big mistake, and it​ is​ important to​ choose the location as​ well as​ the home .​
Potential buyers can learn a​ great deal about the nature of​ the various neighborhoods simply by driving around town, as​ well as​ by talking to​ other residents.
#3 – Be fair with your first offer
Trying to​ lowball a​ seller on the first offer can backfire, as​ can paying too much .​
It is​ important to​ carefully evaluate the local market, and to​ compare the asking price of​ the home with what similar houses in​ the neighborhood have sold for.
Comparing the sales of​ comparable homes, what are known as​ comps in​ the industry, is​ one of​ the best ways to​ determine what is​ fair, and to​ make sure that you neither overpay or​ underbid on the property.
#4 – Always get a​ home inspection
Always investigate the home for any possible defects before making an​ offer .​
Compared to​ the cost of​ the average home, the price of​ a​ quality home inspection is​ virtually negligible .​
Hence, get a​ good home inspection done before you buy.
To find the best home inspector, it​ is​ a​ good idea to​ seek out word of​ mouth referrals as​ many of​ the best home inspectors rely on word of​ mouth advertising.
#5 – Do not alienate the sellers of​ the home
Many real estate deals have fallen apart due to​ the personal animosity of​ the buyer and the seller .​
It is​ important to​ avoid alienating the seller of​ the home during the process, and to​ avoid nitpicking every little detail during the sale .​
Keeping the good will of​ the seller will help the transaction go smoothly, and it​ will provide the best environment for seller and buyer alike.




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