Buying a new home can be a bit overwhelming – there’s a lot to look for and a lot to consider before making an offer. If you’re looking for a home, you’ve probably gotten a lot of advice from friends and family about what to look for and what to avoid.
There are a number of pitfalls when it comes to buying a new home, and some mistakes are just too costly to make.
Follow some of these tips and make sure you’re in the best position and well-informed when it comes time to submit your offer.
Talk to your bank first
Getting pre-approved is one of the most important things you can do. It gives you a lot of freedom in negotiating with sellers and helps you find your way around a bit when searching for locations and figuring out how much you can afford. Discuss your finances and get prior written approval so you have the confidence to make an offer that you know is within your means.
Choose the right area
Rent, rent, rent. Location Is What It’s All About – Choosing the wrong area can have a huge impact down the road when it comes time to sell. Whether you’re buying for yourself or renting, you need to consider location. Research the trends and history of the suburban home you want to buy and make sure the market has held steady. Do not buy during a bubble and look for a house with services, transportation and education nearby.
Get the property inspected
You would be crazy not to have the house inspected before making an offer. Get a written report from a professional about the condition of the property and any construction defects. Basic property inspections can cost up to $600 and you will need the owner’s permission before inspecting the building. A little money now could save you big in the long run. A property inspection is the only way to have complete confidence in what you are offering.
A little care and planning will go a long way when purchasing a new property. Avoid costly mistakes and make sure you are prepared ahead of time by doing the proper research before making an offer.