Buying a home can be a scary process. It’s best to start with some basic tips to get you off the ground and build from there. You’ll see that once you get the simple stuff out of the way, everything becomes a lot easier and a whole lot less scary!
Buying a home is a major event in anyone’s life, and one of the biggest investments a person, couple, or family can make. It’s a great way to purchase yourself a real asset that will either serve as your residence for life or make you some money down the line. That doesn’t mean it all works out fine and dandy all of the time, though. You’ve got to make sure that you don’t end up like a real estate horror story gone wrong!
If you’re just getting started, then get these simple home buying tips in your head before you do anything else!
#1) Set your budget—and STICK TO THAT BUDGET
Listen, you’ve probably heard a million different people telling you to set a budget. There’s a reason for that. It is probably the most important part of searching for a home. Not only will it help you narrow your search down, it will set you up for financial success in the future. Keep track of your income minus what your payments would be–can you see yourself living on that?
The most important part of setting a budget is sticking to it. That’s what it’s there for. You need to be honest with yourself if you want to make ends meet. You can allow a tad bit of wiggle room on the high side, but remember that there’s only one person you’re cheating when your dishonest about your budget: yourself.
#2) It’s in your right to lowball
If you want to succeed, then you have to realize that you’re in this transaction to get the home you want at a price that you can afford. Now, it’s never right to throw a ridiculous offer at a real estate agent. That’s just plain crazy. But a lot of folks are afraid to ask people to go lower on the price just because they feel bad about it. Don’t. Try to get that price down if you can. Want to know how to find the breaking point for a lowball offer? Research!
See what other similar homes have gone for in the past. See how long the home’s been on the market. Check market statistics to see how fast homes are selling. There are plenty of things you can do to see how low you can go. The only thing you need to know is that you are allowed to do it. Don’t feel bad. There are never any personal misgivings between a seller and buyer over offers. This is a business. If you don’t get a price you can afford, things can turn sour later on.
#3) If it’s too good to be true, then it is
You’ve probably heard this saying before, but it’s just as true in real estate as it is elsewhere. 99% of everyone in this industry is hardworking and honest, but one rotten apple can spoil the bunch. There’ve been some horror stories(like this British couple that had 300,000 pounds stolen!) in recent memory about couples losing a ton of money to scams. Some things to look out for are:
- Proper grammar in communications
- Logos that are 100% matches
- Random communications asking for money
- And offers that sound too good to be true
If someone emails you asking for money out of the blue, then be very suspicious.
There are a few things you should know before setting off on your journey toward a new home. These simple home buying tips will get you started. Remember, using a respected real estate agent in the local area is the best way to find the home of your dreams. Set your budget, learn to haggle, and be aware of scams. If you can do these things, then you’re ready to start looking!