Tips for home buyers – there are so many of them!
If you’re looking to buy a home in the near future, then here are a dozen top tips any new home buyers need to read in advance!
Tips for Home Buyers | On Home Finance and Budgeting –
Your home loan could fall through if you open additional credit accounts while you’re pre-approved for a mortgage. So, hold off on opening that new credit card until after you’ve closed on your home. The last thing you want to happen after you’ve found your dream home is an issue with your lender!
Also, don’t change jobs while in the mortgage process. It could hurt your chances of securing a loan. Banks and lenders need to know that you have a secure source of income to support the mortgage you’re applying for. Buying a home is one of the biggest investments you’ll ever make so banks want to see stability.
Don’t just look at what you’re pre-approved for, but also how much you’re comfortable paying every month once things like maintenance & potential HOA assessments are considered. Work with your REALTOR to come up with a budget if you think you need help. As a new home buyer, you want to make sure you have enough money to cover all of your expenses and leave a realistic comfortable cushion, not only for disposable income, but also for unforeseen repairs.
Bidding wars are prevalent. But to prevent heartbreak in the homebuying process, look at homes that are on the lower end of your budget so you have some wiggle room to make counter offers. With the seller’s market that’s been so prevalent over the past 18 months, it’s important to manage your expectations and understand what kinds of homes you can actually afford.
Tips for Home Buyers | On First-time Buying –
Refrain from making much commentary about a home while you’re touring it because homeowners could be eavesdropping via smart home technology or nanny cams. The last thing you want is to lose any leverage or negotiating power during your home buying process simply because you gave away an important detail or piece of information while you were on camera.
Talk to neighbors before buying. You never know what kind of information you could find out about the house, the current owners and the neighbourhood in general. I would also recommend you visit the neighbourhood at different times of the day or days of the week to see what it’s really like. A quiet and calm street during the day doesn’t guarantee a quiet and calm street at night.
If a home meets 85% of what you’re looking for, make an offer. It’s nearly impossible to find a house that will meet every single one of the things that you’re looking for. As long as it’s in the area you want, has the bones you need (e.g. the number of bedrooms, bathrooms, layout etc.), then don’t worry so much about cosmetic details like flooring and painting that can be easily changed.
Don’t skip a home inspection, and ask for seller concessions to help compensate for imperfections. You never know what a home inspection will uncover. I once walked away from a home I loved because the sellers couldn’t provide an accurate date when the septic was installed. The home was on the higher end of my budget so I couldn’t risk such a costly repair if the septic was far older than they were indicating it was.
Tips for Home Buyers | On Design –
Natural lighting is great in a bathroom—you should seek this out. But if there aren’t any windows or a skylight, you could always add some lighting next to the vanity. In addition, the number of bathrooms, where they are located and the amenities within them are also other important considerations.
Floor-to-ceiling windows may be beautiful, but be prepared to pay for expensive, custom-made window coverings and special heat-protecting blinds. As a new home buyer, you also want to investigate the age of the windows to make sure the house isn’t due to have them replaced.
Neutrals and calming colors are better in a bedroom than bold, bright colors, but you should really do what you like because the paint color in your bedroom has no sway on a home’s selling price. Remember, cosmetic details such as paint can always be changed. Just because you have one particular preference mean that the seller’s feel the same way. It’s all a matter of personal preference.
Updating the hardware in a bathroom can go a long way, and doesn’t require new plumbing. You can totally transform the look and feel of a washroom (or kitchen) by simple things such as the hardware.
I hope you’ve found these tips for home buyers like you to be helpful. You may also be interested in this article on first time home buyer programs. If you’re in the market for a new home, I’d love to chat!
For more great tips for home buyers, make sure you’re following me on social @serenaholmesrealtor. To discuss how you get get into your next home, click here or to get started right away, you can start searching for homes here.
