The real estate world can be a bit slippery for inexperienced minds.
For first-time home buyers, the whole experience can be a bit scary. Buying a house is one of the biggest most important investments people make in their lifetime. In addition to that, a house is something you’ll have to stick with for many years.
Getting good value out of a house purchase isn’t as easy as it sounds. There are a lot of traps and tricks you need to learn to be able to maneuver the market and find a house-deal you won’t regret later on. The business world can be a bit tough and some are out to make fools out of new inexperienced home buyers. So listen up.
Below are some of the tips to have in mind on how to get good value out of a house purchase.
Know what you’re going for. Hopefully, you have done enough research to know the approximate price range of the house you want. It’s very easy to get carried away when looking for a house. Most people end up spending more money on houses with features they don’t need.
Having a strict budget will also protect you from financial strain. Many home-buyers get too excited and end up signing up for mortgage plans that are too heavy for them to carry. They end up living their lives on the edge where they’re one expense away from a financial disaster. Setting a budget is fairly easy with mortgages- Ask your bank or lender to pre-approve your mortgage loan only for the amount you’ve stated in your budget.
We believe that the best house deal doesn’t leave you in a financial fix. It’s always better to go for a decent stress-free house than buying a house you know is well beyond your financial capabilities.
After setting your strict budget, it’s also important to get yourself a good real estate agent. Sure, it’s possible to buy a house on your own. However, it’s always best to have a professional by your side. As we mentioned earlier, the real estate world has a lot of fine details that can confuse an inexperienced mind.
Who is a good real estate agent? An agent who has your interests at heart. Truth be told, it’s hard to find one. Real estate agents are paid for their ability to quickly close house deals. It’s always safe to go for a real estate agent who has already dealt with a friend or family member in the past. Although the real estate agent might prefer it if you spent more and faster, he/she might be considerate of you thanks to his/her past dealings with your friend.
Keep off real estate agents who rush you into buying a house. The first red flag is when a real estate agent gives you house suggestions that are beyond your stated budget.
When looking for a realtor, take your time and do a background check and go through the reviews from his or her past clients. The right realtor will make sure you get good value out of a house purchase and in the process, save thousands of dollars, and dodge fatal real estate mines.
The internet and modern technology indeed allow us to shop for houses in the comfort of our homes. However, the traditional approach is always best. Go for the traditional personalized method where the real estate agent drives you around town from one house to another. It’s also a good way of building connections with people in the business.
Invest as much time as possible into house shopping. Go through as many houses as you possibly can within your budget. It’s always good to know and weigh your options before you arrive at a decision. Don’t get too excited at the beginning and end up settling for a house that you’ll regret later on. We’d advise you to take a couple of months house-hunting. At least 2 months if you’re in such a hurry.
After you’ve had your fill and finally picked a house, we’d advise you to also take your time before sealing the deal. Seek advice from a family member or friend who has gone through the house-buying process before. It’s at this time that you need your real estate agent the most. He/she should visit the house with you and check if there are any deal-breakers that might have slipped your eyes.
The best real estate agent won’t rush you through the hunting and buying process, he/she will advise you to take your time and think the process through before signing the deal.
Maybe you’re still doing some house hunting and you’re wondering which city to live in. Vaughan, Ontario is a good suggestion. Visit this website and check out some of the best neighborhoods in Vaughan.
You’re now almost done with the process. You’ve finally found a house that not only appeals to you but is also within your budget. However, to make sure you get good value out of a house purchase, you need to make sure there is nothing wrong with the house. Here is a simple checklist of things to look for when inspecting a house.
Housing inspection is easily one of the most important stages in the house purchasing process. Your real estate agent will quickly recommend a house inspector for you. However, we’d advise you to bring your own. Why? Your real estate agent might bring a house inspector who will likely rush through the process. Remember, the majority of real estate agents want to close house-deals as quickly as possible. Therefore, they’re willing to overlook serious flaws just so they can get their commission.
Bring your own trustworthy and strict house inspector who will not compromise on any flaws and is willing to restart the house-buying process all over again if the house is unworthy. In addition to that, we’d advise you to inspect the house with a friend or relative- They might see faults that are hidden from your eyes by excitement.
How do you get a good deal on a house? There are a lot of details to look out for in this line of business, however, life will be way easier once you get a trustworthy real estate agent- It’s always safer to have a guru by your side.