The list of things to know before buying a house is seemingly endless! Let’s simplify and make sure you are set up for house-hunting success.
Things to Research Before Buying a House
Scrolling through houses for sale online can be a really rewarding and fun experience for some. Imagine yourself and your family in this home or that home, enjoying the holidays, getting cozy and watching a movie, making some of your favorite meals, and having friends over for a backyard barbeque. We all dream of the perfect place to call home, but the ins and outs of the buying process are worth familiarizing yourself with before you spend too much time falling in love with floor plans and visualizing yourself next to that fireplace.
There are plenty of things to research before buying a house and doing your homework before setting out on this endeavor will serve you well.
Whatever your reason for being on the market, there are some important things to know before buying a house. Following these simple guidelines for home buying will better situate you to land the house of your dreams and ensure you are staying within your reach in terms of pricing. Even the most fastidious home buyers are surprised at how many things they just didn’t know along the way. You may encounter phrases that are new to you and scenarios can pop up that you didn’t anticipate at any point in the process.
Whether you have been thinking of things to research before buying a house, or, this idea is totally new to you, we’ve compiled some really great advice from experts in the field as well as recent homebuyers that will help you get your foot in the door of your new house without making any major missteps.
Top 5 Things to Know Before Buying a House
Dream Big (But Be Prepared to Compromise)
Knowing what you need from your new house is the best way to ensure you are not disappointed or regretful about your decision. If you decide to compromise on some of your needs, you may find yourself feeling like you’ve outgrown your home within a short period of time.
Writing a list of goals or ‘must-haves’ for your housing needs is a great exercise to start with. This allows you to prioritize your needs and find out what items are non-negotiable for you. You may dream of a certain square footage or floor plan, but when you put pen to paper, you have a unique opportunity to find out what it is that you can’t live without. Knowing this now will save you from making these difficult situations when the pressure is high.
Stick to a Budget
It’s easy enough to tell yourself you will stick firmly to your budget, but preparing the numbers in advance with the help of a bank and buyer’s agent will solidify your budget and hold you to it. We all tend to forget the bottom line when we are shopping for a house and for some people this could really prove detrimental down the road. Knowing your boundaries and sticking to them is one of the most powerful tools you have at your disposal when buying a house.
Find the Right Mortgage Lender
Many buyers simply don’t know that they can shop around for the best mortgage rate. That’s right, rates will differ from one lender to the next. When you visit a mortgage lender, it is beneficial to make the initial meeting a quick one. Don’t get too invested until you have compiled multiple rates and have the opportunity to look them over.
The best way to shop around for mortgages is to set up meetings, have the lender review your credit and financial history, and walk away with the information you need. It is also advisable that you carefully review all lender costs and fees to find the best deal. When you’ve met with multiple lenders, you can determine which will be the best deal for you. Remember, just because a lender pre-approves you does not mean you are under any obligation to work with them. (And, if you’re a first-time buyer, don’t forget to check out these first-time homebuyer programs.)
Familiarize Yourself with the Market
Buyers can face a lot of competition when they make offers on houses, and nothing is more disappointing than finding a great listing and making an offer that doesn’t separate you from the crowd. Making the right offer for the market and the house is a tricky endeavor and you will need a savvy agent to guide you through the process. Depending on the market there is a chance you will make several offers before you are able to beat the competition. In a seller’s market, all-cash offers may be important and you should have your pre-approval ready to go in the event that your offer is accepted.
Order an Appraisal
Congratulations! Your offer was accepted. So, what now? Determining the real value of a house is extremely important. After your offer is accepted on a house, a professional home inspection will clue you in on any potential problems with the house that may not be otherwise apparent. Every detail is important, and a good home inspection will unveil any predominant issues. This is important to avoid unexpected expenses down the road. From replacing a roof to plumbing work, you want to know exactly what you are getting into.
If you are embarking on this journey and are overwhelmed by all of the things to know before buying a house, contact Synergy Homes. We strive to make this process as smooth, streamlined, and positive as possible. Let’s get you home.