(ConservativeHub.com) – Buying a home is one of the biggest investments a person will make in their lifetime. As such, it requires serious consideration to ensure the final decision is sound. Luckily for new home buyers, plenty of people have been down the path before, and there’s tons of good advice out there to help make the process smoother for first-timers.
Tip #1: Check on Crime
Location is hugely important in real estate, but many people automatically think that means the nearby amenities, the beauty of the area, and good local schools. Sometimes, they fail to think about crime.
Every homebuyer should look at local police reports to see what kinds of offenses are happening most often. Minor crimes are common even in the best places, but it’s a good idea to determine which areas have high rates of more serious and violent crimes.
You should also remember to run a sex offender check on your desired neighborhood and check out the local news outlets to see what they report about crime.
Tip #2: Make Sure It’s Affordable
When lenders tell borrowers how much money they can obtain to buy a house, many take the number and run with it. That’s a massive mistake because that figure doesn’t factor in an individual’s actual budget.
Buyers need to assess their own budgets to set more realistic price points. A personal budget needs to account for all the extra costs of homeownership, including taxes, insurance, and maintenance.
Nobody should borrow more than they can afford because doing so may lead to cash flow issues down the road.
Tip #3: Don’t Let the Ad Sell the House
Real estate listings are just another type of advertising. They’re marketing a property to sell it, so they will put everything in the best terms possible.
If the home has serious issues, the ad may say it has “potential,” or that it’s a “fixer-upper.” Often, these terms just mean it needs a lot of work. They are red flags that should alert every buyer to watch out.
It’s important for homebuyers to visit the home they’re considering in person if they’re able to do so. Hopeful homeowners should look over all the potential issues. Insisting on an inspection can also help uncover problems that may not be obvious at first glance.
Tip #4: Seek Help on Legal Issues
A realtor can negotiate many aspects of a home sale, but a buyer must remember the real estate agent is not a lawyer. Buyers should seek the advice of an attorney when it comes to legal matters, as only a legal professional can provide proper advice on such things.
Tip #5: Get Preapproval
Preapproval is approval a borrower receives from a lender to get a mortgage. While it doesn’t guarantee the final mortgage offer, it lets buyers know how much they qualify to spend and work out any issues before looking at homes.
Preapproval also strengthens any offer a person makes on a home. Some sellers won’t even consider offers from buyers without preapproval. So, it gives a buyer an edge, especially in a competitive market.
Buying a home is a significant step, but finding out what to expect ahead of time is one of the best moves any potential home buyer can make.
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