Saturday, October 13, 2012

House Hunting Tips

House hunting sounds thrilling in theory but it can be time consuming, frustrating, and sometimes - even heartbreaking.  Before you're ready to hire a moving company, you'll be on the hunt for months and find you just aren't finding what you want. You may find the perfect house, but it's out of your price range or that the owners accepted an offer five minutes before your real estate agent submitted yours. While there is the element of the romantic in the house hunt, i.e. finding the house of your dreams, there's also a major dose of business-business-business.



House Hunting Tips
  1. Get Pre-Approved. Any real estate agent worth their salt should ask you about pre-approval from the get go. You might think you are looking for home in the 400K range, only to find via a mortgage broker, that you are really looking for homes in the 250K-300K range. That's a big difference and can save everyone a great deal of time, energy, and heartache.
  2. Stick to Your Budget. Once you get your pre-approval, you might think, "Yahoo! We qualify for more than we thought!" But perhaps the pre-approval didn't take into consideration the $10,000 personal loan you're paying back to your favorite aunt who helped you through college (and doesn't show up on a credit report). Does the figure leave you enough money to pay all of your other bills and save money? Don't forget that once you own a home, there is no landlord to call when things go wrong because you're the landlord. Make sure you have enough to save for house repairs as well as for your own future financial health. Stick to that figure and don't let yourself be tempted by the, "what's another 50K?" mentality. "Just-Another-50K" can be the difference between being able to pay your mortgage or not later on.
  3. Be Realistic. Everyone is entitled to have a dream home in mind, but if you are a first-time home buyer looking for real estate, this might not be the time to have it all. A jacuzzi tub, his/her sinks, and a sitting area in the master bedroom are lovely, but perhaps not for this time around. Find a few things you treasure in a home and then be ecstatic when you find a sweet house (in your price range) that has them.

  4. Potential. Sometimes it's important to see the potential in a home because you can create your vision over time. If you have a hard time visualizing, consider bringing a contractor- or design-savvy friend along who can help you imagine simple changes to transform the space into your ideal home.
  5. Take Photos. You might look at dozens of houses before you find "the one." Take lots of exterior/interior pictures so you can keep the houses straight later on. Upload them into address organized files on your computer for future viewing.
The best house hunting is done with a clear and solid plan of action. Stick to that plan and eventually, cosmos will align and you will find yourself signing papers for a house that's perfect for you and your family.

6 comments:

  1. Getting pre-approved for a mortgage certainly makes homebuying a hassle-free experience. It saves you time and puts you in a better position when looking for the right home as you already know the loan amount you're pre-approved for, instead of just taking a guess and looking at properties that are beyond your means.

    Regards,
    Chris from 123homeloans.co.za

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  2. The oldest real estate joke, “location, location, location,” still makes sense when it comes to house hunting. Consider a home that has an easy access to the market, school, or to your workplace. Remember that even a picture-perfect home can be an bad decision if it’s in an undesirable neighborhood.

    - Renay Lattimore

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  3. Sticking to your budget should really be on top of the list. Learning how to do it would save you from acquiring excess loans that you’re not prepared to handle. The first thing you should do is to remain realistic with your expectations. Another thing is to evaluate whether the house you’re eyeing or visiting will suit your preferences and needs.

    Justin Bill

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  4. Tip #2 is right. Stick to your budget, and when you do that, you must also stick for the type of house that is within same price range and value. Don't look for a house that has too many features, which will only become impractical in the long run.

    Sara Owens

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  5. This comment has been removed by the author.

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  6. There are lots of times when we felt hard on our Real Estate Investments Australia. Even if we experience that we should not stop and continue to do better for our family. This investment is the key towards our success and we should push forward to ensure that we will lead to a better and more easy life with the help of this business.

    http://real-estate-in-australia.blogspot.com/2013/08/Property-Investment-Brisbane.html

    ReplyDelete