Finding homes for sale is no easy feat. Even if you hire the best real estate agents in your area, house hunting can be intimidating and frustrating.
However, taking certain proactive steps can make the process much easy for you. If you are searching for your next ultimate home then the following house hunting tips would come in handy.
Stay tuned till the end.
1. Figure out your exact needs
Before you begin hunting for a home for sale, do yourself a favour and figure out your exact requirements. What kind of home do you want? How big should it be? Do you want a single or a multiple-story house? What kind of neighbourhood you will feel comfortable in?
These are important questions to ask yourself before talking to your real estate expert. It will help you shortlist potential options too.
2. Do your homework
The ideal practice is to do complete research beforehand. Make a list of all the features and luxuries you want in your house. Then shortlist at least three potential areas in your town where you are willing to invest in a property.
Consider factors like your commute to work or school, recreational activities, accessibility to the market, and etc.
3. Determine your finances and capital
Real estate agent has revealed that an individual can easily afford a home priced three times his/her gross earnings.
Keeping this in perspective, come up with your budget in which you can get the house you want. Do not wait to sign up for a mortgage or home loan till the last minute.
Document all your financial statements and records, schedule meetings with potential lenders, and immediately sign-up for a pre-approval. This way you will be able to better gauge your financial status by the time you buy a house. You would also get to know whether you qualify for a loan or not.
If you make an offer to the seller without a proper financial plan in place, your bid will not be taken seriously. No one will care about your future plans; all they would want for you is to manage the capital or the mortgage.
4. Come up with a timeline
Check out your credit report. If you have dents in your financial statement that need to be rectified then you need to plan your timeline for buying a new home accordingly.
Also, check if you already own a home, how long will it take for you to find the right buyer? Do you need to do any repairs or renovations before you put your house on the market? If you are living on rent, make sure you check the last date of your lease.
It is important to consider all these factors prior to buying a house. This will influence the time it will take for you to buy and move into your new home.
5. Always plan at least for the ten years ahead
Your long-term goals and plans will eventually determine the kind of house you need. Is this your first own house? Do you plan to move to a bigger one after a few years, or you wish to stay in the same house for the next decade?
These are vital questions that you must answer before beginning to search for homes. If you are just starting out your property investment, then it would serve you best to lower your expectations. Keep a priority list of items you need in a house and just focus on getting those.
6. Hire a professional real estate agent
Once you have your plans set in place, it is time to hire a good real estate agent or advisor. Start by getting recommendations from family and friends. Then schedule a meeting with a few agents in your town, tell them your requirements, and the timeline. Get their quotations. In the end, simply hire the one who is affordable, professional, and can work well with you.
One important question you must ask your agent is regarding their specialization. Do you specialize in representing the buyers? If they do, then they will represent you in the best manner.
Also, check who your real estate agent is listed with. The most professional agents are associated with the NATIONAL ASSOCIATION OF REALTORS.
7. Keep realistic expectations
It is normal to daydream about your home equipped with all the features and luxuries you have always wanted. However, keep your mind open and stay true to reality. Do not let a good deal go out of your hands because of a few imperfections. Also, do not be stubborn about the locality.
If you are finding a good home in a quiet locality while you love party life then do not outrightly reject it simply because the neighbourhood is quiet.
On the other hand, also do not be fooled by the cosmetics of a house. Check the quality of the material that is used inside. In fact, ask your real estate agent to hire a proper home inspector for you. Evaluate the shortlisted homes according to your priority list that we have asked you to build and then make a decision.
