Buying a house is a decision that you should never take lightly. The process is complicated and often stressful if you’re not fully prepared. That’s why it is important to have a guide so you’ll have a seamless and unforgettable experience.
Purchasing a home is a significant milestone that requires a significant investment. You can’t afford to make a mistake. In line with that, here are the top tips to help you out.
Avoid making any huge purchases between three to six months before you purchase your new home. You don’t want to risk your credit profile. You must present yourself as a reliable borrower to lenders. They prefer a complete paper trail so they can offer you the best possible loan based on your current circumstance. If you apply for a new credit card, take out a loan, or purchase something expensive, it may negatively affect your chances of getting approved for a loan.
There’s a huge difference between getting pre-qualified and getting pre-approved for a mortgage. You can easily get pre-qualified for a loan. However, getting a pre-approval is a whole different story. When you get pre-approved, your lender will check your financial information and inform you how much you can afford and the amount of loan they can offer you.
Getting pre-approved will make the process of buying a house a bit easier since you don’t have to waste your time checking out properties you can’t afford. It also gives you a chance to find the best deal and interest rate.
You can never tell when it’s the best time to buy because you can’t time the market. The perfect time to purchase a house is when you can afford it. The real estate market is volatile. Sometimes it goes up and there are times when it goes down. You shouldn’t time the market because you’ll only end up missing out on great deals.
When buying a house, always remember that bigger isn’t always better. You should focus on quality instead of the size of the house. In most cases, big houses only attract a small group of homebuyers, which wouldn’t be beneficial in case you decide to sell your home in the future.
The sleeper costs are one of the many things that separate buying and renting a house. Most homebuyers just consider the mortgage payment. They don’t pay attention or are just unaware of other expenses associated with buying a home. These additional costs are the homeowner association fees, property taxes, and utilities. As a new homeowner, you may also have to cover repairs and maintenance expenses. You have to set aside a certain amount to cover the sleeper costs when you buy a house.
When you buy a second-hand car, you need to have it inspected first. This also applies to buying a home. You need to hire a home inspector and have the house checked before closing the deal. A home inspector can tell you whether buying a house is a good deal or not. They will check for existing and potential problems in the property that you’re looking to buy. They will examine its condition to determine if buying it makes sense. If the home inspector finds problems in the house, you can use it to negotiate a lower price for the property.
Before you sign anything, you need to check the neighborhood where the house is located. Drop by during different hours of the day so you’ll see what happens during the day or night in the area.
We have rented our property with open estates for 5 years now, they are truly the best! Everyone is always friendly and so helpful with everything from the day we moved in! Matt has especially...
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Dear Laurie and Paul We know that this is belated but we just wanted to say a huge thank you in writing for all your hard work on our behalf in selling our property. We could not have hoped for a...
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We live in Western Australia. Open Estates have managed the rental of our property in Borehamwood on our behalf and recently marketed the house and gained a successful and swift sale. We have...
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My dear Jonathan I would like to compliment you and your team for a speedy and hassle-free rental. Both your colleagues, Matthew and Simon were attentive and professional to my every need and I...
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I just wanted to say thank you for everything that you have done to ensure that the sale of Nightingale Close went through. Your integrity and diplomacy were certainly put to the test and your...
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I want to thank the whole team at Open Estates for their professional, personal and friendly service. Their knowledge of the area (Borehamwood) and wealth of experience really helped make the sale...