4 Expert Tips Can Help You Find A Home With Great Value (Even If It's Your First Time)
Dear Home Buyer,
If you are like most people looking to buy a house then you probably know, along with finding a safe neighborhood for your family, that you should also be looking for a home with great value.
A home with great value usually holds its worth over the years, which will allow you to sell your home easily when the time comes.
Not only can these expert tips help you find a home with great value, but they can also help you find the best house under your budget and help provide a pleasant home-buying experience (even if you are a first-time home buyer).
#1: “Stalking” The Neighborhood Before Buying?
Millions of home buyers thought they found the perfect house only to find out that the neighborhood the house was in was not everything they had hoped for.
You should check out the area at all times of the day, morning, afternoon, and evening. Investigate, research, and stalk the area.
Pretend you already bought the house and drive to work starting from the prospective house at your normal commute time. Then you will know if you can handle the traffic that comes with the new area.
Is the neighborhood close to grocery stores and services you frequently use? Even a few miles can make huge differences in convenience.
Most importantly, what kind of schools are around the area? Even if you don’t have kids or don’t plan on having kids, the schools around the area can have a huge impact on resale value, by as much as 20%.
If there was one thing you had to check on before buying a home it is to make sure the schools surrounding the area are of good quality.
Search for grade schools here and see which schools around your town are the best.
#2: Don’t Let Hidden Home Costs Hurt Your Financial Goals
When it comes to renting and home ownership, the difference between the two are hidden costs.
Eager home buyers usually just focus on the mortgage payment. If it seems reasonable to them then they tend to look past other hidden costs.
Hidden costs such as property taxes, homeowner-association dues, utilities, etc can sometimes dramatically increase costs for your budget. Be sure to look at possible repairs, maintenance issues, such as swimming pools and other recreational luxuries, and the possibility of property tax increases over time.
Just like you would when buying a car, you must make sure everything about the house checks out before you sign the papers.
This may seem obvious to you but many people don’t get an in-depth inspection done to their house before buying it. Making this mistake could end up costing you thousands of dollars in hidden costs.
For example, many homes built in the 1980’s were built with metal pipes. Twenty five to thirty years down the road, those pipes became corroded and started to leak. Do you know how much it costs to replace pipes in an average-sized house? Around $7,000.
It would be terrible to have to pay for that expensive repair a few years after you move into your house. A thorough inspection for a relatively small fee could save you tens of thousands of dollars in the future.
You can search for a qualified home inspector in your town by clicking here.
#3: Why Is It Important To Be Pre-Approved Before Starting Your Home Search?
Don’t let “pre-qualified” fool you to believe you are ready to buy a home.
You should be “pre-approved” for a home loan in order to start your home search on the right track.
It’s disappointing for a family to find the perfect house only to find out they can’t get approved for financing.
A lender must look over your records and financial information before they will approve you for a home loan. Then they will tell you how much you can afford to spend on your new home.
Also, when you are pre-approved, you will be able to shop around for the best interest rates. Even 0.5% difference in your interest rate can mean thousands of dollars in saved money over time.
Be sure to research the loans and make sure there are no hidden fees buried in the fine print. These hidden fees can add up very quickly if you are not careful.
If you are not pre-approved to finance your home purchase, then you can go to LendingTree.com to get quotes from all of the top lenders.
#4: Can You Adjust Your Bids To Give Yourself An Advantage Over Other Buyers?
Once you find a house that suits your needs then you will want to place a bid to buy the house.
You should base your bid on two important things, what you can afford and what you think the home is worth.
Find out what the other homes in the neighborhood have sold for recently and adjust your bid accordingly. Find out what the average price per square foot is in the neighborhood. Doing this will usually give you an accurate value on your prospective home.
Remember, you should not overbid just because there are upgrades to the home. A swimming pool, a nice backyard, new landscape, or other bonuses usually do not increase a house’s value as much as you would think.
These added bonuses are just that, bonuses. They help sell the house. They do not increase the actual value of the house.
When you find a house that really grabs your attention, try to remember to keep your cool about it. Try not to show your true feelings for the house to the seller. What this means is, don’t tell the seller you love their house and you want to buy it. Simply say, “I enjoyed the house but we are going to take a look at some other houses in the area. We will be in touch.”
This will let the seller know you are not desperate and that you are exploring your options. This will give you the upper hand in the situation and can help you save some money on the house if you end up buying it because the seller will be more likely to be flexible on the price.
When you are in love with a house and come across as you will do anything in your power to get that house, that’s when the seller has the upper hand and most likely will not budge on the price because they know you want the house.
To make it look like you have put a lot of time into the research of the home’s value, try to submit an original bid. What this means is, don’t submit a bid of $250,000. Instead, submit a bid of $248,975. The second bid looks very finite and researched. $250,000 comes across as unoriginal.
When you submit an original bid, usually the seller will give you more attention because they will think you are serious about buying the home and not just window shopping.
Before you submit a bid on a house, you might want to pay a visit to the county clerk’s office to see if the seller is behind on their property taxes. If the seller is behind then you can lower your bid accordingly and possibly get a better deal on the house.
How To Make Your Home-Buying Experience The Best It Can Be
When it comes to buying a home for your family, you should seek help from a top Realtor who is professional, dedicated, and trustworthy.
Not only will they reduce the stress that comes with buying a home, but they will also help you save money when buying a home because they know of the houses with the best value. A true professional knows the surrounding area and neighborhoods like the back of their hand.
You should not settle when it comes to finding a Realtor. A lot of home buyers are friends with a Realtor and end up hiring that person regardless of their knowledge or professionalism. This can be a big mistake.
If your friend isn’t experienced and isn’t considered a top realtor in your particular town then you might end up paying more for your house.
You want to get the best deal. You want the proper guidance to steer you towards a home with great value. And most of all, you need an experienced Realtor to know how to submit bids in the correct way to save you the most money.
Using an experienced real estate agent could save you thousands of dollars immediately and/or in the future.
The Top 5% Realtors Practice I’m Home’s 4 Home-Buying Fundamentals
Because they are tested, researched, and proven techniques to give yourself the highest chance to find a home with great value and to pay less than you should for it.
We are teamed up with some of the best real estate professionals in the world. Their experience, dedicated mentality, and trustworthiness make them our “go-to” agents when we refer our clients.
If you want a top Realtor to guide you through the home-buying process then make sure you take the Home Buyers Questionnaire below.
There are 5 multiple choice questions that should take you less than a minute to answer.
By answering the 5 questions, you will provide the information we need in order to see if you can be helped by a top Realtor in your prospective town.
Begin your Home Buyers Questionnaire below and thank you for visiting I’mHome.net.