The prospect of buying your first home is both exciting and nerve-wracking. On one hand, owning your own house is the final step of financial independence. You’re no longer accountable to a landlord and their rental agreement. On the other hand, buying a home is a huge financial decision that will determine where you live for the next several years.
As a first-time buyer, there’s a lot to learn about buying a house. You’ll often hear homeowners say, “I wish I knew that before buying this house.” So, in this article, we’re going to give you some common mistakes that first-time buyers make so you can have the best possible experience in the home buying process.
When first-time buyers get preapproved for a mortgage, they sometimes see this as permission to spend whatever amount they’re approved for. However, even after closing costs, there are a number of other expenses you’ll need to account for in your budget.
You’ll be responsible for maintenance, utilities, taxes, and repairing things when they get old. If all of your money is tied up just paying your mortgage and other bills, you won’t have anything left over to maintain your house.
Furthermore, living your life just to make your mortgage payments is draining. Instead, buy a house that gives you enough room to save for retirement, vacations, a family, or whatever else you see in your future.
Before you start shopping for homes, make sure you meet some basic prerequisites. You’ll need a solid credit score, steady income history, and money saved for a down payment. You might set yourself up for disappointment looking at homes that are outside of your spending limit if you don’t get prequalified first.
While it’s okay to dream about the future, don’t set unrealistic expectations for your first home. You can always upgrade later on, and building equity in your first home is a good way to help you do that.
So, you’ve been shopping around for a few weeks and finally found the perfect house. If everything goes well your offer could get accepted. But if it doesn’t, don’t worry about it. There are constantly new houses appearing on the market, and there’s a good chance you’ll like one even more than this one.
Contingencies are there to protect you. They might seem like a way to needlessly complicate a contract. Or, you might think that waiving them makes you look better in the eyes of the seller. However, both sellers and their agents know that contingencies serve an important purpose.
The three main contingencies you’ll want when buying a home are an appraisal contingency, financing contingency, and an inspection contingency. Unless you’re buying under special circumstances, you’ll want to keep all three in your contract.
This is a Raised Ranch style home and features 11 total rooms, 2 full baths, 4 bedrooms, 0.76 Acres, and is currently available for $349,900.
For complete details click here.
You know that you want to buy a house, but you also don't want to break your day-to-day budget to acquire a residence. As such, you're in the market for inexpensive housing – something that can be tough to find in any real estate sector, at any time.
Buying a house can be difficult, especially if you're operating on a tight budget. Fortunately, we're here to help you take the guesswork out of finding an inexpensive house that matches or exceeds your expectations.
Let's take a look at three tips to help you streamline your search for an affordable residence.
1. Evaluate How Long a Home Has Been Available
When it comes to finding an affordable house, it pays to check out how long a residence has been available. By doing so, you may be able to discover a bargain, even in a highly competitive real estate market.
If a home that has been available for many weeks or months, a seller may be more motivated than ever before to accept an offer that falls below his or her initial expectations. Thus, if you submit an offer below a seller's initial asking price, the seller may accept your proposal in the hopes of getting rid of his or her residence quickly.
Of course, you should always ensure that a home offer is competitive based on a house's age and condition, along with the current state of the real estate market. Because if you submit a "lowball" proposal, a seller likely will respond with an immediate "No" to your offer.
2. Look at Fixer-Uppers
A fixer-upper is unlikely to have everything that you want in your dream house. On the other hand, a fixer-upper likely is more cost-effective in comparison to a new house.
If you're on the lookout for affordable housing, you should consider fixer-uppers. These houses may require some work, but buyers who are willing to allocate the necessary time and resources to perform myriad home repairs can transform these properties into dream homes.
3. Collaborate with a Real Estate Agent
For homebuyers who want to acquire a house without spending too much, it usually helps to hire a real estate agent. In fact, by working with a real estate agent, a homebuyer can streamline the process of acquiring an affordable residence.
A real estate agent first will meet with a homebuyer and learn about his or her homebuying goals. Then, this housing market professional can tailor a home search to complement a buyer's budget.
Let's not forget about the support that a real estate agent provides throughout the homebuying journey, either. A real estate agent will set up home showings, negotiate with a seller's agent on your behalf and do whatever it takes to help you purchase an inexpensive house.
Ready to find a cost-effective house? Use the aforementioned tips, and you can accelerate the process of discovering an affordable home that you can enjoy for years to come.
This is a Raised Ranch style home and features 11 total rooms, 2 full baths, 4 bedrooms, 0.76 Acres, and is currently available for $354,900.
For complete details click here.
For those who want to sell a house as quickly as possible, it often helps to think about what will happen after you list your residence. That way, you can plan ahead for the home selling journey and minimize the risk of potential roadblocks that otherwise may prevent you from achieving your property selling goals.
Ultimately, there are many questions for a seller to consider before listing a house. These include:
1. What makes my home unique?
No two houses are exactly alike, yet differentiating one home from another in a competitive real estate market may prove to be difficult. Fortunately, a seller who understands a residence's strengths and weaknesses can determine what makes his or her house unique. This seller then can develop a strategy to promote his or her residence to the right groups of prospective buyers.
Sometimes, it is beneficial to conduct a home inspection prior to listing a residence. With an inspection report in hand, a seller can analyze a house's strengths and weaknesses. This seller next can use the inspection report to prioritize home upgrades and find innovative ways to differentiate his or her residence from the competition.
2. How much is my home worth?
What you originally paid for your home is unlikely to match your residence's current value, regardless of when you bought your house. Thankfully, you can conduct a home appraisal to receive an accurate property valuation.
A home appraisal frequently helps a seller establish a competitive initial asking price for his or her house. After a home appraisal, it takes only a few days for a seller to receive an appraisal report. And once this report becomes available, a seller can use it to set an aggressive price for his or her house – something that may help this residence generate lots of interest from potential buyers.
3. Do I need to hire a real estate agent?
Hiring a real estate agent may be crucial, particularly for a seller who is uncertain about how to navigate the property selling journey. A real estate agent will help a seller develop a plan to quickly sell his or her house. Plus, a real estate agent will do whatever it takes to help a seller optimize his or her home sale earnings.
In addition, a real estate agent wants to help a home seller make informed decisions. He or she will educate a seller about the local housing market and ensure this individual understands all aspects of the home selling journey. And if a seller ever has concerns or questions during the home selling process, a real estate agent can provide immediate responses.
When it comes to selling a house, it is beneficial for a seller to prepare for the property selling journey. If a seller knows what to expect after he or she lists a residence, this individual can plan accordingly. Perhaps most important, a seller can map out the home selling journey and take the necessary steps to ensure a quick, seamless and profitable property selling experience.
