buying a home

If you’re buying a home, there are a few things you need to remember. These will help you make an informed decision before you make a huge investment

Tips When Buying a Home

Keep your money where it is

It is not a wise decision to make large purchases or to move your money for more than three to six months prior to purchasing a home. Credit scores are not something you should take lightly. Lenders want to see that your credit history is solid and that you are reliable. They also need a full paper trail in order to get the best loan for you. Lenders will not approve loans if you have too many credit cards, accumulate excessive debt, or purchase large-ticket items.

Get Pre-Approved For Your Home Loan

It is important to know the difference between pre-qualified buyers and those who have pre-approved mortgages. Anyone can be pre-qualified for loans. Pre-approval means that a lender has reviewed all your financial information to determine how much money they can lend you. Pre-approval will help you save time and money so that you don’t waste your time looking at houses that you cannot afford. Pre-approval allows you to compare rates and find the best deal.

Avoid Border Disputes

A survey of your property is essential in order to know what you are buying. It may be possible to avoid a dispute with neighbors by knowing exactly where your property lines are.

Don’t try to predict the market

Do not obsess about trying to predict the market or when the best time is to buy. It is impossible to predict the housing market. When you are able to afford your dream house, it is the best time to purchase. Real estate is always changing. It goes up, it drops, and then it goes back up. You’ll likely miss out if you wait for the right time.

Bigger isn’t always better

Everybody is attracted to the most beautiful, largest house on the block. When it comes to houses, bigger is not always better. Real estate agents have an old saying that you shouldn’t buy “the biggest and best house on the block”. A big house appeals to a small number of people who will not be able to buy it again. Your home will only increase in value if it is comparable to the houses around it.

You are Buying a Home – Not Dating It

It is a mistake to buy a house solely on your emotions. You might make poor financial decisions if you fall in love. Your emotions and your instincts are two different things. You should follow your instincts to recognize that you are getting a great home at a great price. You shouldn’t be obsessed with the backyard or paint color. This is an investment so be calm and wise.

Inspection is a Must

Hiring a home inspector before you buy a home is a must. This will cost you about $200, but it could save you thousands. The sole responsibility of a home inspector is to give you information that will help you make an informed decision about whether to purchase the house or not. This is the only way to obtain an impartial third-party opinion. You can use the inspection report to lower the home’s price if there are any problems.

Talk to Neighbors

Get the lay of the land before you buy. Many homebuyers are devastated when they find the wrong neighborhood and feel they have lost their dream home. To see the happenings in the area, drive by the house at any hour of the day. To make sure that it’s something you can handle on a daily basis, do your daily commute to and from the house. Locate the closest grocery store or other services. Even if you don’t have children, it is important to research schools as they can impact the value of your house.

Call Full Potential Real Estate, LLC now if you need the help of a real estate agent when purchasing a home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

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