The five best-kept secrets for home buyers
It goes without saying that no two homes are exactly the same. Neither are there two home sales the same. In fact, buying a home typically falls into one of three categories: carefree, painful or somewhere in between those first two options. To limit the chance when buying a home of facing a process rife with headaches it can be helpful to tap into a few of the best-kept secrets to ensure your home purchase goes smoothly.
Get pre-approved for your Mortgage
The difference between being pre-qualified and pre-approved for a mortgage is astronomical. Nearly anyone under the sun can be pre-qualified, but being pre-approved for a mortgage means that a lender has reviewed your financials and, likely, has determined how expensive of a home you can afford and what they are prepared to lend you.
Once size does not fit all
Assuredly, bigger is not always better! A big home may seem the right choice – perhaps even the right price – from the outside looking in, but when living in a large, multi-tiered house, things like energy costs must be considered. A good rule is to buy a home with no more space than is essential for your lifestyle and family.
Learn how to bid properly
A very small number of people who purchase homes have experience in business or, more particularly, negotiating the terms of a large sale. With that said, it can be a real service to yourself to do some homework in the context of how best to navigate the negotiation process of the dream home you wish to purchase… before someone else does!
Avoid sleeper costs at all costs
Too often home buyers factor in only a mortgage payment, budgeting accordingly. This can be an ill-advised play in the face of sleeper costs like property taxes, utilities and other miscellaneous expenses that can be common when owning a home. Remember these additional costs when working home ownership into your budget.
Get to know the new neighbourhood
Easily the most important of the best-kept secrets to buying a new home is getting to know the neighbourhood you may live in. Walk around, talk to the people that live there and, think in that time, is this where you want to live and raise your family? Make sure it is perfect! Factor in items like parks, walking trails, waterfront access and other attractive amenities that will make the neighbourhood one you will love for years to come.