Believe it or not, there are best-kept secrets in buying a home. Purchasing a home or a property is not simply something that you should consider out of a whim, but rather a well thought-out and planned decision.
1. Don’t be frivolous. At least six months before you intend to purchase a new house, keep your money where it is. Avoid moving it around or making huge purchases beforehand. Opening new credit cards and acquiring huge debts will only make it difficult for you to qualify for a loan.
2. When is the best time to buy? Do not obsess yourself in trying to find the right time to purchase a home. The best time is when you have found the ideal property and you have the means to afford this property. It is impossible to predict the real estate market and therefore there is no such thing as perfect timing.
3. Pay heed to sleeper costs. The difference between owning a home and renting one is the sleeper costs. Sometimes mortgage payments are not just the only important thing that you should focus on but you should also be mindful of other expenses such as property taxes, utilities as well as homeowner association dues. Allot budget for sleeper costs so you will be covered each month and you won’t risk losing your investment.
4. Home inspections count. Give your new home a complete physical to determine all the issues that you need to focus on. An experienced home inspector will be able to help you out and inspections should be done right away. Remember that home inspections may also be used to lower the price of a home and it is one way to prevent a lot of potential problems in the future.