5 Tips For Purchasing A New Home

Knowledge is the number tool in your home buying arsenal. Learn the in’s and out’s of the home buying process and become more intimate with your preferred neighborhood by using these 5 tips.

Buy if You Plan to Stick Around

Avoid buying unless you can live in the new home for at least a few years. Owning a home outright isn’t a smart choice for someone who plans to be in and out in a number of months. The 1-2 punch of buying and selling your home in a short window can result in a big, fast loss. Be patient. Just because you buy in a rising market doesn’t mean you’ll make a quick profit in 6 months or a year. Buy if you want to live in your new home for a bit.

Fix Any Credit Problems

By addressing any credit issues you can easily get a mortgage. Unless you have the means to go in on an all cash deal clean up your credit history. Pick up a few copies of your credit report pre house hunting. Address any problems or discrepancies on the report and get up to date with any debts owed to increase your likelihood of getting a mortgage.

Buy Practically

Purchase a new home you can readily afford. Your home should cost about 2 and a half times your yearly salary if you want to buy intelligently. You can also find numerous calculators online which help you figure out what you can afford based on your expenses, debts and incomes.

Although you may have a dream home in mind paying well about what you can afford creates the worrisome burden of debt. Buy what you need in the moment and if you want to be more extravagant invest money in a business venture or some other channel that can help raise your net worth.

Use the Web

Even if you’re going to work with a real estate agent researching new homes online can give you leveraging power when it’s time to bargain. Learning more about home prices in the neighborhood where you’re shopping gives you greater confidence when you step up to the table.

Patiently visit blogs which breakdown local real estate offerings. Stop by Google Plus Communities, Facebook Groups and online forums to learn more about your prospective neighborhood. Leverage the experience of both professionals and local home owners and buyers to make your job easier.

Go with a Professional

Every online forum, blog or social media meeting group can’t provide you with the insight that a skilled professional agent can because realtors have in-depth knowledge of the neighborhood you’re researching.

Find a professional with a winning record in your neighborhood. These individuals know specifically what you should pay for your new home.

Buy into their year’s worth of knowledge and experience learning the feel of the local housing market. Professional agents can sometimes spot up trends or downtrends on a local level before the masses note these spikes. Take advantage of their insight to get the best deal on your home.

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