Cooper Klein
Buying a new house is a big life decision, so make sure not to rush it. Not only should you first decide on what you need exactly, but you should conduct thorough research as well, and get to know the property market as much as possible. And since we realize that such a task is far from an easy one, we’ve prepared a list of the best strategies for buying a new home.
Be realistic
The last thing you need is to allow your emotions to influence your decisions. We understand that buying a house is very emotional, but make sure to think rationally and stay realistic when it comes to your buying power. Keep in mind that after you buy the house, many other expenses will follow including renovation costs which are far from insignificant. Finally, the best way to know exactly how much money you can spend is to get pre-approved for mortgage.
Don’t rush into any decisions
Once you’ve saved enough money and your decision to buy a house is final, there is still no need to rush into anything. Take your time and explore the market thoroughly. You can even take a look at expired listings and check the prices there, and if they are the reason why the houses went off the market, you’ll be able to negotiate and even underbid the original price. Finally, try to organize the information about every house you went to see since, after ten or twenty of them, you won’t be able to remember which one is which.
Don’t forget a home inspection
It’s true that home inspections can be quite pricey today, but believe us, they are worth every penny. You can’t even imagine how many hidden issues a house can have, including problems with electrical wirings, plumbing and even more serious ones like a leaky roof or problems with the foundation.
Once you’ve discovered all of them, you’ll be able to see the situation much clearer and decide on your next step. For example, this knowledge will provide you with an opportunity to negotiate and persuade the seller to reduce the price or even repair everything for you.
Protect your credit
Getting pre-approved is a very important first step, but it won’t mean much unless you make sure to protect your credit as well. This may sound like something that requires a lot of effort, but actually you just need to be a little bit more careful than usual. First of all, try to avoid bigger purchases in weeks before closing the deal. Secondly, forget about changing your workplace. It’s good that you have plans for future, but now is not a good time to take a risk since any drastic change in your income can lead to loan denial.
Work with a trusted professional
Keep in mind that you shouldn’t do everything on your own. We understand that sometimes it seems cheaper to rely on yourself instead of spending money on professional help. However, this is not the case now since you risk making serious mistakes unless you have an experienced professional by your side.For example, hiring an experienced buyer’s agent from Sydney would be the first thing that any Australian would do when considering to invest in a new property. So why shouldn’t you do the same? Their main task is to work in your interest and protect you from deceitful sellers.
Don’t reveal everything you think
No matter how friendly and honest the seller seems to you, keep in mind that they are only doing their job, and their own interests will always come first to them. So, no matter how much you like the place, keep your emotions at bay. Don’t forget that if they find out that you’re dying to buy the house, all your negotiations will be in vain. Knowing what you think gives the seller a huge advantage and prevents you from striking a good deal. So, the next time you go see a house, try to maintain a poker face.
As you can see, there are so many things you have to take into consideration if you want to avoid various possible mistakes that usually occur when somebody is buying a house. Make sure to be thorough in your research and don’t shy away from hiring professionals.
