In our current market, the advantage goes to the seller. Potential homebuyers face a lot of challenges. It doesn’t matter if you’re a first-timer or a seasoned house hopper, buying a home takes effort. If you want to purchase your dream home, you must understand how to assess realty.
Is it worth buying a home in 2019?
Millennials will be the biggest wave of new homebuyers. For most, it will even be their first home. While they have never made this type of purchase before, they still understand the importance of buying now. Inflation is on the rise, so securing today’s rate is a smart move. It could be a long time before we see them recede again.
Realizing this trend, we’re giving some pointers about finding a dream home. Below are 6 ways to obtain your perfect dwelling.
1. Look closely at a home’s construction
On-site assessments are critical for buying a new home. You want to inspect the foundation, as well as the interior. Look closely for wall cracks or ceiling discoloration. These clues will let you know what you’re dealing with.
2. Get pre-approval before browsing
Having pre-approval makes you an asset to the seller. They will want to work with you since you already have funding. If you get into a bidding war, you can use your pre-approval to your benefit.
3. Build a clause into the contract
Hidden disparities wreck the idea of the perfect home. Before signing their contracts, buyers should add a clause that covers unidentified issues. You will need a lawyer to draft the appropriate terms, but it will ensure that you will not have to pay for unexpected repairs.
4. Understand your options
Most buying situations require the seller to upgrade a few aspects of the home. What if you’d rather handpick the remodel yourself? In this case, a renovation purchase loan works well. It allows you to buy the home and roll the renovation costs into the mortgage. You can offset your offer and have full control at the same time.
5. Consider the resale value
Even if you don’t intend to move, consider the resale value of your new home. Life shifts and situations change. It’s good to have a house that you can resell.
6. Make sure you have the budget for it
A dream home is one that you can afford. Before you talk to a realtor, you should know your budget. Make sure you visit houses that are within your price range. If your agent tries to sway you to something more expensive, walk away.
After you purchase your dream home
Once you make the walk across the threshold, you can celebrate. After you purchase your dream home, it’s time to think of the next step. We have tips on protecting your property, as well as advice about common home emergencies. View all our home-related articles here.