When it comes to buying a house, we most definitely want to find something that does not only looks ideal but also worth its price. Getting your desired home is very important as it’ll serve as a private space for you and your family to spend quality time together or even alone. If you’re new to the housing market, it will be a bad idea to rush into things without taking some of its key considerations into account. What are they? Let us share more with you!
Don’t Guess The Market
While we understand the urgency to purchase any of the homes for sale in Conway South Carolina, it is also not recommended for you to try and time the market. Simply put, there is no such thing as the ‘best’ time to buy a house –– trying to anticipate the volatile housing market is almost impossible! Instead, focus on yourself and buy a house when you can afford it –– that’s your version of an ‘ideal’ time instead. However, do note that real estate is cyclical and can go down or come back up again recurringly. Don’t wait too long or it might be snatched up!
As mentioned earlier, it is good to buy a house when you have the money to do so. Hence, we strongly recommend not going ahead and making huge purchases three to six months before the purchase of your new apartment. Doing so might affect your credit profile which might affect your reputation to lenders, as they want to find an owner that seems financially responsible and has a complete paper trail. If they notice that you are someone who makes frequent big buys or are in large amounts of debt, the chances of you getting a loan will be lowered.
Have Your Home Loan Pre-Approved
We always hear about having a pre-qualified loan. But, have you heard of being a buyer who has a pre-approved home mortgage? Being pre-approved would mean that a lender has already looked into all of your financial statements and information –– to deduce how much you can fork out as well and the amount they are willing to lend to you. This would also help you to save time and energy as you will not be wasting time looking at houses that you will not be able to afford.
Additionally, with the pre-approval, you are better able to source out for the best deals and interest rates! Another tip, do some research beforehand. Look upon things such as junk fees, points, or processing fees. Be very sure that you are also aware of any hidden costs.
Don’t Be Fooled By Size
Though most people believe that “bigger is better”, it might not always be the case. Having the biggest and most beautiful house might not be the best idea nor does it mean that you have snagged yourself a great house. In fact, there is a saying in this industry that suggests that one should not buy the biggest!
This is because big houses are only attractive to a select group of buyers who have the money to purchase them. If you were to purchase this house, the resale rate might be low as very few people will be interested in purchasing it at the price you want. You don’t want to limit yourself to a small number of buyers. Furthermore, the price of your house will increase together with those around you. Hence, if you were to purchase a $500,000 house whilst your neighbors pay $250,000, your house appreciation will be limited. It might be a good idea to get the worst house on the block as it will be able to rake in good trades –– even more so than bigger houses!
Steer Clear From Sleeper Costs
What does a sleeper cost mean? It is the difference between renting and owning a house of your own. For most people, the important thing when it comes to a house is their mortgage payment. What they forget is that they also have to pay for other expenses such as property taxes, utilities and homeowner association dues. Not to mention, first-time homeowners are also required to pay for things such as repairs and maintenance. Additionally, as time passes, the property tax may also increase. In order to reduce the chances of losing your home, have enough money set aside to pay off these sleeper costs.
Check Out The Neighborhood
As much as we would like to live in a beautiful and comfortable home, the area that you live in is also very important and can greatly affect your final decision. Hence, we recommend heading down to the neighbourhood a couple of times to check out the neighborhood and the neighbors. This allows you to understand and determine whether you’re fond of your potential neighbors as well as the neighborhood’s kind of lifestyle once you move in. The last thing you would want is to be living next to a bunch of people that give you the ick!
What you can do is to drive around the neighbourhood at different timings of the day to have a better feel. Check out the amenities around you –– are they convenient, and are there any good schools nearby? These things can help to raise the price of your house in the future as they are key factors that future home buyers look into as well.
When it comes to bidding for the house, you have to make sure that you are able to afford the bid and believe in the property’s worth. Offer a bid that is fair and reasonable to the seller. Most homeowners start by thinking that they should set a lower first bid, however, it might not always be the case. Take a look at what the housing market is like –– you want to see what other homeowners have bet their property for and gauge an average price per square foot. You might also want to look out for any potential construction plans for a basketball or tennis court nearby, as these might detract your property’s value in the future.
Otherwise, we suggest heading down to a clerk’s office to find out more about the property tax. Also, do not be afraid to bid oddball numbers over nicely rounded numbers -– it makes you look more serious and stand out amongst other bidders!
In conclusion, when it comes to buying a house, the most important thing is to check your finances –– don’t purchase a house that you can’t afford! Additionally, you must conduct due research to find out if there are any hidden costs as well as to better understand the neighborhood before you make the purchase.