Buying a home is a great achievement, but it comes with a ton of responsibility. Knowing what to expect before you close will help you better prepare for the road ahead. A little planning goes a long way to making the transition into home owning easier and more enjoyable.
One of the most common mistakes new homeowners make is making decisions based on emotions instead of reason. It makes sense, buying a home is an emotional process, but if your choices aren’t made from a place of logic, you could set yourself up for headaches in the future. Let’s check out five ground rules you should follow before you buy a home.
Five Ground Rules to Follow Before You Buy a Home
While there’s a lot you should know before you buy a home, these five ground rules will help make the process run smoothly.
- Obtain Financing Before You Start House Hunting
- You’re Buying Into The Community, Not Just The Home
- Go in with a Fair Offer
- Get an Inspection
- Don’t Anger the Sellers
1) Obtain Financing Before You Start House Hunting
Virtually everyone buying a home needs will need to get some amount of financing to afford their purchase. While it may be tempting to start house hunting right away, you’ll save yourself time and pain if you secure financing first. One of the most common reasons people miss out on their dream homes is because they find out they’re not qualified for a mortgage after they’ve chosen a property.
Take some time beforehand to research the different types of mortgages so you can find the one that’s right for you. There’s more than just 15 or 30-year options available and knowing how each one works will let you decide which one to choose.
While 15-year and 30-year options are the most popular, there are also adjustable-rate mortgages (which can have lower rates but may go up after a couple of years), and interest-only loans.
2) You’re Buying Into The Community, Not Just The Home
Another huge mistake first-time buyers often make is not considering the community they’re buying into. It’s easy to get caught up in thinking about how perfect that one certain house would be without giving any thought to the surrounding area. But you need to remember that you’re not just buying a house, you’re buying into an entire community.
There are numerous aspects to your new neighborhood that you’ll want to consider like the schools, shopping, and your commute. Location is always one of the most important factors when finding a new home for all buyers.
You can learn a lot about an area by driving around and talking to locals. Take time to do your research so you can go into your purchase with confidence.
3) Go in with a Fair Offer
While it may be tempting to get the best deal possible, if you’re not careful, you could end up insulting the sellers or losing money if you’re not making a fair offer. The best way to make sure you’re offering the right amount for the home is by checking out the local comps. These similarly priced properties will give you a great indication of what homes in the area sell for. Trying to lowball your offer can backfire, so save everyone’s time and decide on a fair price.
4) Get an Inspection
Home inspections are a buyer’s best friend. They protect you from purchasing a property that looks nice but has a ton of hidden problems. Hiring a trusted and professional home inspector is your main line of defense. They’ll thoroughly inspect the property and alert you to any issues before the sale is final. A few things they look at are the electrical wiring, signs of termite or insect damage, the foundation, and more. Often, a home inspector finds issues that aren’t deal-breakers but are something you should work on once you buy the home. It’s a great way to avoid a money pit and find out what improvements to work on once the house is yours.
5) Don’t Anger the Sellers
Buying and selling a home is one of the most stressful things anyone can do, so don’t make the process worse by angering the sellers. Nitpicking on small details during the negotiations or inspection can lead to resentment and even stop the sale of the house. A good realtor can work as the go-between and help avoid these issues, but keeping an open mind and a happy attitude will make everything run more smoothly.
Buying a house is a huge investment, and the process can be difficult at times. It’s important to consult with experts, do your research, and be patient, but the end result is more than worth it.
At Above All Else Inspections, we proudly offer professional inspection services in Northwest Arkansas and Southwest Missouri. Our professional team will ensure your future home is up to the highest standards, giving you unmatched peace of mind. Contact us today at (479) 381-1878 or on our contact page and see why we’re the most trusted name for quality home inspections. Above All Else Inspections—we’re here for you!
