Home buying success is more than just finding the right home but also navigating the process smoothly.
There are few purchases in life that carry the financial and psychological weight of buying a home. Whether you are buying your first home, moving up to your dream home, or downsizing, it is important to understand the ground rules for success in the world of buying a home.
Buying a home can be an emotional process. That’s why it’s important to use a systemic approach to ensure that decisions are based on information and reason and not only on emotion.
There are five basic ground rules when it comes to buying a home, and they are:
#1 – Get pre-qualified before looking at houses.
There are few things in life as disappointing as losing out on the home of your dreams due to not being able to secure financing. While the desire to get out there and search for that great home is understandable, it is vital to line up the financing you will need before you start shopping for a home.
Getting the financing ahead of time has several significant advantages, including knowing how much you can buy. Knowing how much you can afford will avoid wasting your time looking at unaffordable properties.
It is also important to take a good look at the various types of mortgages before starting the home buying process. These days, mortgages come in far more choices; therefore, potential home buyers need to gauge which mortgage is the best choice for their needs.
#2 – Look at the community, not just the home
It is good to look at the entire community instead of focusing on a single home. This can be a particularly important thing to consider for those moving to a new metropolitan area. As these buyers will be unfamiliar with the local climate and lifestyle. It is crucial to determine the areas of town that are most desirable. Also, consider things like distance from work and local shopping opportunities.
We have all heard that location is the key consideration for real estate, which is undoubtedly the case. Buying a house in the wrong area can be a big mistake. It is important to choose the location and the home. Potential buyers can learn a great deal about the nature of the various neighborhoods simply by driving around town and talking to residents. One helpful link for comparing areas is: 2021 Best Places to Live in the Pittsburgh Area – Niche
#3 – Be fair with your first offer
It is important to evaluate the local market carefully and compare the home’s asking price with what similar houses in the neighborhood have sold for. With a lowball offer, you risk the possibility of insulting the seller or having your offer discarded in a multiple offer situation.
Comparing the sales of comparable homes, known as “comps” in the industry, is one of the best ways to determine what is fair and make sure that you neither overpay nor underbid on the property.
#4 – Consider getting a home inspection
You will have the opportunity to investigate the home for any possible defects. Compared to the cost of the average home, the price of a quality home inspection is virtually negligible. Hence, getting a good home inspection done before you close is a good idea.
#5 – Do not alienate the sellers of the home
Many real estate deals have fallen apart due to the personal animosity of the buyer and the seller. Therefore, it is important to avoid alienating the seller of the home during the process and avoid nitpicking every detail during the sale.
Keeping the seller’s goodwill will help the transaction go smoothly, and it will provide the best environment for the seller and buyer alike.
The competition has been extremely high in our current real estate market. You should have an experienced real estate agent working on your behalf to ensure home buying success. I am an Accredited Buyer Representative and am here to make your home buying process as smooth as possible!
Contact me by phone at 412-848-3907 or email at Kim.Esposito1@pittsburghmoves.com to schedule a free consultation to discuss your real estate needs.