Buying a home is a huge financial decision with far-reaching implications. It is perhaps the most expensive purchase of your life and the longest-lasting one- so be careful. There are lots of rules that one can follow when home hunting and different people have different interpretations, but the simple basic rules are as follows.
Rule #1- Buy Neighborhood over House
The old adage- ‘What are the three most important things in real estate- Location, Location, Location’ is the right answer. But in spite of being constantly repeated, it sometimes fails s to make a mark on the memory so neighborhood is a better substitute. There are certain parameters of grading premium location. Always, find the best neighborhood you can even if it means buying less of a house. You can improve the house but it is impossible to make changes in the neighborhood and fix major problems. Get out and find for yourself- it is the best way to check a neighborhood. Check out the schools even if you don’t have kids, schools means a good neighborhood. Find out about the crime rate, the Home owners association, look at the stores the traffic and see if you can find things easily in there.
Rule# 2- Hire a Great Team
Buying a new home gets more complicated all the time. If you don’t have the best advisors in place, you can run into problems. Luckily one professional can lead you to others so the task gets easier and easier. You will need a team to provide you with the best buying assistance. Choose a quality Buyers Agent and a Mortgage Pro. Buyer’s agent is your educator and advocate, before, during and after the home buying process. Mortgage pro and your buying agent are the two most crucial team players.
Rule # 3- Imagine Selling the Home
When you get close to choosing a home, take yourself forward in time to when you will eventually be selling the home. What things will you have to ‘apologize for’ when you go to sell it? If the home has problems how will you be able to fix them over a period of time before you sell it? To check out the house you have to become Sherlock Holmes of Homes. Try seeing the house at different times of the day, you will be surprised at the things you find. Do your research properly.
Keeping the above things in mind you can go house hunting and also see that your finances are in the right order, your down-payment, your credit score and a lot of other things.
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