Did you know that more than 40% of millennials struggle with stress and anxiety after buying a new home?
Buying a house can be a stressful process, especially when you are dealing with a market that is as competitive as it has been.
If you are thinking about moving and want to buy a house with little stress, there are a couple of factors to consider.
Continue reading to discover the best home buying tips that will help you work through buying a house quickly!
1. Know When to Look
One of the best home buying tips to know about is when to start looking for a home to purchase.
Although homes are put up on the market throughout the year, springtime is the best time to look. Many people put their houses for sale in the spring because it is the end of the school year and they don’t have to deal with snow while moving.
The best time to look for homes is in April and June. May is a great month to look at your options, however, this is when most houses go up for sale and they often come at more expensive prices. Think about when you want to make your move and be prepared to put in an offer on a house if you have found the one you love.
2. Set a Budget
Every home buying checklist should include setting a budget for yourself.
Talk to your significant other about what you can and cannot afford when buying a new home. By reviewing your monthly income, bills, and expenses, you can determine what type of monthly payment that you can afford.
It is recommended that you look at homes that fall under your budget, especially if you have to do repairs or get work done on a home after purchasing it. When creating your budget, you should also consider closing costs on the home and additional fees, like paying for your real estate agent.
3. Don’t Settle on Location
Buying a home that is well-suited for your family will depend greatly on the location.
Take time to find a couple of cities or areas that you want to live in. Many people base their new home location on the schools in the area or if it is close to work. Think about how long your commute will be and the shopping in the area.
Location is an important factor that can’t be changed once you sign the final papers.
4. Get Preapproved for Loans
With houses going on and off the market so quickly, you must get preapproved for a mortgage.
The pre-approval process doesn’t take long. It involves working with lenders who will review your income, assets, and credit score to determine how much money you qualify for. Depending on these details, you will also discover the interest rates that you will likely get when you go to close on a home and buy it.
There are many types of loans for first-time homeowners or people who have already bought a house. If you want to learn more about FHA loans, this article can help explain the process for Texas residents.
5. Get the Home Inspected
Before committing to a home, you should always request that an inspector reviews the conditions.
Home inspectors are professionally trained to find flaws and issues in the house. Even the most beautiful-looking home might have structural damage that is difficult to see at a quick glance.
Knowing about the issues that a home has before buying it can influence the selling price or make you second guess buying it at all. You will be able to rest in your new home once you know that it is safe and you don’t have any surprise repairs to make.
6. Consider Multiple Options
Finding a new home is a lengthy process that shouldn’t be rushed.
Take your time to view multiple styles of homes in the area you are considering. Just because you found one you like, doesn’t mean that there isn’t something else out there that is more affordable and practical for your family.
Looking at different homes with your real estate agent will also help open your mind and consider different features. Some homes may have more character than others that you are naturally drawn to.
7. Don’t Underestimate Projects
Most homebuyers know that there will be home projects after buying a house.
When looking at homes, make sure that you don’t underestimate the projects that you will be responsible for once signing the dotted line. Home improvement projects can cost a lot of time and money to complete.
If you have more than a couple of things that you want to do, factor these costs into the home’s value. See if you can get them to accept a lower offer to cover some of the expenses.
8. Think About Your Needs
Knowing what your needs are before looking at homes can make the buying process much simpler.
Before you start looking at homes, write down a list of amenities and features that you need the home to have. If you need a certain number of bedrooms or bathrooms, keep this in mind. You will also want to think about how many floors you want in your home.
It can also be beneficial to write down your wants, but these should be additional items that won’t make or break your decision.
9. Hope for the Best but Expect the Worst
When it comes to buying a new home, it is easy to get wrapped up in your emotions and fall in love with a house.
It is best to look at homes with the mentality of hoping for the best, but expecting the worst. This will make it easier to deal with situations when you want a home more than any other, but the seller goes with another buyer. This tip is especially important right now, while the market is so competitive.
10. Get an Agent
Although you can save money by searching for a home independently, it is best to hire an agent.
A real estate agent will be able to show you the newest houses on the market that haven’t been uploaded to Zillow or other selling sites. They will understand what you are looking for and the budget that you are working with.
Agents are excellent resources because they can guide you through the entire home buying process and relieve a lot of stress.
Home Buying Tips That Will Make Your Move Easier
There are many home buying tips that will help make life easier when you go to make the move.
Getting an agent will help guide you along the process and view homes that are within your budget and ideal location. Don’t be afraid to take your time to view a variety of homes so that you can find one that is well-suited for you and your family. Know what your needs and wants are to make the process smoother and the choices simpler.
Be sure to check out our blog for more articles about how to buy a house and the home buying process!