10 Best Kept Secrets For Buying A Home Analysis

According to Investopedia, the first time home buyer has a lot to consider before he/she takes that leap of faith. First, what type of home best suits the individual’s needs? Is it a traditional single-family home where the owner has control of any remodeling and is completely responsible for any upkeep? An advantage is no shared walls and possibly a basement or attic. Would a townhouse, condo, or multi-family (duplex, 3-flat, etc.) suffice? Less upkeep for you personally, but rules and regulations to adhere to, as well as possible association fees. Then think about what must the perfect new home offer – the number of bedrooms, baths, the size of kitchen, or type of neighborhood. Finally, do an assessment of how much of a mortgage you

“Many homebuyers have become completely distraught because they thought they found the perfect home, only to find out the neighborhood wasn’t for them.” Therefore, HGTV recommends driving by the home several times at different hours of the day to see what is happening in the neighborhood. In addition, do a test run on how long the commute from home to work would take. Will you be able to deal with this on a daily basis? What is the noise factor from surrounding parks, schools, businesses or major transportation avenues? Where is the nearest grocery store, shopping mall, gas station or other amenity you may need. Go on-line and review the local school’s state report card; good schools mean good resale values by as much as twenty

However, this also means more buyer competition and possibly higher pricing. They recommend purchasing off-season when you have “more negotiating power over both the price and closing date.” In addition they suggest you inventory how long the homes in the area have been on the market. If the majority of the homes exceed six months, then it’s a buyer’s market. If the homes are being sold within just a couple of months or weeks, even days, then it is a seller’s market. These could create multiple buyers bidding on the same parcel which could drive the price significantly up. Finally, it is best to purchase when interest rates are low. As they begin to inch up, jump in then before they get too high. This requires you monitor the market frequently.
In closing, I would like to reiterate that every buyer needs to assess their needs versus wants, do their research, utilize a realtor, and have a home inspection by a licensed professional. While, the cost of a qualified inspector averages $350-$1000, it is well worth it. Not only can the report be used as a bargaining chip, it can also help you walk away from a real money