So Many Houses, Or Maybe So Few… What On Earth Am I Supposed To Do?
HOME SHOPPING - THE SMART WAY
There’s nothing like looking for a new house to bring out the double-edged sword of excitement and angst. Whether the market is ‘hot’ and properties are seemingly being bought before they’re even listed, or the market is ‘slow’ and it seems like you’ve got all the choices in the world … one thing always remains true – it’s both exciting and stressful. And no matter what the market trend may be, it can be a daunting task to find the home that’s right for you.
The good news is, there are some amazingly easy steps to take to help narrow the choices and make sure you’re buying the right house. There are also things that you can do to be in the best position possible to have an offer accepted when you do find ‘the one’. And these work regardless of if you’re in a time crunch or not.
- Find, and use, a realtor that you feel good about. Not unlike having a doctor that you are comfortable with, a realtor that understands your unique situation can yield benefits beyond benefits. Asking friends and family for referrals is a good way to start. Make a list of names, and then effectively interview them for the job. Get to know them, and make sure that they get to know you. And then choose the one that you feel has your best interests at heart.
- Have a budget and stick to it. This one may seem like a no-brainer, but there are many homeowners that would openly admit to having overstretched on their purchase. And struggled for it down the line. Estimates vary, but you will have annual maintenance costs that tend to average around 2% of your home’s value. Going over budget on the front end means that you’re possibly going over budget every time something needs updated later on.
- Define your needs and be wary of your desires. You can always change things like flooring, paint colors, and landscaping later with minimal, ongoing effort. You cannot however change things like the drive time to work or proximity to the grocery store, nor can you change the layout of a major room or entire floor without some heavy re-investing. Know what the deal-breakers are for you, and compromise when needed.
- Be willing to be creative with your contingencies and offer. Things like escalation clauses, informational inspections (vs contingent ones), and the size of a down payment or earnest money can many times be an appealing bargaining chip in the process. Don't be afraid to work outside of the norm if you're able to.
- Keep your emotions in check. Whether it’s the excitement or the angst – emotions can influence decisions in ways that might create issues later. Know what you need in a home, and know what you can skip having. Don’t get caught up on cosmetic things, and do not compromise your defined needs based on an emotional high.
- Be preapproved for the price. Having a budget, getting preapproved for it, and having a letter saying so helps solidify your image of being genuinely interested in a property. It also means that you are a step ahead when the time comes to make an offer.
- Start looking at home inspectors sooner than later. To be fair, most all inspectors do comparable work regarding the actual inspection itself. But they can be lightyears apart when it comes to relaying the information and findings of their work, and even more so when it comes to being a valuable asset for the ongoing effort of being a homeowner. Having an inspector that makes you and your home a priority and offers inspection services for all kinds of situations can be a huge help. Just like you should interview your realtor, you should do the same with your inspector.
∞ The Infinity Staff ∞
While there's a potential never-ending list of advice for best practice suggestions in regard to the home buying experience, one thing definitely holds true - having a Home Inspector that you can trust is an absolute must.
Every house, and every home buyer, has unique qualities. You want to make sure that you find an inspector that puts both you and your home as the priority.
