If you’re planning on buying a home this year, you need to start preparing now no matter how far out your expected move-in date is. A lot goes into buying a home, and you need to be ready for every facet of the process. Don’t worry too much, however. These resolutions will help you get the home you want this year.
Myths pollute the real estate business and bad advice is everywhere. With this handy guide, you’ll be ready to get the house of your dreams for the price you deserve. Here are six New Year’s resolutions to help you buy a home in 2018.
Maintain Your Credit
Credit is a huge deal when you’re trying to get a loan for your new home. The best thing to do is keep your money under control and avoid any large purchases leading up to your first payment. Anything that can negatively impact your credit is something you need to avoid like the plague. Make sure you give yourself at least three to six months leeway, so you can be sure your credit is still in good shape.
Pre-approval makes your search for the best home much easier. When you’re pre-approved you know exactly what you can afford and exactly how much lenders are willing to offer. With this information, you won’t waste time looking at houses you can’t afford. Just make sure you look for any hidden fees in any loans you eventually agree to.
Don’t Demand the Biggest
A lot of people want to own the biggest house in the neighborhood. However, the biggest house typically offers the worst returns. You need to think long term up and consider your new home’s resale value. If your neighbors are paying significantly less than you, the price of their houses might go up quite a bit while yours only increases slightly over time. The difference could be significantly greater leading the owners of smaller houses to enjoy the biggest returns.
Don’t Wait for Market Changes
The real estate market is ever changing and goes up and down quite frequently. Trying to time your purchase to coincide with market changes is just asking for trouble and often leads to you missing your opportunity to get the home you really want. The best practice is to buy a new home when you find one that you like and that you can afford.
Hire a Home Inspector
Some houses look pristine on the outside but are falling apart in all the places you can’t see. That’s why it’s so important to have a detailed inspection done before you agree to anything. While an extensive home inspection could cost you a couple hundred dollars, it’ll be worth it with the thousands you save on the other end. As an added plus, if any problems are detected that you can fix, you can use that as ammunition to argue for a lower price.
Let Reason Guide You Instead of Emotion
It’s easy to fall in love with a house. You walk in and you can imagine raising kids there. Possible futures flood your mind and the happiness that home can bring you is like nothing you’ve ever felt before. Unfortunately, you have to ignore that and think practically. A house is a house, and there are plenty to choose from. If you let your emotions guide you rather than reason, you can be trapped in a house you can’t really afford. Houses are an investment, not the answer to all your problems.
Buying a Home with Re/Max Island City
If you need help buying a home in the Cumberland area, Re/Max Island City would be happy to help. Our professional realtors know the market well and can help you with any of these resolutions to ensure you get the best home for the best value. Contact us today and you’ll be on the right track to buy a home in 2018.