Buying a home is a dream that every person wants to fulfill in their lifetime. If you think that you have your finances in place, you can start looking for options in the real estate market. The best approach is to explore some properties and shortlist the ones that match your criteria in terms of location and budget. But this is just the half of the work done. The real test is to negotiate with the seller and close the deal at an agreed price. Here, it becomes important to make the right offer so that you do not lose a property of your choice or end up paying more than its actual price. Making an offer is something that requires a great deal of calculations and thinking as you have to decide a price that would work to take the deal ahead. Also, you need to be really sure that you like the property to make a commitment to live there for several years or even for a lifetime. Let us help you with some things to consider while making an offer when you step out to buy a home.
1. Gather information about the neighborhood
Perhaps, the most important piece of information for home buyers is the details about the neighborhood where the house is located. Before you start with the negotiations, gather the entire facts about the area from all the sources you can explore. Ask the residents and acquaintances who may have relatives living in the neighborhood. Go through the local newspaper websites, online communities, and government websites to know more about the current and upcoming development plans in the neighborhood. Since security matters a lot, check the crime report of the area to verify if it safe enough to live in.
2. Know more about the local amenities
The amenities in an area determine the quality of life of the residents who live there. Hence, a smart homeowner would ensure that it has all the amenities that a good residential area has. For instance, the market should be just walking distance away. A neighborhood park and school in the area would be an added bonus if you have young children in your family. Check whether there are any residents communities in the area because they ensure that any issues or problems are handled when there is a need.
3. Visit the property at different times of the day
Making an offer means that you are open for negotiations and a deal would probably work out any time in the future. This makes it important to be very sure that you are ready to own the place. Visit the property twice, thrice and even more times until you are sure that you would be happy to live there. Check it out at different times of the day to get a fair idea about factors such as natural light and activity in the neighborhood.
4. Check the accessibility from your workplace
Your home should be easily accessible from your workplace and vice versa. Check the commute timing and traffic patterns by actually commuting from the chosen property to your office. Try it on the weekdays as well as weekends as long commute means wastage of time and high fuel expenses. Similarly, check the commute timings for your spouse and children, if they study in a school or college.
5. Schedule an inspection for the property
Another thing that you must absolutely do before making an offer to the seller is to schedule a professional inspection for the property. It will help you to know about the condition of the property, the kind of repairs that it may require and the cost you may need to incur on them. An inspection becomes all the more important if you are buying an old home because you would not want to bank your savings on a dilapidated property. Moreover, complete knowledge about the property’s condition will help you in negotiating the price with the seller.
6. Ask the seller about the taxes, utility bills and other dues
Do not make an offer before getting complete information about taxes, utility bills, homeowner insurance and any other dues on the property. Arrange a meeting with the seller and tell him that you expect complete transparency before you calculate an offer price. Ensure that you consider all these dues to estimate an apt offer for the home.
A smart and calculative buyer will never make an offer in a hurry. Therefore, you should pay due attention to all these factors before taking the deal ahead by quoting an offer price to the buyer.
