Purchasing a new house comes with great responsibility, and there are many things you should watch out for. Especially if you are buying a house for the first time when it can be very intimidating and overwhelming.
However, we are here to guide you along the way. So take a look at the list below of the do’s and don’ts. They will assist you on the hunt for that dream estate.
The Don’ts
There are several things you should avoid when you are purchasing a new home.
Don’t Change Jobs
When you want to secure a mortgage, job stability is essential. We recommend keeping your current job until you have bought the house. When you change positions during a property purchase, even when the job pays better, you will have to jump through a lot more bureaucratic hoops.
Don’t Make Any Large Purchases
Avoid large purchases before the deal is done. It is better to buy furniture or even a new car after you were able to obtain the house. If you do this before the purchase is closed, it can negatively affect your credit. Moneylenders will start to worry if you will have any money left when you need it.
Don’t Get Attached to the First House You See
Getting attached to the first house is a mistake a lot of us have made. Falling in love with the first house you set your eyes upon may result in getting your heart broken because someone else obtained the home.
Besides that, there are often a lot of better options further down the road. It is essential to talk to your real estate agent about the local market so you can have realistic expectations.
Don’t Miss Out on Any Negotiation Opportunities
Negotiating is a vital part of the deal a lot of us are afraid of. Especially first-time buyers are often unaware of all the possible negotiations when buying a home.
For example, you may be able to negotiate for repairs, a new paint job, or even some furniture. On Suzy Goldstein Real Estate they state that it’s important to direct buyers in making the best possible decisions for their families.
Don’t Ever Skip a Home Inspection!
Last but not least is the home inspection. It’s crucial to know what you are buying, especially after all the hard work you have put in. So make sure to be aware of what you need to look out for with this inspection.
The Do’s
Of course, there are also a lot of things you can do that will help you prepare for a real estate purchase.
Know Your Credit Score
Knowing the exact amount of your credit score before you start the home purchase is vital. The higher your credit, the better the loan you will be able to get.
Get Preapproved for a Loan
To be able to buy your dream house, you need to get a home loan first. So make sure you make an appointment with a mortgage specialist to grant you this loan. It will also give you an advantage over a competing buyer who only has the prequalification.
Explore the Neighborhood
Before you even consider buying a property, it’s very important to know the surrounding community as well. Talk to the local people about their living experiences. Also, explore the area in person as well as online to get a general impression of the area.
Note: It’s not uncommon to find trace amounts of radon gas during a professional radon inspection. Radon Testing Portland will ease your worries about radon in your home or business. Do check before you buy a house.
Find the Right Real Estate Agent
Finding a real estate agent that fits with your communication style and expectations is a must. Try asking your friends and family for recommendations and make sure you look online as well. Try to interview different agents before you make your decision.
The Bottomline
As you can see, purchasing real estate can be a daring and intimidating task. There are many do’s and don’ts you should keep in mind.
When purchasing a house, you shouldn’t: change jobs, make large purchases, and get attached to the first house you view. Make sure you know your credit score, get preapproved for a loan, explore the neighborhood, and find the real estate agent that suits your needs.
If you follow all these tips, we are sure it will give you one step ahead in your hunt for your dream property.
