Here are 6 tips for avoiding new buyer scares:
If you’re want to save money on closing costs, the inspection is not the place to skimp. Imagine for a moment sleeping in your new dream home shortly after closing when a thunderstorm hits. No big deal until you start getting rained on, in your bed. When faced with a large home repair, the inspection cost will look quite small. Home inspections point out what might need to be on your house. It gives you power to negotiate for repairs or at least give you a heads up on what issues are present in the home you are buying.
It’s easy to get caught up in wanting to get as much house as possible. Before buying a home, take a close look at your expenses. Carefully budget out what you will have to pay for after buying a home. Don’t forget about:
- Upkeep Expenses
- Property Taxes
- Continued Savings
3. Consider Resale
As you go through the process of buying your new home remember that this is more than just a place to live, this is an investment. Keep in mind future resale. Is the home in a desireable neighborhood? Are you able to add value to the home while you own it? Getting an appraisal on your new home will help you know more about the value of your home. Consider budgeting changes to these into the purchase of your home.
4. Remember Closing Costs
So you’re pre-approved and ready to snag your dream home. You have your finances are in order and are prepared to pay your earnest money deposit and your down payment. Don’t forget there can be other closing costs you have to pay. Depending on your contract, closing costs can be 3-5% of the cost of your home.
5. Talk to Your Neighbors
Before you place an offer on your dream home, take a few minutes to knock on doors and chat with neighbors. Neighbors often won’t hold back, you’ll be able to get the inside scoop on:
- Neighborhood drama
- HOA nightmares
- Crime in the area
- Local restaurants
- Pros and cons of the neighborhood
6. Set Fix-Up Money Aside
Often when buying a home buyers forget to set money aside for changes they want to make once they move in. If you want to refinish the floors, repaint the walls or update the kitchen, calculate your costs before you buy to make sure you can afford the changes you want to make. Common projects upon a move are:
- New window treatments
- New Furniture
- New / Refinish Floors
- Fresh Paint
- Remodel Kitchen & Baths
- Other Decoration
You’ve done your homework and are now ready to find the perfect dream home, without any surprises! Happy house hunting!