How to Be Successful in Buying a House
There are things that you need to consider before you buy a house. Here are some tips to help you be successful in buying a house.
Get Familiar with the Neighbourhood.
Before purchasing a house, you have to get familiar with the neighbourhood. Stop by morning, noon and also night. A lot of house buyers have become worried and upset for the thought that they had found the right home, only to discover that they do not fit in at the neighbourhood. It was not for them. Check out how the neighbourhood is like by driving by the house at all hours of the day.
To see whether you are able to deal with the neighbourhood on a daily basis, try to commute regularly from the house. Check out the distance of the closest grocery stores and other services you might need. You need to research the school although you don’t have children. The existence of the school in the neighbourhood will give a significant effect on the value of your house. If you can find a house that has a good school district, the value of the house can reach as much as 20% compared to a house in a bad school district.
Get to Know the Science of Bidding
There are two things that should be your base for your opening bid: what you can really pay for (since you do not wish to overbid yourself), and how much the property really worth according to your belief. Your opening bid should be something that is reasonable and fair and will not really offend the seller. Many believe that you should start with lower at their first bid. In truth, it depends on the situation of the market at that moment. Survey the market in your neighbourhood to obtain the average price per square foot. Some sellers go for a bid with an oddball number and seriously consider taking it. A bid with a normal number sounds like the regular bid out there. The sellers will think that you have thought through the offer when you get more precise.
Get a Thorough Inspection
Just like when you are buying cars or other stuff, you would carefully inspect the item. Do not wish to regret it in the end, do you? Therefore, before buying a house, you are suggested to hire a home inspector. The house inspector has the responsibility to give you information that can help you in making the decision whether to buy or not. Their duties including to perform a function as well as safety inspection to decide the condition of a real estate. The home inspector will search for issues that can cause the safety of the homeowner or usability problems like determining whether the property contains hazardous material like asbestos. If the house is confirmed to be installed with the dangerous material, you can bargain for a lower price, or you can ask the former owner to do asbestos testing or asbestos removal before you buy it. It is reasonable to hire an inspector rather than feeling sorry in the end because you have to spend more money on the house.
Emotions and Instincts
Remember that you are buying a house, not dating the house, so do not base your judgment on emotions since it may only break your heart. Once you love something, there is a huge chance that you are going to make a really worst decision. You need to know that emotions and instinct are different. Using your instinct means you understand that you are getting an excellent house for a good value. Using your emotions means you are being obsessed with the backyard or the color of the paint. Stay wise and calm when it comes to investment.
Beware of Sleeper Costs
What makes renting and home ownership different is the sleeper costs. Many people only pay attention to their mortgage payment and neglecting other expenses such as utilities, property taxes, and homeowner-association dues. New house owner also needs to get ready for maintenance, a potential increase of the property tax, and the repairs. Be sure that you have allocated some budget for sleeper costs so that you will be covered and will not risk losing your house.