Buying a new home can be an exciting experience, to say the least. Before you even start looking at properties though, you need to have a plan of action. Following certain tips and steps will also help you avoid the mistakes many new home buyers make.
Here are a few tips for new home buyers that you need to be aware of:
Identify What You Want and What You Need
You may want a property that has a huge garden, but is it really within your budget? If you want to help yourself, then it is a good idea for you to identify what you want, and what you need.
This will help you to find the perfect property within your budget and it will also help you to feel more content with your final decision.
List your Property
A lot of new home buyers think that they need to find the property they want before listing theirs on the market. This is a recipe for disaster.
If your home is not up for sale, then you have no hopes of being able to make an offer if your dream property does come along. You will also be disappointed when another bidder comes in at the same price as you if their property has already sold.
When you use a property search site, you will be able to sort the properties that you see by the price, the location and even the agent who is listing them. This is a fantastic way for you to narrow down your focus and you would be surprised at what a difference it could make to your buying experience.
Of course, you need to make sure that you don’t just limit yourself to real estate sites though. Instead, try and talk with the agents who are selling the properties and ask them if they can provide you with any insight on upcoming properties as well.
After all, properties often spend weeks in limbo before they are fully listed on an agent’s site. If you can get some information about a potential or upcoming property, then you may have more time to prepare a potential offer.
When you arrive to view your first property, you have to make sure that it’s what you expected. Have a look at the other properties as well, to make sure that you are not buying the worst property on the street.
When viewing a property, it also helps to imagine it without the other person’s furniture in there. The more you can envision a blank canvas, the better. When you have left the property, you then need to make a few notes so that when you attend the second viewing, you can make sure that you ask the right questions or that you highlight any potential issues.
When leaving the property, it might also be wise to take a drive around the area. It helps to do this at various times of the day so that you can get a feel for the neighborhood while also making yourself aware of any possible problems.
One of the most crucial tips for all buyers is to work out how much they can afford and how much they are going to be paying for their new home. If you are not a cash buyer, then there’s a high chance that you will need to take out some kind of mortgage.
This will usually be 10% of the purchase price. If you want to get the best result out of your purchase, then you may want to go through a financial advisor. They will be able to seek out the best deal and they will also be able to get you a great interest rate too.
When you have worked out how much you can afford, you then need to factor in your bills and your expenses. You need to take into account the fact that you are going to need home insurance and the fact that you are going to be paying bills on top of your mortgage as well.
Try and Focus on Your Long-Term Goals
Another thing that you need to do is try and focus on your long-term goals. Think about it, do you want to stay in that property in the next 5 years? 10 years? Either way, you have to make sure that you are planning for your future and that you are also taking into account the needs of your family as well.
For example, if you know that you want kids, then you might want to make sure that the property has some additional bedrooms and living space. If you want a dog, consider getting a property that has a garden if possible. If you can make sure that you do this, then you can easily stay in the property for much longer if you need to.
Another thing that you have to do is make sure that you negotiate on the price where possible. You have to make sure that the seller is willing to drop the price by at least 5%.
Sellers will usually list the price higher than what they would like as they expect people to haggle, so make sure that you keep this in mind as much as possible and that you don’t let pride get in the way.
At the end of the day, the worst that can happen is that they are going to say no, and even then you can still offer them the higher price anyway and still come away with the property. If you are unsure as to how much to offer, then compare other properties on the same street and get the average selling value.
Keep the above guidelines in mind when searching for and buying a new home.
Of course, there are so many things that all new home buyers need to think about when they view a property, but if you follow the above tips, then you will soon find that it’s easier than ever for you to make a good decision.
Just remember that you should never make an offer on the first day of viewing a property and that you also need to try and go with a reputable agent. When you do, they can then guide you through the process while also making sure that you are kept informed every step of the way.