When it comes to buying a home we love to make it easier, especially the home loan process, so we thought we'd let you in on 4 Home Buying Secrets that can make your home buying process much simpler. We're also going to through in a bonus secret here in the beginning that can change the way you search for homes.
BONUS:
Getting Pre-approved is a bonus on its own! It's the best way to figure out how much house you can afford. It's a good way to keep your heart from being broken by falling in love with a home you can't afford to purchase. Preapproval also helps you get ready for the entire mortgage process by getting some of the information about what we'll need as we move closer to the closing table.
Now, here's the 4 Home Buying Secrets:
- Don't try to 'time the market'
- Trying to time the market is like waiting to have kids until you can afford them, you'll never get it right if you do that. It's impossible to predict what the market is going to be like, interest rates fluctuate often, sometimes multiple times during the day (if things are getting crazy). You must realize that the Real Estate market runs in cycles so what goes up will come down, and go up again, and go down again. If you wait, you'll miss the opportunity to own your dream home!
- Keep ALL costs in mind.
- When people are looking for home loans to purchase that nice new house they've fallen in love with they often forget to look at more than just the mortgage payment. There are other costs that you'll end up paying, for example: you might have to pay dues to an HOA, you're definitely going to pay property taxes and utilities, and finally don't forget that you'll need money for closing costs and for potential repairs in the home.
- Don't get emotional.
- There is an emotional part of buying a home; but don't be a romantic about it! Getting your head lost in the clouds over a home is a good way to miss out on some of the problems that could potentially arise. Keep your eyes on what a value the home will be, not the color of the carpet or the color of the bedrooms. Make sure that you are making the best finanical decision first!
- The Nicest house on the block may not be good for you.
- While it's tempting to buying the best looking house on the block, it may not be the wisest investment for you, that house may limit you when it comes time to sell your home and the financial appreciation of the home will be limited by the neighborhood that your home is in. In other words, don't go looking for the 'instagram' house, look for a middle of the road home that will be worth the investment and could potentially make you more money when the time comes to sell.
Thanks for taking some time to learn about what can make you more prepared as a home buyer - if you need any help figuring out the mortgage process, just give us a call at 816-268-4025 or you can connect with us over our social media links below and we'll be happy to discuss your options with you or talk about the 4 Home Buying Secrets!
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