Have you been finding a house to live in with your family? If the answer is yes, then we can surmise you've tried to look at a house or two, but feel you're not capable of covering all the much-needed information for it, thus you're here for tips. You're not alone on this journey! Just this July (check this out), almost 900,000 houses were sold. This is a 36% increase compared to July 2019.
Experts concluded it was a frantic purchase due to the COVID-19 pandemic. Many of these buyers found the quarantine made them realize their living quarters aren't ideal if the stay-at-home orders persist. Some have initially been from rental spaces that decided to get their own place due to quarantine and less risk of exposure with their roommates.
Whatever the reasons might be, finding and owning a home can be difficult, so read on to pick up these practical tips for your pre and post home buying experience.
The Top 3 Tips In Finding A Home
Tip #1: Pick And Buy A Home You'd Want To Live In For A Long Time
Many people think buying a home can help them save money because rent is too expensive. That is true—to an extent—but being reckless and hasty in purchasing your home can pose a bigger problem in the long-term.
The fact that you're throwing money in "rent" is basically still applied in owning a house. You pay your mortgage interests in the initial years and only a little towards the principal. This means the interest you paid can also be considered rent because you're paying back the bank. Paying a landowner and paying a bank has little differences but still have the same essential points.
The worst thing comes when you decide to sell the house. If you didn't have any plans to stay in that house for a long-time, you'd be wasting time and money processing it, and it costs a pretty penny! It can cost almost 10% more of the house's original price, which will drain your pockets instead of getting a profit.
The minimum number of years you should consider is 5 years. Anything longer than that is not cost-effective for you, even if you're financially abundant. If you suspect to move after a few years, be it due to work, an expanding family, or just because you want a new place again, it's better if you stay in a rented place until you find the "one."
Tip #2: Select A Realtor Carefully
It is genuinely possible to buy a house without a real estate agent, albeit you'll find difficulty if you're a first-time homebuyer. A real estate agent's job is to support and guide the homebuyer to make wise choices and decisions and make the buying process easier for the client. They handle paperwork, handle difficult negotiations, and give you expert advice about the property.
Thus, the importance of realtors can't be brushed off so easily. Getting one until you get the hang of it, at least, is suggested, but it is never ideal to go into buying a house without an expert's guidance. If you're looking for homes for sale in Cary NC, it's recommended you get a realtor for it. You can find some on websites you find the houses for sale or get recommendations from friends and family.
With that said, make sure your chosen realtor is more than willing to give reference to past clients, preferably the last 20 clients. Also, urge them to provide the 20 most recent, not those already handpicked. This is due to the possibility that those clients will give false claims if your realtor lacks integrity.
Though your interests as a buyer might contrast with the reality of realtors (they want to close a deal quickly for more profit while you can wait for a better opportunity), still pick those that follow the code given by the National Association of Realtors. There are still some ethical real estate agents around America. It just takes a little assessment on your part.
One sign to look out for would be your realtor's genuine concern for the property you're about to purchase. If they voice out to think about your purchase, regardless of the price of the house. It can mean the realtor isn't focusing solely on the money but know the repercussions of the purchase for the buyer.
One thing you should ask is how often the realtor had advised clients against their choices. If it happened several times per client, especially if it's a first timer, it's a clear sign they have the client's interest at heart. If they encouraged more than advised, and if the clients have complained of inadequate counseling, they're a red flag you'd rather avoid.
Tip #3: Hire An Inspector
Another more important person to include in your plans is the home inspector. A reputable one can appraise your home and find any flaws that might be hidden in plain sight, even from your real estate agent. They're also helpful to detect any can detect termites, leaks, and mold issues around the house. Though your realtor can connect you to an inspector, it's advised to hire of your own choosing. Read more: https://www.consumerreports.org/home-inspections/how-to-choose-a-home-inspector/.
A lot can happen during this inspection. Although the negotiations have finished and buyer and seller have found common ground (and price), a problem encountered by an inspector can prove to be a problem. It can be a minor thing, just another round of negotiations where you and the seller talk about compensation. On the other hand, it can be a significant problem that you can use as a contingency.
This is the importance of having your own inspector. A realtor will want one that isn't very fussy, but if you hire your own, a professional not linked with your realtor, there would be nothing holding them back from finding, pointing out, and presenting flaws to the both of you. In this way, you won't have to enter the deal and stay there, blind.
You either have a great home at the end of the deal or another hunt for a new one. Either way, an inspector of your choice does his job for your sake, not anyone else's.