Looking to buy a home? I have five essential tips for you to make the process as smooth as possible—with no regrets after moving in!
As you look for a home, it’s easy to get caught up in the daydreaming as you search endless listings of available houses. But be careful not to let the dreaming distract you from making wise choices.
I say this only because I’ve helped countless families buy houses. I’ve guided young couples as they search for a first home that won’t break the bank, and I’ve helped growing families find comfortable homes with enough space for everyone.
In every situation, I’ve noticed five principles that—when followed—make the house-hunting process as stress-free as possible. Ignoring one of these tips can cause untold stress and regrets later on. So trust me when I say these principles are important for you to know before you buy a home.
Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report. Double check to make sure the facts are correct and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house and buy a home.
Find a house you can afford.
As with engagement rings, there’s a general rule of thumb when you buy a home. When it comes to engagement rings, some say you should spend about 2 months’ worth of your salary. But for houses, the rule of thumb is that you shouldn’t go over 2 ½ times your annual salary. This will ensure that you don’t buy a home you love only to find out 6 months later that you can hardly keep up with the mortgage.
There are also many tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, as well, that there are lots of considerations beyond the sticker price when you buy a home. You need to sit down and write out how your property taxes, energy costs, and potential house maintenance projects might affect your monthly budget.
Hire a professional.
While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone.
If possible, recruit an exclusive buyer agent, who will have your best interests at heart and can help you with strategies during the bidding process. There are many complicated steps to take and paperwork to sign when buying a home. Hiring a professional will ensure that you don’t miss a necessary step.
We at Team Foote can readily serve this role as your professional!
Do your homework.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers?
Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months and pay particular attention to the price per square foot metric. Come up with an asking price that’s competitive but also realistic. Otherwise, you may end up ticking off the seller. After all, they may see the house as a treasure trove of fond memories—while you see it as a potential place to make future memories. Don’t let your or the sellers’ emotions cloud the true picture when coming up for an asking price.
Again, this is where hiring a professional can be helpful. At Team Foote, we help our clients come up with asking prices that match the market and make both the buyer and the seller happy!
Think long term.
Obviously, you shouldn’t buy a home unless you’re sure you’ll be staying put for at least a few years. And beyond that, you should buy a home in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line.
When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.
Your Next Step as You Buy a Home
Now that you’re armed with these 5 wise tips, it’s time for you to start house hunting with no regrets! If you’re near the San Diego, California, area, be sure to look at our listings of houses for sale. You can start with your zip code and then narrow down your search based on price and number of bedrooms.
And if you’d like an expert with your best interests at heart to guide you through the house-hunting process, contact us at office(at)teamfoote(dotted)com. Or click here to set up an appointment in one of our physical locations.