Buying Your New Home In Today’s Market
April 21, 2017
Good for you for deciding that now is the time to buy a home. Loan terms are excellent if your credit is good and prices have never been better, and your purchase today is going to pay off big time within the next few years. Buying a house now, or investing in rental properties is without a doubt, a wise financial decision. Here are a few tips to make sure that your buying experience is smooth and flawless.
Before you put in any offer, make sure to get your financing secured. Getting yourself pre qualified will put you in a much stronger position to negotiate and will ensure that you are able to close on your purchase promptly. Pre qualified buyers are usually taken more seriously, and that is important when you come across the right price for the perfect house.
In addition, make sure that you do a bit of loan shopping before you settle on one lender. Remember that terms and conditions vary widely, and you need to compare rates and fees well before you make an offer. Once it’s time to close on your purchase, it’s too late to get a new lender if you find that rates are better elsewhere. So shop your loan first!
Once your financing is all lined up, get you paperwork to support your loan lined up too. Make sure that you have pay stubs, bank statements and tax documents all ready, because once your offer is accepted, your lender will need the most current information right away in order to process your loan quickly.
Once you start shopping for a house, don’t be afraid to look at homes that are priced slightly above what you are qualified for. Often times, homes are a bit over priced, and usually there is a little room for the sellers to come down in price, giving you a fantastic deal in the process.
Also consider homes that are listed as ‘handyman special’ or those that need a little bit of ‘TLC.’ These types of homes sometimes only need a bit of cosmetic help that you can have done for very inexpensively, and the competition is typically less because many buyers don’t want to hassle with touch ups or repairs before they move into a house.
If you are interested in investing in a rental property, go for the ones that already have renters in them. This can really keep you financially ahead of the game, because having an empty property isn’t a good way to start off your career as a land lord! If this is your first investment property, consider buying a duplex or fourplex so that you can live in one section while renting out the other portion.
In summary, buying a property in today’s market is exciting and and lucrative. Making the move to put in an offer and buy a house can start you on the right track in more ways than one. There are so many benefits that we didn’t even get to cover in this article, and without a doubt, you’ll be proud of your purchase for years to come!