Buying a home is not just about money. It is as much about emotions and dreams. However, with Covid wrecking havoc and with slow markets, the home buyer buying process has seen upheaval through 2020-2021.
For first time homebuyers, house hunting can get daunting. You need not plan the search just right so that you make the right decision when making an offer. Take aid of these tips to sail you through house hunting in Covid era.
Get a Pre Approval
- When you go house hunting this year, make sure to get a pre-approved offer from your lender well in advance. Unless you know the budget you can afford for closing an offer on a house, it becomes tough to stick to a price range.
- Talk to your financier and get an approval based on your checking account and credit score. If you have a spouse, you can choose to draw a joint approval for the home. This helps you to access higher purchase power.
Shop Around and Compare
When shopping for homes in 2021, you need to compare more than just a couple of open homes. Check around in varied regions and see what pricing changes are available. Purchasing a home is a big decision. Therefore, not shopping around enough and comparing deals will be foolhardy.
Avoid too many Bids
Do not drown yourself in making bids. In fact, it is advisable that you do not participate in bid wars. These tend to make you go overboard with your purchase budget. Therefore, consider putting in an offer and if you face rejection—move on to another property.
Explore the Neighborhood
- When buying a home, make sure you check the ins and outs of the neighborhood property is located in. The pricing on the property varies greatly depending on the location, schools around an area and the community in a region.
- Depending on what your priorities are, you can make clever choices in this category.
Keep Contingencies in Mind
- You always need to have a rainy day fund in place, before booking a real estate deal. You need a contingency account too, despite making a purchase. Additionally, even a new purchase entails greater costs involved.
- From home renovations, repairs to system alterations, planning to build an enclosed patio, many more costs come around buying property. With Covid, the costs for everything have multiplied. Therefore, you need to make calculations well before closing an actual home buy!
Hire a Real Estate Agent
- Make sure you hire a trusted real estate agent. Never try to approach the home buying process by yourself. An agent eases everything and is actually a blessing. After all, homebuyers do not pay the agent.
- A property seller is responsible for paying agents. Therefore, hiring one will not just save your sleep but also spare you any additional expense.
- When finalizing a new home this season, consider the commute times involved (for the time your workplace opens up). You need to consider the surrounding industries if any, developmental activities that might occur on empty spaces around the house and so on.
- Ensure that you have a list of what you actually need in your new home. Compare it to what you desire in a dream house. Compare both lists and try to find a home that balances both well.
Make an informed choice when buying a home. Especially as first-time buyers you might face confusion at the outset. Remember that a little bit of research will stand you in good stead with a great home and a backyard that might give you gemstones. Good luck with your house hunt.