There are many complaints on blogs about people paying more than what is needed for a house and then finding many problems with the place since they have not had a proper home inspection. In this article, Zack Childress, a real estate mentor and speaker gives premium guidelines on “How to make a clever real estate purchase“.
Don’t exceed your budget
You should plan your budget within which you should purchase your house. When you plan your budget, you should consider all housing related costs and not just the list price. The article on other housing costs enumerated by Zack Childress gives more details regarding this. Make sure that your housing costs and other expenses do not exceed your income minus the savings.
Start thinking about your credit
You have to get an approval for your mortgage beforehand. It’s really painful to target a house and then find out that you don’t have enough money to buy it. Some real estate agents will work with you only if you have a pre-approval of credit.
Look for other crucial factors rather than the look of the house
The look of the house as you see in the pictures matters the least. Don’t forget that it can be remodeled or revamped. So be careful about what neighborhood the house is in and your own price range.
Think long term
Ponder on whether the house will serve the intended purpose. Not just this, think whether it can fulfill the purpose for a long term. Imagine your own disappointment if you realize that the house will not accomplish your intended purpose of buying, at the immediate or after a certain longer period of time.
Take the services of a realtor and that too a good one
You need the assistance of a real estate agent. Select one with knowledge so that he can easily guide you through the market processes. For more information on this check this article- A first rate real estate broker – The trump card to buy a home.
Don’t be afraid to walk away from a bad purchase
A home is your most crucial asset. It is important to select one carefully. This is the place where you fall in love with your spouse, take care of your parents, invite friends and most important of all- raise your children. The home is going to see all your emotions – both good and bad. So this is an emotional purchase. So get a home inspection done. If you feel that you cannot afford or maintain this home, don’t go for that one. It is better to walk away as soon as you feel uncomfortable.
These are the general standards for making a hot real estate deal. These specifications can help first time home buyers exceedingly. So please read and benefit.