When it comes to purchasing a home, every buyer wants to get the nicest home they can for the best price possible. However, the home-buying process can be frustrating, especially in our current market, where prices are high, interest rates are high, and there’s relatively low inventory available.
In this post, we’ll look at four things you can do to find a great home to fit your needs without breaking the bank.
1. Get Pre-Approved
The absolute first thing you should do is get pre-approved for a mortgage. Nothing is worse than looking at homes and falling in love with one only to find out it is way out of your price range. By getting pre-approved, you’ll know what interest rate you’re working with and exactly where the top end of your budget should be. You’ll also be ready to move quickly if you find a home you love and want to put in an offer since many sellers will want to see proof of funds and/or a pre-approval letter as part of the offer package.
Pro Tip: Once you know what you’re pre-approved for, set your house-hunting budget slightly lower. This can leave you with room in your budget to make competitive offers and help you avoid falling in love with homes that are already at the top of your price range and may sell above asking price.
2. Look For A Solid Home, Not Necessarily Your Dream Home
Once you know how much money you can spend, it can be tempting to look for the absolute best property at the top of your price range. However, the best way to get a bargain on your home is to look for one that might need a bit of work; look for a home with “good bones” but needs some cosmetic updating rather than one that’s completely move-in ready. If you aren’t bound to a specific town or neighborhood due to school or work restrictions, you can also look in neighborhoods that are up-and-coming and where you can get a larger home for less money.
3. Get A Home Inspection
When you’re purchasing a home, getting an inspection done is crucial. It can be tempting in a seller’s market to waive your right to an inspection to make your offer appear more attractive. Still, by doing so, you’re also giving up any leverage to continue negotiating the price once your offer has been accepted. During an inspection, if an issue is identified that’s large enough to make an impact but not so large that it’s a total deal breaker, you can use it to negotiate the price or ask that the seller’s repair before closing (which will ultimately save you money in the long run).
4. Work With A Real Estate Agent
To ensure you’re getting the best bang for your buck when purchasing a home, you want to work with a real estate agent. Real estate agents know the ins and outs of the neighborhoods and towns they serve, they know the market history, and they have the professional training and experience to negotiate with sellers while ensuring the transaction progresses smoothly.
Are You Ready To Begin Your House Hunt?
The real estate agents at Wilson Associates can help you find the perfect home to meet your needs and budget. Check out some of the available homes in the area, and then let’s chat!