House Hunting Tips – There are many tips for hunting for your next house you should understand. It doesn’t matter if this is for real estate investing or for a great new location you are trying to move into.
Today, we are going to discuss some great house hunting tips to keep in mind when searching for your next house. You want to make sure you are in line with your desires, needs, price range, and style. There are plenty of properties on the market, so there is no reason you shouldn’t get exactly what you need.
House Hunting Tips
House Hunting Tips
Let’s jump right into the action and talk about the tips you need to understand when hunting for your next house. We have discussed many of these previously, but sometimes it can be great to have a refresher to keep us sharp. If you have any additional tips or ideas you want to share, please do so in the comment section below. We would love to hear from you.
Get Pre-Approved for Mortgage – This is the typical first step when you decide you are going to purchase a home. You have to figure out how much money and home you can afford. Your mortgage broker or lender will assist you with this.
The typical rule of thumb or tip to remember his is the 31% rule. Your home’s principal, interest, taxes and insurance should not be more than 31% of your take home pay.
Yes, this means you will not be able to purchase that big home in the neighborhood all your friends are buying. Or you may not be able to move exactly where you want to, but this rule will keep you out of trouble if things go wrong. It is likely you will be approved for much more than this amount, don’t be fooled into getting yourself under water before you even purchase the property.
Decide Where to Live & Your Needs – Once you know how much house you can afford, then you need to decide where you want to live. Keep in mind the school districts, proximity to your job, amenities, crime, location, and whatever else is important to you. Once you know your target area, you can get down to the nitty gritty and start view these houses.
House Type – Before you can hit the streets, you need to decide what type and size of home you are looking for first. When we were shopping for our home, we knew we wanted a two story home, an attached two car garage, and a full basement. Guess what we purchased? Just that. Know what you want before you get out here in the market place wasting your time.
Work With a Realtor – Our tip would be for you to work with a Realtor. Some people don’t like them, but when you are purchasing a home, they can get you access to a lot more properties and they just make your life easier. They can call the homeowners, schedule appoints, track the homes you are interested in, and show you properties you may not even have considered. You don’t need a Realtor to purchase a home, but I think it just makes things a whole lot easier in the end…..the best part is you don’t have to pay for them. The seller does.
View More Homes than Necessary – This is a great tip if I do say so myself. You need to see the properties in your target market. This gives you a great idea what is possible and available in the market place. Because there are so many properties on the market, you want to make sure you see enough of them so you don’t end up with the short end of the stick. This just takes a little more time, but your decision will be strengthened by this.
Don’t Be an Emotional Buyer – You cannot afford to be emotional when purchasing a home. I know people are invested in their homes, but when buying it is not the time. This will throw off your negotiations, your decisions, and eventually your money and happiness if you get carried away. Purchasing a home is not the time to let the emotions run free.
Don’t Rush – Slow down when you are hunting for your house. We are in a true buyers market right now. All this means is there are far more sellers on the market than buyers, which means you have the power. Don’t cheat yourself by rushing and being up against the clock when hunting for a house. You have the power, if you slow down and use it.
Negotiate Closing Cost - In a buyers market, sellers are typically desperate to move their property. Therefore, they are far more likely to accept minor negotiation points of yours you may have. This is a ripe opportunity to ask the seller to pay for the closing cost on the property. This is a couple of thousand dollars that you can save if you just open your mouth.
Read More: How to Get Seller to Pay Closing Cost
Hopefully, you will take the time to utilize some of the points and tips when you are hunting for your next house. Many of them will save you a bunch of time and heartache if appropriately applied. Hunting for your home is a great time and can be a lot of fun, but you have to be sure you are looking out for yourself at the end of the day. - House Hunting Tips
Great tips especially getting some closing cost back. The seller won’t mind helping you out if it means moving the property.
Yes! They are desperate out here these days. A buyer should slap themselves if they are paying closing cost. Buyers market, take advantage and save those thousands. Sellers are glad to do it…as you say, to move the property.
Nice tips! Negotiating closing cost was the best point I suppose.
These tips are really helpful to those people who have no experience in buying a home.
Jason Homes recently posted..Are you looking for Homes for Sale in Minnesota?
Thanks, Jason! They are the basics. You must have a good foundation before you start growing and building.
Thanks for the article. I just wanted to leave you a comment letting you know that I enjoyed your post. I enjoy reading different opinions and tips on social media. I just wanted to leave a comment to let you know I like what you are doing!