After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
Buying a home is a big investment, but there's no reason to pay more than you have to! Finding a good realtor is an important first step towards scoring a great deal on your dream home. But beyond that, there are a few other secret strategies you can use to save on your home purchase.
Always get pre-approved for a mortgage before you start shopping for a home. Having a pre-approval document in your hand is basically saying to the seller "I am guaranteed to pay." Even if you offer a bit more than another potential buyer, the seller may accept your offer over theirs if you are pre-approved and they are not. Plus, being pre-approved has the benefit of cluing you into just how much home you're able to afford.
Ask For a Discount Post-Inspection
Many home buying contracts are written up to specify that the buyer agrees to pay a certain amount for the home pending an inspection. What this means is that if the home inspection turns up something unfavorable, you are free to amend your offer. The negative finding does not have to be drastic like a failing roof or lead paint. If the inspector finds something small, like drafty windows or a lack of insulation, that may be grounds enough to then ask the seller if they'll accept slightly less for the home. At this point, they've been navigating the sale for a while, so they may agree to the discounted offer just to make sure things keep moving along and you don' back out.
Compare Other Homes In The Immediate Neighborhood
It's easy to find a home, notice it's in your budget, and figure it must be priced properly. But if you do your homework and compare the home to others in the neighborhood, you might find that it's overpriced. Look at homes that have the same number of bedrooms, the same features, and have sold recently. If they are selling for less than the home you are looking at, then make a low offer to the seller, explaining that this is the price the comparable homes suggest is accurate. Be prepared to walk away and find a different home if they don't agree.
Far too many home buyers fall in love with a home and overpay because they get excited and want to move in quickly. Take your time, follow the tips above, and you'll pay a lot less. Contact a real estate agent for more information.