Tips To Consider When Buying Your Home

Buying a home can be challenging especially when you might not know where to start. As a real estate professional with over 16 years of experience, I have put together tips of things to consider when purchasing your home.

• Pull out all the stops to impress sellers: Submitting a great offer is more than just a numbers game. If you really want to stand out, include an offer letter, and make a personal appeal to the sellers. Waiving a contingency or two can also help, as can a larger earnest money deposit or being flexible with your closing date.

• Sell Before You Buy: Searching for a new home will always be exciting, and it can be tempting to search for your dream home when your current property is not yet on the market. It is important to not get carried away and fall in love with a house before you have a buyer, or you may lose out on the house of your dreams to someone with the funds already available.

• Credit requirements still tight: The credit score needed to buy a house depends on the type of mortgage and the lender. Some lenders raised their credit score requirements amid the economic fallout from the pandemic.

• Buy Adequate Home Insurance: Home insurance covers the cost to repair or replace your home and belongings if they're damaged by an incident covered in the policy. It also provides liability insurance if you're held responsible for an injury or accident. Buy enough home insurance to cover the cost of rebuilding the home if it's destroyed.

• Buying a Home During Covid-19, Brush up on mortgage lender requirement:Housing markets are as competitive as ever right now, and getting approved for a mortgage is suddenly a much harder task. More and more lenders are choosing to only issue mortgages to borrowers with stellar credit histories. You’ll want to make sure you’re well above them to boost your chances at qualifying.

• Check and strengthen your credit: Your credit score will determine whether you qualify for a mortgage, take these steps to strengthen your credit: Pay all your bills on time, keep current credit cards open, and track your credit score.

• Make the most of open houses: Open your senses when touring homes in person. Listen for noise, pay attention to any odors and look at the overall condition of the home inside and out. Ask about the type and age of the electrical and plumbing systems and the roof.

• Check out the neighborhood at all hours:Drive by the house at all hours of the day to see what’s happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with on a daily basis. Find out how far it is to the nearest grocery store and other services.

• Buying Secret: Don't fixate on the purchase price: The purchase price is just one piece of owning a house: be sure to consider all of the costs associated with your potential new home. This will ensure you are on track with your expenses.