Buying a home is a major time and money investment but don’t worry! With a few important House Buying tips you can make the best investment while taking some of the guess work out of your decision-making and enjoy the process a little more.

The more you know and the more tips you have in your pocket the more confidence you will have when making that big decision!

Buying a House is one of the most exciting and rewarding experiences in life. Now onto the tips!

Before even looking for a house make sure you can afford to buy. Figure out what you’ll need for a down payment, closing costs, repairs, moving costs, and how much property taxes and insurance will run you. These combined can mean you will need a lot of cash up front and directly effect your monthly mortgage payment for years to come. Go to a Mortgage Banker to get an idea of how much money you need up front. They will go over the theoretical costs of buying a home in the area you may be interested in.

OR you can get great estimated costs and probable monthly mortgage payments from this very handy Free Mortgage Calculator:

Mortgage Calculator

Now on to the 3 Best House Buying Tips that are often overlooked in most House Buying publications.

House Buying Tips: #1

Always remember when buying a home you’re also buying the neighborhood surrounding it. The neighborhood is not only important because you’ll have to live in it but because the neighborhood’s quality will have a huge impact on the appreciation value of your home.

Think about these neighborhood characteristics when deciding:

- What type of people live there? What is the age and occupations of most?

- Commuting distance to jobs. Are there offices and mass transit nearby?

- Presence of young families. Do children play freely in the neighborhood? This is a no brainer. If you don’t see kids running around then parents don’t feel like it is safe.

- Does the area have a strong diverse economy? Is there white collar and blue collar?

- Is there a good school system? ***This alone can make a huge difference in the value of homes and land. Even if you don’t have children or plan to have them this is a very important consideration.

- Is there low crime rates?

- And last but not least what services and amenities does the area have to offer?

Answering these simple questions make all the difference when making a good investment.

House Buying Tips: #2

When visiting a house you need to keep a couple things in mind. The following tips will allow you to get the most out of a house visit.

Request the seller not be present.

Try not to be influenced by the furniture because it won’t be there the next time you see it!

Note any upgrades that might save you money later.

Observe the neighbors. Do they take care of the lawn? Is there broken down cars in their driveway?

Try to visualize the house in all seasons and weather.

Inquire about the infrastructure, including plumbing, electric, gas, heat, and air conditioning by asking for the seller's disclosure statement.

Make sure the floor plan provides enough space for everything you and/or your family will be bringing.

MAKE sure you take notes so you can keep track of the houses you visited. The average family tours over 15 homes. You will start to get confused if you don’t try to distinguish what you liked and disliked about certain properties.

House Buying Tips: #3

When you finally find the one and make an offer it’s time to haggle and negotiate. You have 2 conflicting goals BUT you want the best of both:

Get the best deal you can.

AND

To get the house.

You need to negotiate the terms, conditions, and cost and your realtor will help you do this. Don’t just go and pay the asking price for a home. Try to get the best deal.

Remember you need to Give to Get.

If it’s a Buyer’s market you want to start low and move bit by bit. By doing this you may be able to wear the seller down closer to your target price.

If it’s a Seller’s market:

Try to avoid bidding wars. Know your upper limits and stick to it.

Come in hard. By making your best offer first, you may be able to win before a bidding war can start.

To get to your target price you can make things easier for the seller. The seller wants a good price but he or she also wants the sale to go smoothly and easily. You can make things a little easier by: Increasing your down payment bid which shows you’ll likely get mortgage approval, be pre-approved for a mortgage going into negotiations, offer the pay for repairs as long as the house passes inspection, and offer to close as quick as possible saving the seller a mortgage payment or two.

These are all weapons in your Negotiating tactics.

Keep these 3 House Buying Tips in mind while going through the process and you will greatly increase your odds of making a good investment!

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