Tips That Will Help You Own a House of Your Dream in 2018
Owning a house today has become relatively easy. More loans are being provided to aspiring homeowners. You can also get a mortgage even if your credit score is poor and not to mention the competition from the many real estate developers that have made homes relatively affordable. More and more people are now opting to buy new homes as compared to those that are ready to buy old ones. Below is a list of factors that will make it easy for you to buy your dream hose without straining a lot.
Use your head, don’t be emotional
No matter how much you like a particular house, don’t go with it if the deal is not favoring you. Have in mind that this is a significant financial decision you are making and it will impact the next few years of your life. Don’t strain your finances by falling in love with a house which is out of your league. Things like gardens and orchards are take up a lot of time. They need regular maintenance which will cost you money or time if you have to do it yourself. So no matter how beautiful that yard looks like, evaluate your finances.
Boost your credit score
Don’t make your decisions blindly. Just because you have heard about the 5% interest rate, don’t be fooled, that percentage is only reserved for those whose credit score is very good. Before you start analyzing your price range, or even before you visit the mortgage banker, Improve our credit rating. If you have arrears, pay them, clear all your credit card bills and don’t take another card, pay your bills on time and if possible, clear other outstanding loans. With this, you will have a better chance of owning that dream house while paying lower interest on your mortgage.
Get pre-approved for credit
You need to know how much money you will get to buy your house. There is no better way of doing this than getting preapproved for credit. Give your financial details to your banker who will evaluate them carefully and calculate the amount you qualify for. Give your banker your bay lips, bank statements, and your investment portfolio. Depending on the amount you are eligible for, you can go ahead to shop around for your dream home or wait for few more months to improve your limits. Getting pre-approved will determine exactly which month in 2018 you will become a homeowner.
It is time for you to Shop around
Do not be in a hurry, don’t wait till last minute to start comparing properties and their prices. Remember that the cost of moving can be very high. New house means new furniture, modern décor accompanied by quality cushion covers and bedheads in any preferred fabric and maybe better and more expensive maintenance costs. So, capitalize on getting your dream house at a lower price. When you get a home, you like, bargain as much as you can. Don’t get the home at a higher rate only to realize that you could have gotten it at a cheaper price.
Go for the deserted or stigmatize properties
As you take your time to shop around, you will realize that some homes are not viewed by clients at all. They have been forgotten because of a few faults that can easily be rectified. At times, aspiring homeowners avoid some properties because they fear that the price may not be within their range. Over time, the process for such property goes down as a result of the competition. Don’t scare easily, go for what you want, the quality you want as long as it is within your price range. You can also buy a property that has a few damages if the remodeling cost lies within your budget.
Consider buying with a spouse or a friend
Depending on your financial stability and your credit score, pulling resources with another person can be a good idea. For starters, it will get you better deal with lower interest rate. You can also ask someone to invest in your property, and he or she will get some money out of it when you resale your home later. But before you agree to such arrangements, sit down with your partner and put all the cards on the table to avoid future wrangles.
Consider buying the house of a deceased person or from an auction
Even if you wanted to buy a new hose, one that has not be occupied before, keep your options open. Consider buying a house that was previously owned by a deceased person. In most cases, the family members will be in a hurry to sell the property so that they can cater for the many expenses that come with the death of a loved one. You can also buy a house from a person who has defaulted to pay their mortgage and them at a risk of losing their home to the bank for auction. Such a person will also sell the house at a relatively cheaper price. Same applies to buying homes in auctions. But in all of the cases, make sure you get a chance to inspect the houses.
Work with a reliable real estate agent
You need an agent who is not just in for the money. Look for one who has a good reputation, one who connects well with his/her clients, helping them get exactly what they want. If you are looking to buy a house in a new neighborhood, look for an agent who resides in that area that you intend to get a house.
Be patient and remain within your budget. As you set out to buy a home, consider how often you will be in that house. Check out to see how secure the neighborhood is especially if your job involves a lot of traveling. If you are considering to move after two or three years, buying may not be an option for you. Resale value may not cover all the expenses you incurred when buying.