For a first-time homebuyer, it is important to realize that a home seller's acceptance of your initial offer provides no guarantees. In fact, a homebuyer will still need to complete a home inspection before a home sale is finalized.
A home inspection is a valuable opportunity to learn about any potential issues with a house. After the inspection is finished, a homebuyer has the opportunity to submit a counter-proposal, rescind a proposal or keep his or her current offer intact.
Ultimately, hiring the right home inspector can make a world of difference for a homebuyer. With an expert home inspector at your side, a homebuyer can gain insights into a house's pros and cons and determine whether a house is a viable long-term investment.
So what does it take to employ the right home inspector? Here are three tips to help a first-time homebuyer do just that.
1. Conduct an Extensive Search
Search far and wide for a home inspector – you'll be glad you did. If you allocate the necessary time and resources to locate a skilled home inspector in your area, you can boost your chances of identifying potential home problems before you complete a home purchase.
A first-time homebuyer can begin a search for an expert home inspector online. A simple web search is sure to provide plenty of results, and a homebuyer then can perform an in-depth review of local home inspectors' credentials.
Furthermore, don't hesitate to ask family members and friends for assistance. If a loved one recently sold a house and had a great experience with a home inspector, it may be worthwhile to hire this same professional to perform your home inspection.
2. Look at a Home Inspector's Background
How many years of industry experience does a home inspector have? What are past clients saying about a home inspector? And how does a home inspector approach each job? These are some of the questions that a first-time homebuyer should consider as he or she assesses a home inspector's background.
In addition, a homebuyer can always reach out to a home inspector directly to learn more about this professional's experience. A face-to-face or phone conversation with a home inspector may require only a few minutes to complete and can help a homebuyer make an informed decision.
3. Consult with a Real Estate Agent
A real estate agent can help you discover your dream house as well as put you in touch with the top home inspectors in your area. As a result, this housing market professional will ensure you can purchase a first-rate house that matches or exceeds your expectations.
If you're uncertain about whether to hire a particular home inspector, it never hurts to consult with a real estate agent. By doing so, you can gain honest, unbiased tips to determine whether a home inspector is the right person to evaluate your residence.
Employ the best home inspector prior to completing your home purchase – use these tips, and a first-time homebuyer should have no trouble hiring a superior home inspector.
Shopping for a new house can seem like an overwhelming experience because there are so many factors to consider.
The top priorities for the majority of house hunters include the quality of the school district, the number of bedrooms and bathrooms, and the overall condition of the house. Price is also a major consideration, as is square footage, commuting distance, and the character of the neighborhood.
In many cases, house hunters have specific requirements in mind, ranging from privacy to the layout of the rooms.
Although your search will be much more efficient if you know exactly what you want, the process of looking at houses will help you clarify your preferences, needs, and design ideas for your next home. Touring houses online and browsing home decorating websites can give you a lot of useful ideas, but nothing compares to actually visiting houses and taking a close look at everything the property has to offer.
Working with an experienced real estate agent is often the best way to find a home that checks off most of your priority items and meets your expectations. Searching the real estate market on your own is like going on a self-guided tour of a large historical site or tourist attraction. Without expert guidance, you could easily overlook some of the best aspects of the property, and you could also miss some "red flags" and negotiating opportunities that only a trained real estate professional could recognize.
Other than price, location, size, and property condition, what are other key features you might want to keep your eye out for? Everyone has different priorities and "wish lists," but when you know what you want, you'll be a lot more likely to be satisfied with the outcome! While there is no shortage of house hunting checklists online, here's a quick overview of some of the features and property characteristics you'll want to keep in mind.
Although you'll generally want to have a home inspector take a close look at any home you've made an offer on, there are a few key things you can notice before you even get to that stage. The condition of interior walls, the roof, and basement are three areas worth paying close attention to. Wet basements are not uncommon, but they can cause damage to your foundation and many things you might want to store there. Wet basements are also breeding grounds for mold spores, so a chronically wet basement can potentially be hazardous to your health, too -- especially if you or your family is prone to allergies, asthma, and other respiratory conditions. The Environmental Protection Agency is a good source of information on indoor air quality issues.
There are literally dozens of other details you'll want to pay attention to in prospective homes, including amount of storage space, the size of the back yard, privacy -- or the lack, thereof -- the house's distance from the street and other houses, the neighborhood noise level, the amount of street traffic, the reputation of nearby schools, and convenience to shopping centers, medical facilities, transportation, recreation, and entertainment. Other desirable features include a nice patio or deck, a garage, a fully functional HVAC system, updates to bathrooms and the kitchen, and enough room in the house for your growing family, overnight guests, and the occasional holiday party.
Let's face it – purchasing your dream home may prove to be an uphill climb, particularly for a homebuyer who fails to prepare accordingly. Lucky for you, we're here to help you make your homeownership dream a reality and ensure you can discover your ideal residence in no time at all.
Now, let's take a look at three tips to help you get ready to pursue your dream house.
1. Establish Homebuying Criteria
Finding your ideal house can be quick and easy if you establish homebuying criteria before you launch a home search. In fact, with homebuying criteria in hand, you can narrow your house search and speed up the homebuying journey.
To create homebuying criteria, you first should think about cities and towns where you want to live. Next, analyze houses in your preferred cities and towns and consider home must-haves and wants. Once you know exactly what you want to find in your dream house and where you want to reside, you can schedule home showings and move closer to finding your ideal house.
2. Get Pre-Approved for Home Financing
Homebuyers rarely have all the money they need to buy a home. Thankfully, banks and credit unions offer a wide range of mortgage options to make it simple for homebuyers to purchase residences. And if you meet with banks and credit unions, you can review your mortgage options and get pre-approved for home financing.
Obtaining a mortgage may help you streamline your house search because it enables you to establish a homebuying budget that you can use to hone your quest to find your dream home. Perhaps best of all, getting pre-approved for a mortgage may help you resist the temptation to spend beyond your means to purchase your ideal residence.
3. Hire a Real Estate Agent
Navigating the housing market on your own can be challenging for first-time and experienced homebuyers alike. Fortunately, real estate agents are available who can help you take the guesswork out of pursuing your dream house.
A real estate agent is a housing market expert who understands what it takes to complete a successful home search. He or she will meet with you, analyze your homebuying goals and map out a homebuying strategy. Then, a real estate agent will work with you to help make your homeownership dream come true.
As you conduct your home search, a real estate agent will keep you up to date about new residences that become available in your preferred cities and towns. He or she also will set up house showings and offer insights into the local real estate market. Furthermore, if you find your dream house, a real estate agent will help you craft a competitive offer to purchase this residence. And if your homebuying proposal ultimately is accepted, a real estate agent will guide you through the final stages of the homebuying process.
Start your search for your dream house – use the aforementioned tips, and you can boost the likelihood of a successful homebuying journey.
For homebuyers, finding a dream home may require many days, weeks or months. However, when the big day finally arrives, you'll want to submit the right offer to ensure you can secure your ideal residence quickly.
Unfortunately, making the right offer on a home can be tricky. If you submit a proposal that is far below a home seller's expectations, you risk missing out on your dream home entirely. Or, if you submit an offer that is above your comfort level, you may wind up paying more for a house that it is actually worth.
So what does it take to make the right offer on a home? Here are three tips that every homebuyer needs to know to ensure he or she can submit the perfect offer on a residence.
1. Use Housing Market Data to Your Advantage
The internet is a powerful tool, particularly for homebuyers. And if you search for housing market data, you should have no trouble finding the information that you need to submit an offer that matches your budget and satisfies a home seller's expectations.
For example, a homebuyer who finds a two-bedroom home that he or she would like to buy should consider the prices of comparable houses in the area. Also, be sure to look at what other homes in the same neighborhood may be worth and tailor your offer accordingly.
A wealth of real estate market data is readily available across the web, and homebuyers who use this information to their advantage can submit a reasonable offer on a house at any time.
2. Get Pre-Approved for a Mortgage
Although you may submit the best offer for a home, there is no guarantee that a home seller will accept your proposal if you lack the necessary financing. On the other hand, a homebuyer who receives pre-approval for a mortgage may be able to stand out to home sellers, and for good reason.
With pre-approval for a mortgage, you may be able to move through the homebuying process faster than other potential homebuyers. Thus, a home seller may choose your offer over others, as he or she will be able to minimize the risk that a deal could fall through due to a homebuyer's lack of financing.
3. Work with a Real Estate Agent
A real estate agent understands the ins and outs of both seller's and buyer's markets. Therefore, this real estate professional will offer tips and insights to ensure you can submit a fair offer on a residence.
Remember, your real estate agent is happy to help you in any way possible. And with this professional at your side, you can gain insights into the home seller's perspective. Plus, your real estate agent will be able to negotiate on your behalf to help reduce the risk of overspending for a house.
Find a real estate agent who boasts years of industry experience, and you can reap the benefits of unparalleled support throughout the homebuying journey.
As a homebuyer, it is easy to envision finding the perfect house, submitting an offer on it and acquiring it right away. However, it is important for buyers to consider the worst-case scenarios as well.
A buyer who understands the worst-case scenarios that he or she may encounter during the homebuying journey can plan accordingly. That way, this buyer will be better equipped than others to avoid various homebuying worst-case scenarios altogether.
Now, let's take a look at three common homebuying worst-case scenarios, as well as how buyers can avoid these situations.
1. You find your dream home, but it falls outside your price range.
If you enter the housing market without a mortgage in hand, you may need to act quickly to acquire the necessary financing to purchase your dream house. But once you kick off a search for a mortgage, you may find that the cost to acquire your dream home falls outside your budget.
When it comes to getting home financing, it often helps to be proactive. Fortunately, if you meet with banks and credit unions before you launch a home search, you can determine exactly how much money you can spend on a residence.
Banks and credit unions employ friendly, knowledgeable mortgage professionals. With these mortgage experts at your side, you should have no trouble getting pre-approved for a mortgage at your convenience.
2. You discover a wide range of problems during a home inspection.
A home inspection likely will be completed in the days after a seller accepts your offer on a residence. And in some instances, an inspection may force you to reconsider whether you want to purchase a house.
If you encounter problems during a home inspection, you still have lots of options. You can ask a seller to perform assorted home repairs or reduce your offer. Or, you can walk away from a home sale and restart your home search.
For homebuyers who are worried about any problems that they encounter during a home inspection, it is paramount to look closely at all of the aforementioned options. By doing so, you can make an informed decision about whether to proceed with a home purchase or reenter the housing market.
3. You employ a real estate agent who fails to help you achieve your homebuying goals.
Many real estate agents are available in cities and towns nationwide. But if you fail to conduct an extensive search for the right real estate agent, you may struggle to accomplish your homebuying goals.
When choosing a real estate agent, you should learn about this housing market professional's industry experience. It also helps to meet face-to-face with a real estate agent and discuss your homebuying goals with him or her. This will enable you to determine whether you're comfortable working with a particular real estate agent.
Enjoy a quick, stress-free homebuying experience – consider the aforementioned worst-case homebuying scenarios, and you can minimize the risk of potential pitfalls throughout the homebuying journey.