Ten Secrets to Buying Your Dream Home

Wednesday, June 29, 2016 | 7:57 pm

Buying a new home can be exciting, but it also requires a lot of attention to detail – check out these 10 tips to get a house from your dreams.

1. Check out the neighborhood – before you buy, get the lay of the land – drop by morning noon and night. Drive by the house at all hours of the day to see what’s happening in the neighborhood.

2. Avoid sleeper costs – the difference between renting and homeownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association dues. Make sure you budget for sleeper costs so you’ll be covered and won’t risk losing your house.

3. Don’t try to time the market – don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible.

4. Bid wisely – your opening bid should be based on two things: what you can afford (because you don’t want to outbid yourself), and what you really believe the property is worth. Make your opening bid something that’s fair and reasonable and isn’t going to totally offend the seller.

5. Get pre-approved for your home loan – there’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you.

6. Keep your money where it is – it’s not wise to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile.

7. Avoid a border dispute – Knowing precisely where your property lines are may save you from a potential dispute with your neighbors.

8. Bigger isn’t always better -everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses.

9. Don’t base your purchase on emotions – buying a house based on emotions is just going to break your heart. If you fall in love with something, you might end up making some pretty bad financial decisions

10. Hire a home inspector – it’ll cost about $400, but could end up saving you thousands. A home inspector’s sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy.

For more information visit Darrell Done at www.darrelldone.com.

 

 

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