Venturing into the housing market can be a daunting task, especially for first-time homebuyers. With so many real estate deals out there, it’s important to be armed with the proper knowledge to ensure a successful purchase. Oakstrand Realty is here to help with these helpful tips for confidently buying a home.
If you need first months rent, last months rent, and a deposit to rent a property, ask the landlord about possibly paying the last months rent over time. By adding a few hundred dollars to each month’s payment, you can get that new place without having to have all of the money upfront.
For both sellers and buyers, it’s important to gather data about the area. Look at the newspaper in the area for things like foreclosed homes, current and historic median selling prices, and how long homes are staying on the market. Additionally, research information such as unemployment rate and crime rates for the area.
Before looking at homes to buy, take stock of your current financial situation. Assess the level of your current debt, the stability of your income, and the amount of house you can afford before you get your heart set on a home that is too expensive for your budget.
To make money in real estate, consider the replacement cost. Many properties are selling for less than the cost to build it new, so it’s a great time to buy. Look at the long-term cost of carrying it to make sure you’re making a good investment.
Know the entire cost of the home you’re thinking of buying. Different properties will have different tax amounts, energy efficiency, and costs for homeowners insurance. Use this information when you’re comparing different homes to buy.
Before making an offer on the home of your dreams, visit the property several times to get a sense of the road traffic in the area. Homes are often shown when traffic is at a minimum, so it’s important to get a feel for the area at different times of the day.
When house-hunting, keep your options open and look at multiple prospects. If you focus all of your energy on one property and don’t look around, you might miss a better deal. You might be so worked up about one property that you don’t have the motivation to start looking again if the deal falls through.
When purchasing a house that you intend to rent out, consider the safety of the home. Look out for pitfalls such as shallow staircases, driveways or sidewalks prone to icing, and other potential dangers.
By following these tips, you can confidently buy a home and make a successful real estate investment. Oakstrand Realty is here to help you every step of the way!