Buying a new home can be an intimidating proposition. There is so much paperwork to complete, the amount of money you are dealing with can be scary, and you are diving into a competitive marketplace. Here’s what you need to know to give yourself the best chance of success.
Take Your Time
Start planning for a new home as early as possible. Make a list of your needs and ask your partner to do the same. Research different neighborhoods to see what you like the look of. Remember that this is the part of the process that you have the most control over.
Start Saving Now
Sit down and start working on a budget plan for the months ahead. Calculate moving costs and other ancillary expenses. Factor in rising energy costs ahead of the winter. Start cutting any unnecessary costs in your regular budget. Think about picking up part-time or freelance work to bring extra money in. Remember that there are always more costs involved with buying a new home and moving in than you think.
Find A Home Loan That Works
Research a range of different home loans before committing to anything. Find out if you could be eligible for any state or institutional support, such as a VA home loan for military veterans. Use a loan approval calculator to see what size mortgage you could be eligible for. Work on your credit score by staying on top of your debt repayments. Do not take out any additional loans while your mortgage is being approved. Avoid making large deposits into your account during this process.
Stay On Top Of The Market
Keep reading the property market news. Remember that the market is inflated right now following the pandemic. Cast a wide net to see if other neighborhoods are cheaper. Talk to friends and family who have recently bought property to find out where they bought and what they paid. Find a real estate agent you trust to keep you up to date with properties you like.
Double Check Everything
View the property you are looking at as many times as you can. Book viewings at different times of day to gauge noise, traffic, and other variable factors. Remember that the agent and the sellers will push you to make a quick decision. Hire an independent surveyor to go over the property and identify any problem areas. Visit the neighborhood and see if there are any reasons for a suspiciously low price.