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October
18
18
What to Know Before You Buy
What to Know Before You Buy
There are many things to consider before your family commits to buying a home. Without proper research and professional help, you could end up experiencing buyer's regret when you realize your new home is not as perfect as you thought. To make sure your family is prepared to handle the home-buying process, consider these 6 tips before you buy a new home.
1. Are you ready to buy?
Make sure it's the right time for you to buy. Don't throw all of your money into a new home just because you are told it's a good time to buy. For instance, are you planning to stay in the area long-term? If there's a chance of moving away soon, purchasing a home will likely just be a money drain.
One tool that may help you decide if it's smart for you to buy a home right now is the New York Times' "buy or rent" calculator. Insert your numbers to discover which option is preferable with your financial status.
2. Improve your credit score.
Have you looked into your credit report recently? If you're going to buy a house, make sure to thoroughly check your credit report and correct any mistakes you might find. Consider giving yourself a couple of months to clean up your credit report before you enter into a mortgage.
3. Determine your budget.
First of all, get pre-approved. Pre-approval will give you a better idea of your realistic price range, saving you from raising your hopes on a house that is too expensive. Take into consideration all of your financial factors such as income and debt and figure out how much your family can reasonably afford to spend on a house.
4. Do plenty of research.
Take time to conduct extensive research about the home you want to buy. Part of that research is viewing multiple homes so that you have good comparisons and more than one option should your first choice fall through. Before you make a bid, research the recent selling prices of homes in the neighborhood so that you can make a sensible bid.
Don't forget to research the neighborhood! Talk to your potential neighbors in order to get an idea of what life is like in their area. Research the schools in the area – even if you don't have kids, a good school district could help you when it's your turn to sell.
5. Get professional help.
It is crucial to choose a good real estate agent to help you. When possible, select an exclusive buyer agent, as you will have more confidence in an agent who clearly has no obligations to sellers.
6. Don't forget your home inspection.
A home inspection may catch problems that the seller is trying to patch up or hide. Seek a professional inspector to be sure that the home you're going to purchase doesn't have any massive, expensive problems.
What are your top tips for families buying a new home?
Dickerson & Nieman REALTORS
1-800-666-3530 Offices in Rockford, Roscoe, Belvidere, Byron & Oregon, Illinois
Rockford Area Real Estate, Northern Illinois Real Estate and Southern Wisconsin Real Estate!