No one wants to contract a case of buyer's remorse. You know what we're talking about. It’s that feeling you've either paid too much or received too little. When it comes to purchasing a home, the fear of buyer’s remorse is especially high since the purchase is so large and, in most cases, there’s no recourse for the buyer to change their mind once the contract has been signed. What’s the secret to avoiding buyer’s remorse? The answer is simple: knowledge, information, and the help of a great realtor. Preparation is key, and this is true for both first-time home buyers and experienced investors. The following are homebuying tips that will help your transaction progress smoothly and result in you being a happy homeowner.
Get help. Your home is likely to represent one of the largest investments in your life. In order to make sure the transaction goes smoothly,it’s vital that you choose the right agent to represent your interests. The right agent is someone whose experience and personality makes you comfortable. Find an agent who is familiar and knowledgeable about the area you plan on moving to.
Get pre-approved. Do you already know how much home you can afford? There’s nothing more frustrating than looking for and finding the perfect home, only to discover it’s out of your price range. Speak with a lender to learn about different financing options available to you and to solidify your price rangebefore you look. When you find the right lender, get the paperwork processed so you’re ready to buy once you find your perfect home.
Avoid major purchases. In order to determine the amount of home you can afford, a lender will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include things like monthly housing costs, car payments, credit cards, student loans, and any other installment debts. When you take on more debt before buying a home, it has an impact on the amount a lender will finance, so avoid adding additional debt prior to purchasing a home.
Sign up for Property Watch. In order to make an educated decision, you need to know what property is available and how much it’s going for. You can browse all the active listings from our website, save those searches, and sign up for property watch so new listings will be emailed to you. The best homes move fast. Property Watch helps you stay on top of the available inventory at all times so you don’t miss out.
Ask Questions. No one knows the home better than the seller of the property, but it’s not always in the seller's best interest to disclose all information. Don’t rely on the seller to disclose relevant information; instead, be prepared to ask lots of very specific questions. Find out things like the last time service was performed on the roof, furnace, and water heater. Asking the right questions now can end up saving you a lot of money in the long run.
Get the home inspected. The last thing you want to discover after you’ve bought a home is that you have purchased a "money pit,” a home so full of defects that it ends up costing you a lot of money. Save yourself from future litigation by bringing in a licensed home inspector before you buy. If any problems are found, the report will help you make an informed decision or negotiate a better price.
Remember, if you have any questions or are looking for more Lake Wallenpaupack property buying tips, we’re always just a phone call or email away.