Buying a home is no easy task. In fact, many people find it to be very stressing and taxing, let alone the expenses that one has to incur. You also need to make sure that you do a little shopping around for the best homes to buy, the best locations, the best prices and the rates, etc. There are countless things that you need to look into before you set out to look for a new home. And that is where this article comes in to rescue you from all that hustle by highlighting five of the best kept secrets to buying a new home.
1. Keep your money exactly where it is
It is not a good idea to be moving your money around and making huge purchases if you intend to buy a new home in the near future; like in the next three to six months. The best thing that you can do and will probably boost your chances of getting a mortgage for your new home is to stop moving your money. You should even stop making any large transactions before the home buying process. Lenders will look at your credit profile, and they want to see proof that you are reliable and will get back the money they lend you in good time.
2. Get a pre-approval for your home loan
You need to realize that getting pre-qualified for a loan does not guarantee that you have qualified to get a loan. You also need to be pre-approved by the lender. A loan pre-qualification simply means that the lender has looked at your loan request, considering your documentation and other relevant forms, and decided the amount of money they can loan out to you. A pre-approval is what you need to be looking for as they can save you a lot of time that could have, otherwise, been spent looking up houses way beyond your league.
3. Avoid any border dispute
You need to ensure that you get a surveyor to identify the borders of the home that you want to purchase before you do the actual purchasing. This can save you a lot of unnecessary disputes over property borders in the future if supposedly you or your neighbors overlap onto the other person’s property.
4. Never time the market
It is virtually almost impossible to time the markets. The best time that you can buy a home is that time that you find one that you feel suits your needs, and you have the funds to pay for it.
5. Bigger is not always better
No matter how enticing the deal may be to go for the biggest and most beautiful house, it will probably not be the best deal for you. Bigger houses are tough to sell, and you never know, you may want to put the house up for a resale some day and end up stuck with it. It may even be a good idea to go for the worst home around the block as these houses are the ones that appreciate the fastest. They trade for more when compared to the bigger houses.
Are you in the market to purchase a home in Mission Viejo, Coto de Caza, or Rancho Santa Margarita? Click here to talk to the Kovacs Connection Team today!