The process of finding the house is overwhelming, emotional, and exciting work. However, it could turn out to be a stressful task if not guided and planned properly. House hunting is a significant financial commitment, so it should be chosen carefully after thorough research and considering vital factors affecting the choice because once a house is bought, it can’t be undone. There are numerous home choices available, but in order to make an informed decision, consider factors such as pricing, location, neighborhood and many more. In this article, we discuss the ways to find the perfect house.
What is the Best Way to Find the Perfect House?
The best way to find a house is to consider all the essential factors that have a huge impact on your choice, which we discuss below. Let’s have a look.
Select the Best Location for the House
Location is one of the most important factors you should focus on because the neighborhood and the amenities make daily living easy and convenient. Make sure the office is not too far from the house, and there are schools in the vicinity if you’ve kids. The future resale value of the house in that location should also be taken into account which depends on the future development plan in the area and the trending market price of the real estate.
Focus on the Budget
Setting the budget is of utmost importance when finding a house, as going beyond the estimated budget may put you under financial stress. Try to shortlist homes that fall within your budget with little deviation. Also, the budget should include any unforeseen costs, mortgage interest, and even the home shifting cost.
Assess if the Mortgage is Needed
The next step is to assess the amount of mortgage required. If you need a mortgage, make provisions for the down payment and the monthly mortgage payment, including homeowners insurance and property taxes. A down payment provision is important to expedite the buying process and finalize the deal with the seller.
Get Pre-Approved Loan
Pre-approved loans give you an edge over other buyers in the highly competitive real estate market. Pre-approved loans also keep a check on the temptation to explore properties not falling under your budget and criterion, which will save you time.
Search Online for Basic Information
Once the location and the budget are almost finalized, try collecting primary information on some of the houses, like the age of the house, its size, the time since it’s available in the market for sale, and any fluctuation in the price and history of the property tax on the property. Once you pen down the list of the information, the task of comparing other homes gets easier.
Conduct Background Checks on the Property
Once the property is shortlisted, conduct background checks on the property to check for how long the house is in the market for sale, the number of foreclosures in the area, any changes in the price of the house, and the amount of property tax you will have to pay. All these checklists will help you decide whether to go ahead with the property or drop it.
Clarity on the List of Desired and Must-Have Things
The journey of home search begins with a list of must-haves and desired features in the home. What if all your must-have features are met while some of the desired features are not? It’s advisable to compromise on the desired elements if most or all the must-haves are met. Here, the functional element and aesthetic vibes are balanced.
Seek the Help of a Licensed Real Estate Agent
No matter how accurate online platforms are, nothing can beat the expertise and knowledge of an experienced real estate agent who can guide you through the entire buying process, be it negotiating the offer, submitting an offer, or anything else. A key fact to note is that as a buyer, you don’t have to bother about the commission of the agent because it is borne by the seller. However, cross-check once with the agent because rules may change at any point in time. Keeping yourself updated can save you from a sudden financial burden.
Visit the House and the Neighborhood Physically
Once you deal with the real estate agent, visit the shortlisted house with the agent and take note of the functionality of every household item, such as showers, toilets, kitchen appliances, or floor tiles. Also, take a virtual tour of your future stay with your loved ones to check the fitment.
Visiting the neighborhood is as important as the house itself because it gives the exact idea of the surrounding community and the amenities, which will help you compare the community to other properties.
Be a Little Flexible in Choice
No matter what you buy, flexibility is the key element to a successful buying because no house can be perfect fulfilling all your criteria. A little deviation from the planned idea of the house helps you finalize the deal early. Also, you can fulfill the leftover elements with a pop of your personal choices later.
Mistakes to Avoid When Buying a House
Searching for a home requires a detailed analysis of all the criteria with a minimal scope of mistakes. Let’s glance through some of the mistakes you should avoid when searching for a home.
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Always limit your searches to the estimated financial range because looking at homes beyond the budget may hurt your emotions when you fail to buy them.
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Check your credit score before applying for a pre-approved home loan to avoid embarrassment. What if you shortlist a house, finalize the deal with the seller, and the loan gets rejected on the grounds of an unsatisfactory credit score? Sheer embarrassment!
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Avoid making hasty decisions merely because the house fulfills some of your requirements. Once bought, things can’t be undone, so be mindful and make a well-thought after decision.
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Never ignore any flaw in any part of the house considering it a minor issue because you never know when the so-called minor issue turns into a major problem affecting the estimated budget.
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Don’t take too long in making the decision because if you delay, someone else may grab the opportunity leaving you in an indecisive state. In such a situation, you will have to start the search all over again.
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Avoid grabbing an offer at a price far below the existing price in the market without deep research. In many cases, sellers tend to dispose of their property if there’s some flaw in the property.
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Don’t exhibit desperation in buying the property because if the seller senses the desperation, it can put you in trouble. The seller can quote a higher price or try to hide flaws in the property, if any.
Keep an Eye on the Noticeable Problems in the Property
There are noticeable problems with some properties, so as a prospective buyer, one must have an eye on detailing to avoid major problems post-buying the property.
Damaged floor or tiles: Any minor or major damage to the floor or tiles could be an indication of a poorly built house, which, in the future, may require significant repairs and maintenance. Why invest in such a property?
The issue with the foundation of the property: Any significant crack or gap in the foundation could be an early sign of a major problem. Small cracks or gaps in the foundation can be ignored owing to the routine damage caused to properties.
Damaged windows and doors: Damaged doors and windows indicate problems with the installation or with the foundation.
Close proximity to sources of water: If a house is in close proximity to a pond, lake, or river, it may pose a risk of flooding, raising the need for expensive insurance.
Lack of ventilation: Always check for proper ventilation because poor ventilation can cause mold growth and foul smell in the house.
Conclusion
Finding a house is an interesting as well as challenging task as it involves financial and emotional investment with immense commitment. Consider all the essential factors affecting the choice before concluding to buy the property as once bought, it can’t be undone. Seek help from a real estate expert to analyze the condition of the house to avoid getting into trouble, take a physical tour of the property, make a budget and shortlist homes accordingly, etc. All these will surely help you get the perfect house.
