How to Make Buying a Home Easier
Buying a house is a big decision no matter what year it is. If 2016 happens to be the year you’re ready to buy a home, there are a few things you need to know to make the process easier. Some discussions and research will go a long way in identifying what’s right for you and your family. Information will be your number one tool for buying your ideal house in 2016.
Why Buy in 2016
Before you learn tips on how to approach buying a house, it’s nice to know why 2016 looks like a great year to purchase. Experts agree it’s a combination of things. The nation still has historically low interest rates. In the 1980s, the interest rates climbed to a whopping 18.5 percent. Today’s current rates are lingering around 4 percent, making it a great time to buy.
Another solid reason to buy in 2016 is the astronomical rent prices. Buying a house can give you a lot more bang for your buck these days, and even cost less than rent. Don’t forget to add stabilizing home prices to the list as the flurry of real estate transactions continues to settle down. This means you have more time to look, and are less likely to engage in a bidding war.
6 Things to Know Before Buying a House
- Make Checklists: Create a few checklists before buying a house. You’ll want one that targets the finances, and what you’ll need to get approved for your loan. This includes knowing your credit score and improving it if you need to, getting pre-approved, setting a realistic budget, finding down payment money, and selecting a lender. Also create a checklist for what you’re looking for in a house. What’s most important to you—neighborhood, schools, access to freeways, number of bedrooms, or yard size? Start with your biggest desires, and determine things you can live without. Your final checklist should include research and looking closely at the homes you’re interested in. Find out when a home was built, make sure it has a clean title, ask about the neighborhood, and research other prices in the area. The more information you acquire, the better.
- Take Your Time: Don’t jump at the first house you see—take the time to look around a bit. You may end up buying the first one, but you’ll more likely find your dream home by getting a real sense of what’s out there.
- Make a Budget and Stick to It: Although it’s easy to get caught up in the positives of buying a house, it’s essential to remember that home ownership costs money. When you own a home, you are in charge of repairs and maintenance. Research and add up the true cost of home ownership. By having everything in your monthly budget, including an emergency fund, you won’t have any surprises. Stick to your budget as well, it prevents future financial issues.
- Always get an Inspection: An inspection can save you time, money, and a lot of future headaches. It is something you never want to skip.
- Discover the Neighborhood: Don’t just go once and buy a house. Make multiple visits and walk around on different days at different times. It’s amazing what you can discover by exerting the extra effort.
- Use an Experienced and Professional REALTOR®: A great real estate agent will take on a large part of the work for you. They understand the home buying process and the local real estate market. They will answer questions and find options, and also deal with a hefty amount of paperwork.
When you’re looking for experienced and professional REALTORS® in Dallas-Fort Worth real estate area, look no further than our team at RE/MAX DFW Associates. Contact us today.