If you are in the process of buying a home or are about to start then there are a few things you should know. You already know that there are dozens of reasons to hire the professionals to help you buy a home, but there are many more secrets to the home buying business than you may think. Read on to get some of the best home buying tips and then reach out to Berkshire Hathaway HomeServices California Properties at 310-373-0021 to learn more about how we can help you.
- Don’t buy anything significant for six months before you are buying a home
- Make sure you get pre-approved
- You must have a survey done
- Do not try to time the market
- Visit at every time of day before buying a home
If you are buying a home, and part of that process involves taking out a loan, then you should refrain from making any large purchases. If you do so, then you could end up taking a hit on your credit. Lenders want to see that you are responsible and having not made large purchases for months before the mortgage is one thing they will look for. Opening up new credit accounts, amassing too much debt, or buying expensive items can make it hard to get a loan.
We see it all the time: Buyers who believe that being pre-approved for the mortgage is the same thing as being pre-qualified. They are not identical. Pre-approval means that the lender has considered all relevant issues and approved your loan. They know how much you can afford, how much they will lend you, and what your mortgage payments will be. Being pre-qualified just means that the lender has looked at basic information and decided that it’s likely they would approve for some amount.
This is one of the most important tips you can get – get a survey done on the property you are buying so that you can be 100% sure of what you are buying. This can save you from future disputes with your neighbors. Remember too that your property tax is likely based partially on the size of your property. You don’t want to pay tax on land that is not yours, so having a survey done makes sense.
Too often, buyers will obsess over getting into the market at the exact right time. The truth is that trying to figure out what will happen in a given month is impossible. The best time for you to buy a home is when the home you want is for sale and you can afford it. Yes, there are better times than others generally – like right now when interest rates are low – but waiting another month is likely to do nothing but make you miss out on the homes available today.
Most people look at a home only during regular business hours but you also want to know what the neighborhood is like at night, on the weekends, early in the morning, etc. You do not necessarily need to tour the home at these times, but just driving by can give you a good idea of how the atmosphere changes throughout the day.