Guest post by Jerry Armen
When buying real estate there are so many things to watch out for. Here are 10 tips that will help you make a better purchase:
1- Reject the impulse to shift your money around just before buying a home. This can appear as a red flag to lenders. They will not be as willing to lend you money. Lenders want to see stability. Do not apply for credit cards or buy expensive items either. Play it very conservatively in order to win the prize.
2- Forget pre-qualification. Anyone can get that. Ask for pre-approval. This shows that your entire financial profile has been examined and a number has been given of how much they are willing to lend you.
3- Have a property survey done, to defuse any potential border disputes. You want to know where the line is really drawn between you and your neighbors.
4- You cannot predict the timing of the market. It fluctuates and that is the only thing you can predict about it. You should buy when you are ready, not waiting and trying to jump on the moving train.
5- Bigger is not the goal. More return on your investment is. The worst house in the neighborhood sells for a higher per square foot price than the most expensive.
6- There are many additional expenses involved in owning a home. Beware of property tax, maintenance, home owners’ association dues, and repairs.
7- Do not fall in love! This is not a date, it is a purchase. Stay objective.
8- Hire an inspector as you would a mechanic to examine your car.
9- Your starting bid should not offend the seller, but should fit in your budget.
10- Check the neighborhood out day and night, all week and weekend. Ask questions and get to know it well.
There are so many things to watch out for. Make sure to hire a good realtor with experience who can get you the best possible deal and what you want.