Buying a property is one of the most significant financial transactions you can ever make, and you’d probably make lots of mistakes if you don’t work with a real estate broker like Tim and Associates.
The truth is, most of the people involved in the home-buying process are more experienced than you. Therefore, they might likely take advantage of your naivety and ignorance.
It’s not difficult finding great property deals; you simply have to look at the right places. You’ll need to search beyond multiple listing services (MLS) and public search engines that brokers and real estate agents use. The key is having an inside network to share leads before they go public.
The following are a few ways to get the best property deals through Tim and Associates. These tips will help you become a knowledgeable home buyer, find the right home, avoid pitfalls, and save thousands of dollars all at once.
Don’t Be in a Hurry
Once you’ve decided to purchase a home, don’t rush the house-hunting process to avoid overpaying in thousands of dollars more than you’d have paid if you were more cautious.
So, if you’re moving to a new city, consider renting for a few months while you take your time to look for a permanent house.
While you might consider it a waste to pay rent rather than buy a house and start building equity, the overpaid amount due to an impulsive purchase or the misfortune of moving into a home that doesn’t meet your needs overshadows the rent you could have paid for a few months.
Think Long-term Before Paying for a Home
People often want to buy a home as quickly as possible to avoid wasting money on rent. However, buying a property too quickly is sometimes a bigger financial mistake.
The idea that renting a house is wasting money isn’t right. Instead, you probably might consider taking a mortgage for your first home. Suppose you opted for a 30-year mortgage; note that only a tiny portion of your payment will be used to pay the principal during the first few years of your loan repayment.
The rest of your repayment money is used to pay for the interest, which essentially translates to you paying rent to the bank for using their money.
More so, selling a property and immediately purchasing another one is costly, consisting of between six to ten percent of the house value. Thus, if you buy a property and sell them a few years later, these transaction expenses will finish any equity you might have accumulated over those few years.
So ensure you only buy a property if you plan to live in the house for a minimum of five years. Therefore, allow Tim and Associates to carefully find you the ideal property at the best price.
Stick to a Budget
Buying a property is a thrilling experience, and you might be tempted to buy the biggest home you can hardly afford. But you’ll be happier later if you buy a house less than the maximum amount your bank can lend to you.
It’s hard owning a property you can’t afford. You’re only one medical emergency or layoff away from financial ruin. More so, it might restrict you from accepting a less lucrative but rewarding job, cut back on working hours, or start your own business.
So decide the amount you’ll need to spend and don’t overspend that amount. Start by setting a limit for yourself before the mortgage pre-approval process. It’d be best if you don’t go for the maximum amount your bank can give you, instead go for the amount you’ve budgeted to spend.
Suppose the amount turns out to be smaller; you can go back for a higher amount. But the fact that you’ll have to go back for another pre-approval process will restrict you from making any impulsive purchase.
So if you’re asking where I can buy properties for sale near me, ensure to work with a professional real estate agent like Tim Stout to get your preferred house within your budget.
Lookout for Foreclosures
While selling a house through foreclosure isn’t a thrilling experience for the owner, the seller might sell for a lower price to protect their credit.
The owner would have tried everything possible to save their homes, like negotiating reduced mortgage payment with their lender and trying to sell at market price, without any success.
So if you can find a house facing foreclosure, you might be able to negotiate the price in your favor. The lender will be willing to get something for the house rather than nothing.
Check for properties at risk of foreclosure by driving around town, checking court records, and working with a real estate broker like Tim Stout. More so, you can attend housing actions. However, you won’t be able to inspect or walk through it thoroughly before you bid.
Pick Your Own Inspector
After making an offer on a property and the seller accepts, you’ll need to have the house inspected for repairs and damages like termites, leaks, and mold problems.
Tim Stout and Associates might offer to link you up with an inspector. However, you can decide to choose one independently. A house inspection comes almost at the end of the home-hunting process; the deal will be closed if no repair or damage is discovered.
Conversely, if the home inspector finds problems with the property, the agent’s work continues. It might mean an extra negotiation round so the seller can compensate you for the issues.
If a severe problem is discovered, the whole deal might fall through, and the house-hunting process will start anew. So ensure that you and your agent work with an experienced but not so picky inspector to ensure you don’t buy a house you’ll regret later.
Summary
When buying a property, especially for the first time, you have to avoid making costly mistakes. For example, suppose you’re looking for houses for sale with land in Georgia; Tim Stout will help you get your preferred property at your chosen location.
Consider looking for properties facing foreclosure and stick to a budget. Don’t forget to only buy the house if you’re sure of staying there for more than five years.
Visit Tim Stout’s website to see all available properties in Georgia and get in touch to speak with an expert on your needs.
