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Buying a home sounds pretty straightforward because it entails a specific set of steps. You decide on a realistic budget, create a feature wish list, search for properties, get a realtor on board, and seal the deal once you find a dream home.
But there’s a lot more to consider once you scratch the surface. Things are specifically daunting in the hot seller’s market, where you may find yourself scrambling for limited inventory. Imagine the stress of beating out other buyers looking for similar properties.
However, it hardly means you should pay a sky-high price for your dream home or compromise your vision for it. You can stay ahead of the sellers and other buyers by ramping up your awareness of real estate.
But most buyers miss out on the nitty-gritty of home buying only because they are too enthusiastic and excited. Let us share a few surprising home-buying secrets no one will tell you.
Secret 1. Stalk the Neighborhood
The first thing you should look at is not the house itself, but the land and location where it is built. Many homebuyers end up with the wrong property they found perfect before buying, only because the neighborhood isn’t right for them.
Unfortunately, it is too late by the time you discover the blunder. The best piece of advice is to stalk the location at all hours of the day to check out the surroundings.
Check the crime statistics for the neighborhood to ensure the safety of your family and assets. Try your regular commute from the area to understand whether you can survive the traffic, distance, and time.
Other factors, such as the proximity of schools, healthcare facilities, and shopping malls, also make a difference.
Secret 2. Be Prepared for Unexpected Costs
Most new buyers encounter an unpleasant surprise during the home-buying process if unexpected costs emerge out of the blue. You will probably consider yourself financially ready when you have enough savings for a down payment.
But beware of the extras like realtors’ commissions, property taxes, homeowners’ insurance, title fees, and moving expenses.
Planning for them is crucial as it prevents last-minute hassles. So add them up to the upfront costs to get a realistic figure as a buyer.
Secret 3. Always Go Loan Shopping
Another unspoken secret every home buyer must know is to go loan shopping instead of picking the first available option. You can always get a lower interest rate and better loan terms with a little extra effort.
The good thing is that you can find several lenders in the market, regardless of your location. If you want a home loan singapore, you can check your options and compare their terms and interest rates to choose the best one.
While shopping and comparing seem like a lot of work, you can use an online platform to do it in minutes.
Secret 4. Avoid Timing the Market
You may get better deals in the market at a specific time, but there is hardly a way to be sure. Of course, you can keep a close eye on the demand and pricing trends and buy when things appear favorable.
Although timing your purchase makes sense, you cannot anticipate the housing market, no matter how well you know it.
Experts suggest that the best time to buy a home is when you find a perfect one and are financially ready. Real estate is cyclical and dynamic, and waiting for the perfect time can lead to missing out on the best opportunities.
Secret 5. Take Care of Your Credit
Taking care of your credit is a wise move for anyone, but it is even more crucial for aspiring home buyers. A healthy credit score can help you get the best interest rates on your home loan.
Moreover, getting approval is often a breeze because lenders see such buyers as good prospects. Following the basics of money management is your best bet.
Avoid making expensive purchases or moving your money around when you plan to buy a house sooner than later.
At the same time, steer clear of opening new credit cards or amassing too much debt, as it can affect your credit profile. Build a clean and credible history to become an ideal candidate.
Home-buying is less tricky than you imagine, provided you think beyond the basics. Good financial preparation is non-negotiable when it comes to buying a dream home. But you must go the extra mile with these unspoken secrets that can ease your journey and drive better decisions.