Whether looking to purchase a new primary home, or a piece of real estate for resale or rent, it’s important to have a clear picture of what you’re getting yourself into. Buying property can be exciting, but It’s easy to overlook important key elements when planning such a large purchase, which is why one must keep some basic rules in mind when researching potential properties with their real estate agent. No one wants to regret buying the wrong home, or feel as though they’ve stepped into a potential money pit after the sale is complete. These general five rules of thumb will help you make a smart, informed decision when purchasing any new real estate.
- Know your budget
If you are wanting to purchase a move-in-ready home, or a fixer upper, you need to know how much you can afford to spend. Often people forget things such as inspection fees, closing costs, and potential repairs. It is wise to crunch the numbers with your lender or whomever is helping you with your financing and discuss with your real estate agent how much you feel you can afford without over-extending yourself. If you currently do not know your budget and are not already working with a lender then your real estate agent may have a good referral for you.
- Have an idea of what you want
Having a solid idea of what you want in a home is important when looking at properties. Telling your real estate agent what you must have, and where you are willing to bend will assist them in showing you only the homes you’d consider purchasing, versus showing you many homes you wouldn’t even consider. Giving your agent an accurate budget and a clear idea of what to look for will help you find the perfect property to meet your needs.
- Inspect the neighborhood
A neighborhood can change a lot in a twenty-four-hour period. Make sure you visit potential properties during various hours of the day. What may seem quiet, and calm in the morning may become busy, and noisy in the evening. Keep in mind that most places will appear quiet during the hours when people are in school or at work. It always a great idea to check out the community ahead of making an offer to purchase.
- Research the school system
Whether you are looking for a family home, or hoping to resell or rent your new property, it’s important to keep the local school system in mind. In the future, prospective buyers/ renters will most likely look into schools as well, and take their quality into consideration. Education is important. It only takes a little research to find out how good the local schools are. Don’t forget to let your real estate agent know if the educational system is a factor.
Do not feel pressured to purchase
No matter what the housing market may be, do not settle for a home simply because you feel nothing else will be available. Rest assured, there will be other properties for sale. Working with an experienced real estate agent will ensure you see the properties that best fit your needs, and that you will not lose out on seeing the newer homes hitting the market. Take your time, and know that if you lose a property you were excited about, it just wasn’t meant to be.
Make sure to communicate with your real estate agent, and let them know your questions, concerns, wants, and needs so that they may better assist you in finding the perfect property sooner than later. In any competitive market working with the right agent can mean the difference of whether your offer gets accepted or not.