Real estate prices are increasing at record rates. Just last year, prices increased by 13.2%. That’s frustrating if you’re a new home buyer and you’re looking for something affordable.
With prices that high, you’re likely to stay in your home longer. Knowing what to look for when house shopping is much more important.
Read on to learn important house hunting tips so you’ll get a home you’ll love.
1. Save for a Down Payment
About 44% of new home buyers hold off on buying a home because they don’t have a large down payment. They’re competing with all-cash offers, making it impossible to get their offer considered.
Come to the table with more than 5% down. There are grant programs for new home buyers that offer down payment assistance. Look for them in your area.
2. Get a Great Agent
There are at least a dozen steps and people involved in your home purchase. Don’t make a new house buyer mistake and think that you can do it all on your own.
You have to have a real estate agent who has experience with first-time homebuyers. They’ll serve as the project manager, negotiate with sellers, and see your home to close.
They’ll also help with house hunting, making sure that you only look at homes that fit your needs and budget.
3. Water Damage
Take a look at the walls and ceilings of the home to look for signs of water damage. If you see areas of fresh paint, it could be a sign of water damage.
It could be a sign that the home needs soffit and fascia repair to prevent water from getting into the home.
Is there water nearby the property, such as a creek or protected land? The weather is very unpredictable now, and there is a good chance that you’ll have to contend with a flooded basement.
If you do go through with the purchase, make sure you get an insurance policy that covers your sump pump.
4. Uneven Windows
Windows are expensive to replace, and you don’t want to find out there are issues after the sale. Check out the windows and look at the frame.
Uneven frames are a sign of a bad installation or foundation issues. Try to open the windows as well to make sure they function.
5. Go to the Home Inspection
Buyers are expected to pay for the home inspection. It’s important to understand what an inspection covers and doesn’t cover.
Inspections usually cover structural issues and the basic workings of the home. They don’t include things like mold and radon.
Ask the inspector and your agent what is covered. It’s a good idea to attend the home inspection to ask questions and learn how the home works.
House Hunting Like an Experienced New Home Buyer
You may be a new home buyer, but you know what to look for in a new home. These tips make house shopping easier, and you’ll come across like an experienced buyer.
Ready for more helpful tips? Be sure to check out the other articles on this site today!