4 Equitable Tips to Help You Avoid Paying Too Much for a Home
by Dan Wolf
on Monday, November 17th, 2014 at 8:01am.
Buying a new home is a big decision in a person's life, not something to take lightly. It requires much of your time and, most importantly, a lot of your money
You'll want to begin with your budget, consider things like your debt-to-income ratio, pull your credit report a few times look for anomalies, and then you'll finally be ready to look for a house and begin talking to lenders.
But how does a homebuyer looking to save know if they are getting the best price for their hard-earned income? The answer could be right in front of you. Here are some tips to help you know if you are getting the most for your dollar, and how to steer clear of paying to much.
Look for Help
Not just regular help, but the right kind of help. Talk to real estate experts, like Wolf Real Estate Professionals and Dan Wolf, who are knowledgeable about the market and the homes in the area that you are looking; who understand how important insurance and tax rates are; understand how to scout and look for comparable locations, and so on. Armed with expertise and experience, they will be able to look closely at a home's worth and help you calculate accordingly.
You know the song, "you better shop around." Well, it's true! Don't just jump on the first home that woos you and steals your heart. Trust us. After you do some comparing, you'll see rather quickly that making a minor exception for a better price will ultimately save you big down the road. Actually, when you see several similar properties over a fairly short period of time, you'll quickly learn to spot a good price when you see one.
Remember, It's Business
It is perfectly acceptable to get excited about the prospect of buying a new home. But try to keep that emotion to yourself, and firmly out of the hands of others (celebrate privately!). Besides, as we noted above, the less emotionally invested you are, the smoother the process will be. Keep the wool away from your eyes, and avoid paying extra for the costs of excitement. It's certainly nice when you have at least two property choices when you negotiate so you can be less emotionally involved and hopefully, more objective.
If you understand why a seller is selling, and do some research into the history of the property, you can easily calculate an appropriate offer. Also, knowing the appraisal value will help you, but so won't areal crime rates, school districts, commerce and shopping locations, and transportation issues. Get to know the home and the area and your dollar will stretch that much further.
Ready to discuss how we can help you with the homebuying process? Please feel free to contact Dan Wolf or Wolf Real Estate Professionals at 907.258.4687 any time.