7 Tips Every Home Buyer Should Know Before Buying
Face it, real estate investing is a complicated, risky, and time consuming process that is not for the faint of heart. The home buying, or should I say, home mortgage process can be very cold blooded and a little under handed. It can, also, be a beautiful experience in personal home ownership. The end product depends on the amount of research you do before you buy. Below, is a list of 7 tips I’ve accumulated to help you make the proper home investment decisions.
1. Find an agent or broker. Make sure they’re an official NAR member. Only official members of the NAR can bare their logo. They adhere to the 17 articles of ethics applied to each member, if they break those ethics they face expulsion.
2. Inspect the property completely and in detail. If this means calling in professionals to check the foundations, roof, electrical and plumbing, then do it. These are the major problem areas with any purchase. Ask the neighbors, too. You can learn vital information on the history of the house by going door to door with a brief set of pre-determined questions.
Next on the list of 7 tips every home buyer should know before buying is,
3. Check for poisons and other dangerous materials. Asbestos, formaldehyde, radon, and mold growth can all cause sever allergic reactions after an extended stay, so it is vital to get the property inspected. Radon, asbestos, and formaldehyde cause lung cancer, but a simple and cheap test kit is available online to check your future property for dangerous levels.
4. Learn patience. The last thing any potential home buyer wants to do is rush into a decision, only to experience buyers regret a few weeks or months into ownership.
5. Go to a homeowners/investors seminar. This is a great place to be introduced into the world of home buying. Learn the details and some of the tricks used in getting a great rate for a great home.
6. Learn the local and state tax laws. The final decision on where to buy a home may very well be determined on the average rise of state and local property taxes.
7. Learn when to cut your losses. When you find a home that touches your heart strings, be prepared to let it go! The first step after finding a home you like is to get it properly inspected, as mentioned above. Once that’s done, if the outcomes of these inspections are not pleasing, cut your losses and move onto a more promising property. Don’t consider it to be a loss, consider it money well spent. Otherwise, you would’ve lost more than a few hundred, possibly a few hundred thousand!