6 Secrets to Buying a Home

Whether you’re searching for homes in sale in Irvine or elsewhere, there are several tips, tricks and secrets to home buying that you need to get familiar with. It will only help you make your decision worth it. Here’s a look at the top 6 secrets to buying a home, as recommended by expert realtors, for the year 2017.

Credit Profile

Your credit score matters. Lenders want to know whether or not you’re reliable. They need all proper documents and a good credit rating so that they can work out the best house financing option for you. Therefore, try not to purchase too many credit cards or make huge purchases on credit at least six months before purchasing a home. Irregular purchases and too many debts put your credit profile at risk and you may have a difficult time obtaining a loan.

Boundary Disputes

It is important to get a complete property survey done before making any final decision. Knowing where your boundaries end is as important as knowing the value of your home. Surveys help determine the exact borders of your home and the point from which your neighbor’s property begins. This will avoid any future dispute with the neighbors. Another advantage of knowing your home’s boundary is that your property tax depends upon how much property (the exact dimensions of property) you have. This way, you’ll know how much tax to pay.

Pre-Approved Loans

There’s a considerable different between a pre-approved mortgage buyer and a pre-qualified buyer. For the latter, any buyer can easily qualify. However, being a pre-approved mortgage buyer means that the lender has thoroughly reviewed your financial documents and papers and has offered an advice on your loan options. Being pre-approved saves you the hassle of running into houses you can’t afford. As a result, you can shop for the best homes at the best interest rates.

Sleeper Costs

Sleeper costs are necessary for every home, whether you decide to become a homeowner or to live in a rented house. These costs include property taxes, repairs, utilities and any dues to homeowner associations. Depending on the ownership deed, you may have to bear any (or all) of the costs. New homeowners may have to bear any repair and maintenance charges. Therefore, make sure to take these sleeper costs (hidden charges) into account when planning to buy a home.

Bigger isn’t Necessarily Better

Every homeowner wants the largest and most extravagant home on the block. Experts suggest that big houses may not necessarily be the best ones. Large houses only appeal to buyers with a particular taste and income level, thereby limiting prospective buyers list when you consider reselling.

Similarly, if you pay twice as much as your neighbors for a house in the same block, your appreciation is limited. Sometimes, it is better to buy the worst house on the block because it’s per square foot can be sold easily, compared to a large house.

Neighborhood

Your neighborhood and community are important. You may have found the perfect home and finalized the deal, only to move in and find out that the neighborhood isn’t meant for you. A good idea is to drive by the neighborhood every now and then and find out what’s happening. Research the schools, commuting methods, security and other important matters before taking any decision.

Author: April Lavine is a real estate agent broker in Irvine. She currently works with Irvine Residential Living,