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5 home-buying tips for fi rst-timers and old-timers
Whether you are buying a home for the
fi rst time or you are just looking for an
upgrade, it is never a bad idea to arm yourself
with tips that can make your search go
from overwhelming to enjoyable. Rather
than learning the hard way about hidden
expenses and diffi cult neighbors, there are
things you can do to feel more confi dent
as you begin your search.
With a seller’s market in many parts
of the country, these tips are even more
important as you battle other buyers for
the home of your dreams. Th e more effi -
cient and straightforward you are in your
search, the better chance you’ll have to
hear “off er accepted.”
Consider all the costs
When starting the home-buying journey,
the fi rst thing to consider is the cost
and expenses. When pre-approved for
a mortgage of a certain amount, keep in
mind that number is not a target - it is a
maximum. While a seller’s market oft en
means little wiggle room on price, your
best bet is to fi nd a property below that
number so you have a fi nancial cushion
when negotiations happen.
It is important to remember the mortgage
is not the total cost of your home.
It usually only covers principal, interest,
property taxes and homeowner’s
insurance premiums. Homeownership
involves many other expenses like closing
costs, home repairs and potential yearly
increases in property taxes.
Last, and something few people think
about, if you have a life insurance policy,
be sure to review it to make sure your
coverage takes into account the mortgage
debt on your new home. Th is ensures that
if something happens to you, your family
is fi nancially secure.
Be fl exible but fi rm
Finding the right home requires a delicate
balance of fl exibility and fi nesse. At
the same time, you want to stand fi rm
when it comes to your non-negotiables in
your new home (price, school district, a
second bathroom).
Th is is where having a real estate agent
can be of enormous benefi t. Agents have
the expertise and time to devote to your
search that allows you to fl ex when opportunity
arises and get a home that doesn’t
break your budget. Finding the right agent
is a lot like fi nding the right home - you
need to do your research. Get referrals for
accredited agents and have meetings with
two or three of them before deciding who
to hire. Make sure they have experience
working with homes in your price point
and are familiar with the areas you are
looking to buy in. Lastly, do not sign an
exclusive broker agreement unless you are
certain you have found the right agent for
you. Th ere are many resources available to
help you fi nd an agent that understands
your individual needs, such as USAA’s
Real Estate Rewards Network.
Meet the neighbors
While location is important, many factors
feed into a great neighborhood. From
disputes over pets and parking to personality
clashes, neighbors can have a
big impact on your happiness as a homeowner.
Before committing to a neighborhood,
take time to walk the street and
gauge compatibility with the neighbors
you meet. Talking with the neighbors
may also reveal hidden quirks about the
home you would not have known otherwise,
such as a basement that constantly
fl oods or an ongoing dispute about a
property line.
More house is more work
Television shows have glamorized
home renovation. Before deciding on a
“fi xer upper,” make sure you have a full
understanding of what it will take - and
how much it will cost - to make the house
match your vision. Construction projects
oft en take longer than anticipated and can
reveal other problems that end up costing
more money. If your home is a complete
renovation you also won’t be able to live
there during construction, so you need to
ask yourself, can you aff ord to pay for two
homes for several months?
Similarly, a larger house means more
time and money spent on upkeep. A
house with a big yard may have great
curb appeal but will you truly use all that
space? Be realistic, because the money for
maintenance on a bigger house is money
in your pocket at a smaller house that has
many of the features you want.
Lastly, remember that no home
improvement project will change your
commute or how noisy the nearby traffi
c is.
Use your head, not your heart
One fi nal piece of advice - do not let
your emotions take over the process.
Choosing a home can be stressful and
overwhelming. It is important to keep a
level head. No decision this big should be
made on an impulse, so take your time
and think through every aspect of the
process.
To learn more tips and tricks to buying
a home or to fi nd a trusted agent near
you, visit USAA’s Home Learning Center.
Courtesy BPT