If you’re getting ready to buy a home, you probably have millions of questions racing through your mind.
For example, how much house can you afford? Do you need a realtor? What about neighborhoods, school districts, and commute times?
However, we want to remove the veil and talk about some things your realtor might not tell you. This home buying advice is crucial for avoiding financial upsets and other issues in the future.
Keep reading for some home buying tips your realtor might not want you to know.
Get Preapproved Before You Start Shopping
Figuring out your own budget is important, but your assessment may not accurately reflect your lender’s view of your finances. For example, if you determine that you can afford to spend $250,000 on a home, you might not qualify for that big of a loan.
Ultimately, it comes down to your credit score and debt to income ratio. For this reason, it’s essential to get preapproved before you start house hunting. Otherwise, you might find yourself putting an offer down on a home for which you don’t qualify.
You Don’t Have to Compromise On Your Budget
One of the most important pieces of home buying advice is that you don’t have to compromise on your budget. In many cases, a realtor might tell you you’ll have to spend more money to get what you want.
Obviously, this could be true to some degree. However, going over your budget isn’t necessary if you can be flexible on other issues. For example, you might need to accept your financial limitations and get a slightly smaller home, or one in a less prestigious neighborhood.
It’s Okay to Ask Your Real Estate Agent the Tough Questions
Not all first-time homebuyer tips revolve around finances. In fact, one of the most important tips for buying a home pertains to choosing your realtor. The secret is that it’s okay to ask your realtor tough questions to ensure they’re the right agent for you.
Find out more about their local experience and background as a real estate agent. Additionally, find out what connections they have that can help you in the future and make sure they’re charging competitive rates. Look here for more questions to ask a realtor when buying a home.
Sometimes It’s Better to Walk Away
Knowing when to walk away is an essential piece of home buying advice. While earlier we talked about the importance of being flexible and willing to compromise, this doesn’t mean letting a seller take advantage of you. Nor does it mean accepting a house that doesn’t meet your needs.
If you’re struggling to find the right home and there doesn’t seem to be anything you want on the market, take a month off of house hunting. The last thing you want to do is buy a home out of some feeling of necessity or obligation. Sometimes, it’s better to simply wait and assume something better is on the way.
This is one of the biggest home-buying secrets your realtor might not want to disclose. If you wait longer to buy a home, it means they have to wait longer to get paid.
Looking for More Home Buying Advice?
As you have probably noticed, home buying advice doesn’t always come in a pretty package. However, it’s essential to know these tips and secrets if you want your home-buying experience to be a good one.
For more real estate guidance and insight, stick around. Our blog has an entire section dedicated to helping home buyers like you learn how to choose a home, save money, and live happily. Feel free to read through some of our other articles before you go.