What do you need to do when shopping for a new home?

Purchasing a new home is not as easy as it sounds. Apart from selecting the location, you need to figure out if the asking price is something that you can afford. And as most homeowners are bound to do, you can approach mortgage agencies and find out if you are pre-approved for a loan. And if that’s the case, you can move ahead with the remaining formalities and set about purchasing your dream home. Just make sure that you include a contingency clause regarding home inspection in the purchase agreement, and if it’s not there, then insist on one. Check out the various mistakes that you need to avoid when purchasing a new home.

Forewarned is forearmed

When it comes to a home inspection in Houston, most buyers should insist on one, for the simple reason that a detailed home inspection can forewarn you regarding the flaws and various issues from Mold to asbestos and even missing shingles. You must understand the process that’s involved here and how critical it is to a successful purchase. After all, you would not want to purchase a lemon that ends up costing you thousands of dollars, each month. This is a long-term investment and you need to approach this purchase as one, and that involves a detailed assessment of all the various flaws, and getting it fixed before you would even consider purchasing it. Remember that at the end of the day, it is in the seller’s interest to get an independent contractor to assess the home and certify it so that he can move ahead with the sales. And if the seller is acting a little too antsy about a home inspection, you can bet that he is trying to hide something. Rule of thumb: When something looks too good to be true, it usually is,

Can you afford it?

Sure, you have fallen in love with this particular home, despite its various flaws and basically, that’s your emotions getting the better of you. But if you are still set on the purchase despite the flaws not being fixed, then you need to ask yourself if you can afford it. It’s not just the asking price that you would have to work out but the cost of repairs that you are bound to incur, should you take possession. So that’s something for you to consider; usually, when it comes to repairs and quick fixes, most realtors recommend setting aside 1%. But remember that is why the home inspection report is critical as it can clue you in as to what’s important and what’s not and what needs to be fixed right away.

Shop around

Granted that you have found your dream home and are on the verge of finalizing it. But there’s no excuse for opting to stick with your main choice and refusing to shop around; that’s just plain silly. Allow me to point out the fact that you know what sort of a home you would love; fine that’s a good start and now, you can check online for similar listings with a lower asking price and you may even find one in your locality. So always shop around, in your budget range, and check to see if it meets all your current requirements.

Consult a broker

As corny as it may sound, it makes sense to consult a broker or a realtor; it is always a good idea to check in with a real estate agent for he would usually know the right questions to ask. More importantly, you can attend an open house with your agent in tow, and sort through the various listings to select the appropriate one.

These are a few essential tips that you need to review when it comes to selecting the home of your choice.

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By Cary Grant

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