#1 – Check out the surrounding community not only the home
If you have to commute everyday or have daily errands outside of home it is a wise move to feel comfortable with your immediate neighborhood, instead of focusing on just the home.
This can be a really important factor to keep in mind for people relocating to a brand new city, because these buyers are privy to all that goes on aside from any friends they know. It is important to figure out the parts of the city that are ideal, and to start thinking about things such as distance from your job and local shopping options.
This just reinforces the slogan that real estate is all about location, location, location, and that is definitely the situation here. Going through the home buying process and becoming a homeowner in a bad area can be a huge mistake that can take years to correct. Prospective home buyers can get a sense of the community just by driving around at different times of the day and early evening.
Rule #2 – Be reasonable with your offer
If you ever want to make the seller not negotiate with you, just make a deceptively low offer. Keep in mind that you can effectively change your purchase price after the inspection.
One way to do that is after your professional home inspection you can request the seller to credit you a certain amount for whatever repairs are necessary now or in the near future. Who knows the seller may credit you $15,000-$50,000 because they are under time constraints to buy their next home and need this home to sell.
In addition, you could simply ask later for something you just thought about or overlooked that could use some upgrading like the flooring, roof, cabinets, etc. It is also important before you make an offer to diligently assess the local real estate market and review comparable homes and what these similar homes in the neighborhood were sold for.
Reviewing comps is without a doubt the leading method to determine what the fair value is and to make a respectable offer so you are not wasting the seller or agent’s time.
Rule #3 – Always get a home inspection
As mentioned above the home inspection help you in negotiating a lower effective price. Just like buying a car you want to discover if the home has any current problems or small issues that can lead to future issues prior to putting in an offer. The cost of a home inspection by a licensed professional is paltry compared to the cost to buy the average home.
Therefore, do not overlook the value of a home inspection prior to buying it unless you have extensive knowledge about homes. It is a smart choice to use word of mouth referrals because a lot of the best home inspectors get their business from referrals.
Rule #4 – Never become unfriendly with the sellers
Lots of real estate transactions are cancelled by the buyer or seller due to increasing hostility between the parties. It is important to avoid alienating the seller of the home during the process and to finding faults for every little aspect throughout the contract process.
Putting the seller in good spirits gives them confidence about you completing the purchase. It also can make the transaction finish without problems or delays, and provide the ideal atmosphere for both the seller and buyer.