When looking for homes for primary residence or to meet your investment purposes, research and choose carefully. Knowing what to do and what not to do is important when it comes to searching for a home in your area. Here are some things that you shouldn’t do:
What NOT to do While House Hunting:
Ignoring the surrounding:
Check what’s just outside the fence. Things located next to the property may have the biggest overall impact in the livability or productivity of the property. Next, research the neighborhood to evaluate the traffic and crime level. Make sure that the area has proper amenities and public services.
Forgetting to ask professional inspection:
A professional inspection can be among the best investment you will ever make when purchasing an investment property. If you are planning to invest or flip a property, don’t pinch pennies. Be ready to shell out up to $1,500 for a good inspection service.
Choosing based on the decor:
It’s easy to create interesting decor in any home. Cabinets and tiles can be changed, and walls can be repainted rather inexpensively. It’s better to inspect the structural integrity and basic layout of the property over being concerned about the interior decor.
Choosing the most expensive property on the block:
There’s a good chance that the most expensive property isn’t really a good deal. You need to find a good balance between price and value that the property is offering. This will allow you to get the most for your money.
Setting an unrealistic budget:
Even if you have been qualified for a $300,000 mortgage, it doesn’t mean that you should max out your loan. Be realistic and choose a property that can provide an excellent return on your investment.
Allocating too little for down payment:
If your down payment is less than 20 percent of the house value, you may need to deal with higher mortgage payment each month and PMI (private mortgage insurance). It could be better to wait a year or two, until you can save up enough money for bigger down payment. You should buy only when you are completely ready, both emotionally and financially. Investing in property asset is a big commitment.
Knowing what not to do when looking for a home is important, and it could save you a lot of time and money and help you find the perfect home for your needs.
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