As the housing market swells and home buying inches toward its seasonal peak, it’s important
to ensure you’re on top of your game. If you find that now is the time for you to jump into the
market and find your dream home, grab a pen and paper, and take notes on some of our most
essential tips for smart home buying.
1. Start with a plan
Research is your best friend when buying a home – from ensuring your
finances are in the right place to checking for the best deals in your market. Learning to be an
informed buyer is essential to making the right steps in the home buying process. As you’re
looking at market prices and what you can personally afford, compare renting versus buying a
home and weigh your options. Perhaps it’s best for you to move at a slower pace, as opposed
to making that big leap.
2. Obtain a copy of your credit report
This step is important for identifying what you'll be approved
for and what you will pay each month. Check your report as soon as you receive it to make sure
everything is correct before you begin applying for a mortgage. Additionally, getting preapproved
for a mortgage will show you the price tag you can afford and will make the process
smoother once you’ve found a property you like.
3. Slow down on purchasing any high-ticket items
In the months leading up to the start of your
home buying process, try not to spike your credit activity. According to NerdWallet, any moves
across that front can potentially hinder your credit profile right when you need it to be at its best.
From opening credit card accounts to purchasing expensive items, spikes in your activity may
not be worth the trouble they bring to your home buying experience.
4. Don’t do it alone
Especially if you’re a first-time home buyer, going through this tedious process
tends to be easier with a professional by your side. Search your market or your social circle to
find a reliable realtor that can help take away some of the inevitable stress that comes along
with buying a home, as well as offer advice and expertise to guide you along the way. Need
some extra support? Utilize Sharonview’s online mortgage calculators or meet with a financial
5. Schedule an inspection
While you may think you’ve found the home that perfectly suits your
needs and meets your expectations, you never know what may be found once an inspector
takes a look around. Past owners may not disclose or know about certain issues that lie
beneath the surface. Don’t get too nervous, however, if the inspector’s report isn’t completely
clean. Many problems can be solved before you move in or with a slight price adjustment. No
matter what, always ensure you’re as knowledgeable as possible about these hefty financial
6. Don’t try to time the market
According to HGTV, attempting to anticipate the housing market is
impossible. Just like the stock market, the housing market is inconsistent and nearly impossible
to perfectly follow. Jump into the market and find your dream home whenever you’re ready to do
so, not when you feel you’ll get the most bang for your buck. You never want to miss out on the
home that fits you and your budget just because you’re waiting for the market to peak. Use your
best judgment and begin the process when the time is right for you.
Now that you have a few tips to take with you along the way, you’re sure to find a home that’s
right for you and your budget.