Dec 10, 2014
But before you enter the market, there are some things you should know about navigating it as a home buyer.
So to prepare you for success on the market, I’ve come up with a top 8 list of tips for buying a Wake County Home.
What You Should Know When Buying a Wake County Home
Don’t purchase a home if you don’t plan to live there for long. It’s a little known fact that selling a home can actually cost a lot of money in transaction costs. Thus, even if your home appreciates, you need to factor in what it’s going to cost to simply do the transaction. The longer you stay put in a house, the more your home is likely to appreciate. And thus, the more likely it is that you’ll turn a profit on your home.
Start building credit now. More than likely, you’re going to need to get a mortgage to purchase a home. Thus, you’ll want to make sure you have a good credit history. So a few months before you start searching, make sure to get copies of your credit report. Ensure that all of the facts are accurate and make sure to correct any inaccuracies you find.
Be realistic about what you can afford. Generally speaking, home buyers can purchase a home that’s up to 2.5 times their annual salary and live comfortable. We recommend using an online mortgage calculator to offset the risk of making a calculation error.
You may still qualify for a loan even if you can’t put down the usual 20 percent. There are a number of public and private lenders who will offer you low interest mortgages that only require a small down payment. Your real estate agent can help you find them.
Get help from the professionals. While it’s certainly possible for you to browse all available listings in Wake County without the help of an agent, it behooves you to work with one. After all, they can provide expert knowledge and valuable resources that will ultimately save you time and money on the market.
Get approved for a mortgage before you ever start house hunting. Not only will this save you one step toward the end of your transaction process but it will also help portray you as a serious home buyer to home sellers. And this will help you move to the front of the line when making offers on homes.
Make sure to do your research before bidding. This means looking at comparable sales in the area on comparable houses. By doing this, you avoid overbidding and wasting a lot of money. Plus, it will make you more confident about the purchase offer you’re putting forth.
Hire a home inspector. Once you’ve made a purchase offer but before you close on your new house, make sure to get a home inspection. This professional will point out any potential problems that you might not have known about before. Then you’ll be in a position to decide whether you want to move forward with the deal or not.
Your Dedicated Wake County Realtors Are Here to Help
We hope you found the above information helpful as a potential home buyer in Wake County.
We would love to help you throughout the home buying process!
Until next time,