Like a House? 4 Factors to Consider When Making an Offer
You like that house and narrowed down your choice to this one? Are you eager to make an offer and move in that house? Wait a moment! Purchasing a house is one of the largest purchases people make and need to take caution.
Just like many other defining moments in our lives, purchasing a house is also a decision we often get into without given adequate consideration.
It is perfectly fine to feel pressured to make an offer, the moment you like a house, but before you actually submit the earnest money or payment, nothing’s wrong is taking some time and investigating a bit about that property.
To help you with that and if you haven’t hired the assistance of a professional realtor; here are the four major factors that you must look out for before putting in an offer.
Make an Estimate of Complete Cost
Does it sound obvious? But not every time buyers make the right estimation. Your cost doesn’t comprise of deposit amount or purchase price only. Your budget must also include legal costs, stamp duty, other disbursements like council rates, corporate charges or water levies etc.
All of this should be the part of your house purchasing budget. You may also factor in the cost that is directly linked to a settlement like insurance, property inspection, moving charges, renovations, cleaning etc. In other words, your total purchase cost is always higher than the offer you make.
It is always unlikely to pay enough cash and buy a house up front. That is why securing financing is a fundamental step in your house buying process. Always make sure you have adequate credit and have secured a good rate before making an offer. One of the most recommended ways to secure financing is to get the pre-approval for a mortgage.
This also helps in the estimation of the total amount of money that you can set aside for your new house. To get the right mortgage payment estimation, use a mortgage payment calculator to get the better idea.
Do a Thorough Walk through before Purchasing a House
Don’t make an offer without first having a walk through. It is not necessary that you notice everything about the property in a single walk through. Most home buyers fall into love with the house just by looking at it. The impressive curb appeal of a house often wraps their perspective in terms of buying.
So before you place an offer, do a thorough walk through and check for every possible thing or area that you may have missed previously. Look under furniture and behind doors for any major problems or potential flaws.
Talk to the Neighbors
It is important to get familiar with the people sharing the street. Always get familiar with or talk to the neighbors and this will help you know more about the neighborhood. Visiting neighbors before purchasing the house helps you make a sound decision. For instance, you may come to know about noisy neighbors or the ones having a lot of pets. How about knowing the community problems that your seller might have skipped to tell you before?
Make your home buying process smooth by hiring expert realtors like Ryan De La Uz.