A home inspection is a valuable opportunity for a property buyer. If a homebuyer knows how to plan for an inspection, he or she should have no trouble getting the most out of this opportunity.
Now, let's take a look at three tips to help you get ready for a home inspection.
1. Hire an Expert Home Inspector
Not all home inspectors are created equal. And if you make a poor home inspector selection, you risk missing out on potential problems that may result in costly, time-intensive home repairs down the line.
When it comes to finding the right home inspector, it pays to be diligent. As such, it is crucial to allocate time and resources to conduct an extensive search for an expert house inspector. Because if you have a qualified home inspector at your side, you can get the support you need to perform an in-depth property evaluation.
Ask a home inspector for client referrals before you make your final decision. That way, you can find out what past clients have to say about a home inspector and determine if this professional is the right choice for you.
2. Attend Your Home Inspection
Although you are not required to attend your home inspection, it generally is a good idea to walk through a property with a professional inspector. By doing so, you may be able to gain insights that won't necessarily appear in your house inspection report.
You may want to take notes during your home inspection as well. If you remain diligent throughout your home inspection, you can understand a house's strengths and weaknesses. And as a result, you'll be better equipped than ever before to decide whether to move forward with a home purchase.
3. Ask Questions
There is no need to leave anything to chance, especially when you buy a house. Thus, if you have concerns or questions during a home inspection, address them immediately.
Remember, a home inspector is happy to respond to any of your property concerns or questions. He or she can provide honest, unbiased responses to your queries and help you make an informed decision about a house purchase.
As you prepare for a home inspection, you may want to consult with a real estate agent too. This housing market professional can offer recommendations and suggestions to help you get ready for a home inspection and put you in touch with the top home inspectors in your area. Plus, a real estate agent will help you review a house inspection report so you can determine whether to proceed with a home purchase.
For those who want to get the most out of a house inspection, you may want to prepare as much as possible. Thanks to the aforementioned tips, you can streamline the home inspection preparation process. Then, you can enter a home inspection with a plan in hand and use this evaluation to decide if a house will be able to serve you well both now and in the future.
Shopping for a home is a long, arduous process. When you finally find one that you love, think you can afford, and spend the time to formulate an offer, it can be crushing when your offer is rejected.
However, getting rejected is simply part of the process. If you’ve ever applied to college, you might be familiar with this process. You send out applications that you poured your heart and soul into. Sometimes to get accepted, other times you don’t.
Making an offer on a home comes with one big advantage over those college applications, however--the opportunity to negotiate. As long as the house is still on the market after your offer is rejected, you’re still in the game.
In this article, we’re going to talk you through what to do when your offer is rejected so you can reformulate your plan and make the best decision as to moving forward.
1. Don’t sweat it
One of the most common fallacies we fall into as humans is to think the outcome is worse than it really is. First, remember that there are most likely other houses out there that are as good if not better than the one you are bidding on, even if they’re not for sale at this moment.
Next, consider the rejection as simply part of the negotiation process. Most people are turned off by rejection. However, you can learn a lot when a seller says no. In many cases, you can take what you learned and return to the drawing board to come up with a better offer.
Don’t spend too much time scrutinizing the seller’s decision. Ninety-nine percent of the time their decision isn’t personal. You simply haven’t met the pricing or contractual requirements that they and their agent have decided on.
2. Reconsider your offer
Now it’s time to start thinking about a second offer. If the seller didn’t respond with a counteroffer it can mean one of two things. First, they might be considering other buyers who have gotten closer to their requirements. Alternatively, your offer may have been too low or have had too many contingencies for them to consider.
Regardless, a flat-out rejection usually means changes need to be made before following up.
3. Making a new offer
This is your chance to take what you learned and apply it to your new offer. Make sure you meet the following prerequisites before sending out your next offer:
Double check your financing. Understand your spending limits, both on paper and in terms of what you’re comfortable spending.
Check comparable houses. If houses in the neighborhood are selling for more than they were when the house was previously listed, the seller might be compensating for that change.
Make sure you’re pre-approved. Your offer will be taken more seriously if you have the bank’s approval.
Remove unnecessary contingencies. It’s a seller’s market. Having a complicated contract will make sellers less likely to consider your offer.
4. Move on with confidence
Sometimes you just can’t make it up to the seller’s price point. Other times the seller just can’t come to terms with a reasonable price for their home. Regardless, don’t waste too much time negotiating and renegotiating. Take what you learned from this experience and use it toward the next house negotiation--it will be here sooner than you think!
The homebuying journey may seem daunting at first. Lucky for you, we're here to help take the guesswork out of finding and acquiring your dream house.
Now, let's take a look at three tips to help you approach the homebuying journey with poise and confidence.
1. Be Diligent
A diligent homebuyer may be better equipped than others to enjoy a seamless and successful property buying experience. In fact, this buyer likely will do whatever it takes to find the right house at the right price, regardless of the current real estate market's conditions.
To become a diligent homebuyer, it generally is a good idea to learn about the housing market in your preferred cities and towns. With this information, you can determine whether you're pursuing a home in a buyer's or seller's market and plan accordingly.
Furthermore, it may be beneficial to get pre-approved for a mortgage. If you enter the housing market with a mortgage, you'll know exactly how much you can spend to acquire your dream house.
2. Know Where You Want to Go
Establish homebuying criteria – you'll be glad you did. If you know what differentiates your dream house from others, you can quickly and effortlessly search for residences that match your expectations.
Also, you may want to hone your home search to specific cities and towns. For example, if you want to find a house close to your office in the city, you may want to explore residences in or near the city itself. On the other hand, if your goal is to buy a house near the top schools in a particular state, you should narrow your house search based on school rankings and other pertinent data.
3. Work with a Real Estate Agent
Buying a house is no small feat, and ultimately, there is no reason to try to navigate the homebuying journey alone. Thankfully, you can hire a real estate agent who can provide expert support throughout the homebuying journey.
A real estate agent is a must-hire, and for good reason. He or she will guide you along the entire homebuying journey and respond to any of your homebuying concerns and questions. In addition, a real estate agent offers recommendations and suggestions to help you make informed decisions as you pursue your dream residence.
Usually, a real estate agent will learn about your homebuying goals and craft a personalized homebuying strategy for you. He or she next will keep you informed about available residences that meet your criteria and set up home showings. Once you find your dream residence, a real estate agent will help you put together a competitive offer to acquire this house. And if your offer receives a "Yes" from a home seller, a real estate agent will help you finalize your house purchase.
Ready to streamline the homebuying journey? Use the aforementioned tips, and you can kick off a house search and discover your ideal residence in no time at all.
Shopping for a house is a high-stakes game. If you’re a first-time buyer, it can be difficult to gauge the value of various components and features of a home. Appraisals are designed for just this reason.
However, an appraisal is a subjective tool to determine a rough estimate. Furthermore, there are a number of things you can’t learn from an appraisal--such as how convenient the home would be for your work commute.
In this article, we’re going to help you, the homebuyer, determine the true value of a home as it would mean to you in your everyday life. Read on for tips on finding out the value of that home you’ve been dreaming of and deciding whether it’s really the best home for your budget.
Appraisals are a baseline
When lenders are in the process of approving your home loan, they’ll want to decide whether the home you’re buying is worth the amount you’re paying. To achieve this, they’ll typically hire a third-party appraiser.
Find out from your lender which appraiser they use and read their online reviews. This will ensure that they’re a trustworthy source of information. Also be sure to check that the appraiser is certified and that they work with a diverse range of clientele (not just your lender!).
Since you’ll likely be paying the appraisal fee as part of your closing costs, make sure you’re happy with the appraisal and appraiser.
Key appraisal factors
After the appraisal, consider getting a second opinion or inspection of any of the key components of your home that may impact the appraisal. Some of these factors include:
The roof, HVAC system, and septic systems
The energy-efficiency of the home
The current market value in the area
The general upkeep of the home--a few cosmetic problems shouldn’t affect the home value much, but serious neglect can cause long-lasting and expensive issues like mold, water damage, pest invasion, and more
What an appraisal can’t tell you
Now that we’ve discussed the nuts and bolts of home value, we have to venture into what value means to you and your family. You’ll need to ask yourself a series of questions, and some of them won’t have a cut-and-dry answer.
First, how well does this home fit into the work life of you and your spouse? Will it mean a shorter commute, and therefore lower transportation costs and more free time? Putting a dollar value on an extra thirty minutes not spent in traffic can be difficult, but it’s a worthwhile exercise to take part in.
Furthermore, does the house have features that will make it a better asset in years to come? Energy-efficiency, proximity to in-demand schools, businesses, etc., can all be selling points for future buyers that are willing to pay more for your home.
Using a combination of a certified appraisal and some introspection, you should be able to come to a confident conclusion as to the value of the home as it means to you and your family.
Purchasing a home should be fun, memorable process. However, many homebuyers struggle with fears as they embark on the process of acquiring their dream homes.
Some of the most common homebuying fears include:
1. I will pay too much for a house.
Overspending on a house is a common fear among homebuyers nationwide.
If you pay too much for a house, you may struggle to afford the monthly payments for the duration of your mortgage. Perhaps even worse, your house may lose value over time. And if you eventually decide to sell your home, you may be forced to accept less than what you initially paid for it.
Ultimately, an informed homebuyer will understand the differences between a buyer's market and a seller's one. He or she will be able to determine whether a home is affordably priced and proceed accordingly.
An informed homebuyer also will know the importance of getting pre-approved for a mortgage. With a mortgage in hand, this homebuyer will understand exactly how much that he or she can spend on a house.
2. I'll wait too long to submit an offer on a residence.
If a homebuyer is uncertain about buying a particular house and waits too long to submit an offer, he or she risks missing out on this residence altogether.
Fortunately, there is a simple way to avoid this problem.
A homebuyer who knows what he or she wants to find in a dream home can narrow a home search. Then, if the homebuyer discovers a home that matches or exceeds his or her expectations, this individual can submit an offer right away.
Don't forget to submit a competitive offer, i.e. one that accounts for the needs of both a homebuyer and home seller, as well. A competitive offer will stand out from other proposals and increase a property buyer's chances of securing his or her dream residence.
3. I'll buy a home that will fail to maintain its long-term value.
What you pay for a home today is unlikely to remain the same over the course of several weeks, months or years. But a homebuyer who employs an expert home inspector can learn about a house's strengths and weaknesses and ensure a property is a viable long-term investment.
A home inspector will conduct an assessment of a house after a property seller accepts a buyer's proposal. At this point, an inspector will examine a house's interior and exterior and identify any potential issues. Lastly, a home inspector will issue a report with his or her findings, and a homebuyer will have a final opportunity to modify or rescind an offer on a house.
For homebuyers, it is important to work with a trusted home inspector – you'll be glad you did. This home inspector will go above and beyond the call of duty to evaluate a house before you finalize a home purchase.
Working with an experienced real estate agent may benefit a homebuyer too. With a top-notch real estate agent at your side, you can get the support you need to acquire a first-rate home that will maintain its value both now and in the future.