If you are in the process of buying and searching for a home, you want to know what you need to do in order to be prepared to make an offer. This way, you are making an offer on only the best home listings you find. Here are five things to do before making that offer decision:
- Research the Area: Don't fall in love with the house just yet. On top of being in love with the house, you also want to be in love with the area where it is. Otherwise, over time you will find that the love for the home has dwindled and you will probably consider going through the whole buying and selling process once again. The best way to go about this is to let your real estate agent know what you are looking for in a neighborhood and then explore the area once you actually find a home.
- Research the Property: Next, you want to know the history of the property. Have there been many owners in the past ten years? Or only one? There's probably a good reason for this that needs to be looked into. You also want to know if it's a home that is in an HOA and what this means for you as far as rules, maintenance, and fees.
- Talk With the Seller: Don't be afraid to ask the seller questions. You should definitely ask why they are moving. There are two reasons for this. One, you want to know if it has anything to do with the neighborhood or the home itself. Two, you want to know whether or not they are in a rush to sell because of a job relocation, in which case, you probably have more negotiating power.
- Better Understand Budget: Determine how high of a price you are willing to offer if you do need to go higher because of competition. Keep in mind that this is going to determine how much you are paying monthly. You need to compare this cost to the cost of maintenance and other fees, so be sure that you do this before making a high offer.
- Sell Yourself: Finally, you want to be sure that your offer is going to be the one that is considered above others. To do this, you want to be prequalified for a mortgage, which is always a sign that you are serious with moving forward.
With these five things lined up, you are more likely to buy a home you are happy with at a price that is reasonable for you.