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10 Tips On Buying Real Estate

Nov 20, 2007
Here are a few tips on buying any property. It's a major purchase, yet some people spend more time on choosing where they go on holiday, than on buying a new home.

1 - Be an intelligent home buyer. Anyone looking to buy a home should do so carefully. Take your time to find the right one. Do not treat home buying like you are shopping at the mall. A serious buyer looks at their present needs in addition to their future prospects. This will help you purchase the right place.

2 - Consider hiring a buyer's agent. A buyer's agent is one who's there to look out for your needs. They'll know the best tips, tricks, and solutions to any problem you may have.

3 - Inquire about the owner's title insurance. If the owner is set to renew the home's title insurance, save money by buying a reissue. A complete new title insurance policy can range in price. You lose nothing by reissuing insurance. This is one to save money when buying.

4 - Have your money in the right spot. If you are an investor, you need to be prepared when you are ready to buy. Closings can happen in a number of days if you're ready. If you aren't, it can take much longer. If you are a cash buyer, you may need to move funds around to afford the purchase. No matter what, the money you need at closing should be available a few days ahead of time. This will ensure there is a smooth transaction.

5 - Get involved in the buying process. Hiring a real estate professional will help you but you should not allow them to do everything. This is the biggest mistakes a buyer can make. You need to know what is going on. You should be aware of the smallest details. These details will keep you informed and help you to know what you are getting into with your purchase.

6 - Bad weather can be an advantage. Most people will avoid going to open houses in bad weather. This is a mistake you won't want to make. Bad weather is a good time to check out a new home. This is going to let you see how the home handles the weather. If you want to check for leaks and poor roof quality, a rainstorm is the time to do so.

7 - Rate the homes you view. If you plan to see more than a few homes, rate them to keep track of the ones you like the best. This will keep everything in simple order for you. Rate the homes on what you need, want, and their ability to resell at a later date. This removes your worry of remembering if house 3 or 4 was your favorite.

8 - Don't buy at the asking price. Do not assume you have to pay whatever the seller is asking. As a buyer, you have the right to make an offer. If the offer is not too low and you have financing lined up, the seller may be receptive. Check with your real estate professional to see if your offer is too low. They should have a firm grasp of the current market value. They can tell you what the home is really worth.

9 - Sell your home before buying another. Sellers are more willing to deal with people that are ready to move. If you are looking to buy on the contingency that your old home sells, be prepared to lose the home you want. Unless you can afford an extra house payment, avoid contingency buying and concentrate on selling. Then you can buy when you're ready.

10 - Don't let someone else choose your home. You are the one that will live in your new house. Don't be bullied into choosing something. The average new home is picked out within a week. If you don't find something you're satisfied with, wait until you do. Take as long as you need. This is your financial investment and not anyone else's.
About the Author
T. O' Donnell runs entrepreneur, real estate, and webmaster sites in London, UK.
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