Buying a new home is a process that can be both equally exciting and overwhelmingly frustrating. The perfect home comes on the market and before you have a chance to blink, it’s already gone. What is going on here? While it’s true that the housing market has been on fire for quite a while now, people are still buying and selling homes daily. That means, there is still a chance for you to find a great house, whether you’re buying in Tennessee or moving out of state. Here are some tips to help you find the perfect home.
1. Work With a Real Estate Agent
One of the things that people often want to avoid doing is paying astronomical real estate fees. The truth of the matter is when you have a great agent who is on your side and understands your needs, that fee will be worth it in the end when you walk into your new home for the first time. Real estate agents are privy to information about homes that aren’t on the market yet. They understand some of the nuances that make it challenging to get a house in some neighborhoods, and they might even have insight on the best places to buy a home that you may not have considered.
2. Have All Your Finances in Order
This market is so demanding that you need to ensure you have all the money you need for down payments and closing costs. These can eat up a good chunk of change, so you’ll want to take the time to ensure you have adequate funds for closing costs and more. Once you know exactly how much you can afford based on your savings and loan pre-approval, there are other things you can do to find a home more quickly.
3. Get Pre-Approved for a Loan
Getting lending, unless you plan to buy in cash, is critical. With a pre-approval in hand before you start looking at houses, you can easily put in those offers the instant you know it’s the right house for you. Some real estate agents won’t even work with you unless you get pre-approved. Getting options from more than one lender can also help you get the funding you need. VA home loans in Tennessee help military and former military get homes all the time. If you can’t qualify for them, look to a variety of conventional and non-conventional loan options.
4. Edit Your Wants List
You have to understand the real needs of your family when you go into the homebuying process. While you might have a list a mile long that has all the perfect attributes of your next home, it can be next to impossible to please each and every one of those things. Prioritize your list. If you need a home within a certain driving distance to schools and employers, keep that at the top. If you need 4 bedrooms, but would prefer 5, make sure you stay open to getting a 4-bedroom house instead. Needing a yard for a large dog is understandable as is needing a ranch-style home if you have a little baby on the way. But cosmetic things such as paint and other finishes can all be added later if you don’t like what a home has inside it.
5. Be Ready to Fight for It
Now more than ever people are ending up in bidding wars for homes. Most realtors would advise against trying to go higher than the top of your comfort level. In the end, financial stability trumps having the perfect house. But that doesn’t mean you can’t go in with your best offer from the start. Don’t try to shortchange the sale. If the home meets or exceeds your criteria, it’s best to give the best offer possible when you really want to buy the house.
6. Consider a Fixer Upper
Lastly, this is not for the faint of heart, but it’s truly a great option for some people. Consider a fixer-upper. If the neighborhood a house is in is your most important piece of criteria, and you find a house that needs some elbow grease, don’t be afraid to buy it. Not only can you score a great deal, but you also have an incredible opportunity to customize the home to be perfect for you and your family.