1. Get your finances in order by performing a self-background check. The credit score and credit history is the gateway to mortgage approval; without it, buyers must pay for the home in cash. Additionally, find home buying calculators online and figure out affordability.
2. Most buyers know the country, state, city, or neighborhood of their new home. Rarely do buyers have the exact home picked out. Therefore, focus on home likes and dislikes. Take those preferences and place them in the ‘must-haves,’ ‘flexible,’ or ‘deal breakers’ column.
3. A good, dependable, knowledgeable, quality realtor is so important. Unfortunately, scammers and scumbags exist, so buyers must channel intuition and gut feeling to weed them out. The right realtor genuinely wants to assist you.
4. Knowledge in the real estate process goes a long way. Buyers must learn and understand the home search, the bidding, the mortgage lender approval, the title check, the home inspection, the closing process, and (for sellers) the selling process.
5. Factor in hidden costs overlooked in real estate. Along with the home purchase, have additional cash handy for mortgage fees, down payment, closing costs, home insurance, home inspection, title insurance, and legal costs. Land transfer fees are mandatory for homes built from the ground up.
6. Research the neighborhood surrounding the home before placing a bid. Looks are deceiving. Noisy children and adults, traffic jams, construction, and violence are daily nightmares. Therefore, inspect the neighborhood three to four times a day. The right house is in a good neighborhood with few distractions and obstacles.
7. A house you love could turn to buyer’s remorse later on. Focus on facts instead of feeling. Compare viewed homes to your must-haves and deal breakers list. Cross out homes that don’t measure up.
These tips ensure you’re ready to compete with competitive buyers for your dream home.