Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

Picking the Right Home is Easier than You Think

Written by Erik Larson, Community Blogger | Jan 10, 2018 1:20 AM

Picking out a new home will be both a thrilling and scary experience. Buying your dream home can turn into an extremely bad experience if you don't have all the details worked out. Nevertheless, if you take all the right steps, you will see that picking the right home is much easier than you think.

First of all, you will need to make sure not to make any big purchases three to six months prior to getting a new home, since you don't want to make any huge changes to your credit profile. In order to secure the best loan possible, you will need to show lenders that you're reliable. Resist the urge to make any big purchases or open new credit cards, since that can lower your chances of getting a good loan.

There's a huge difference between being a buyer who's pre-qualified for a loan and someone who is pre-approved. Basically, anyone can get pre-qualified, but getting pre-approved means that you know exactly how much money a lender will lend you. It also means that the lender carefully examined your financial situation. By getting pre-approved, you will know exactly how much you can afford, which means that you will stop wasting time looking at places that you can't afford.

One of the most common mistakes many buyers make is trying to time the market. You shouldn't obsess over finding the perfect time to buy a house because there will never be a perfect time. It's impossible to predict the condition of the housing market. The perfect time to buy a new home is when you find a house you like and you know that you can afford it. Real estate is very unpredictable, so chances are that you're going to miss out on some great deals if you get caught up in waiting for the perfect time to buy.

When searching for a new home, you're bound to fall in love with some properties. However, if you make a purchase based solely on your emotions, you're probably going to end up making some terrible financial decisions. There's a huge difference between making a purchase based on your emotions and your instincts. If you decide to buy based on your instincts, it means that you have found a nice home for a good value.

Additionally, it's important that you remember that a bigger house doesn't necessarily mean that it's better. Although almost everyone is drawn to having the biggest house on the block, only a small group of people can actually afford it. In other words, if you buy the biggest and most beautiful house on the block, you will have to limit potential buyers when you decide to re-sell it. The value of your home is going to go up based on the houses around you. This means that it's sometimes a great investment to buy the worst house on the block.

Going with a home that looks gorgeous doesn't mean much if it's located in a bad neighborhood. Before you commit to buying a brand new house, make sure to spend some time stalking the neighborhood. Ideally, you would want to stop by the house you want to buy at different times for a few days. This will give you an idea of what the neighborhood is like. Additionally, you will need to examine how close the nearest grocery store and other services are.

When you finally decide on a house, you shouldn't rush to make an offer. Of course, you shouldn't wait too long either. Ideally, you will want to sleep on it overnight and think about how much you want that house. If you feel like you would be heartbroken to find out you've lost the house to another buyer, then you should definitely make an offer.


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