Home-Buyer Secrets

When buying a new home, there are a lot of little details to keep in mind. Everyone knows that it is a good idea to get pre-approved for a mortgage and to have a home inspection done.

There are a few other secrets that some home-buyers shopping for Okotoks real estate may not consider. These are important pieces of advice that can make the difference between a fun experience and a nightmare in home buying.

Watch the Large Purchases

When you are shopping for a new home, try to keep your finances as stable as possible. Any huge purchases, or even large deposits into your account, can create a red flag with financiers. Your lender is going to want to see you as stable and reliable rather than having a fluctuating financial profile. Avoid new credit card accounts as well.

Property Boundaries

While you are working on getting a home inspection done, try to set up a property survey as well. The last thing you want is a dispute with your new neighbors over property boundaries. Having an accurate map of your property can also assist when the tax man comes with inaccurate numbers.

Keep Your Head

Purchasing a home can be an emotional experience. If you let your emotions run away with you, the results can be bad. Look at every home with a critical eye and follow your instincts over your heart. Know if the house you want is a good value for you and focus on what you will get out of the buy rather than how much it makes your heart feel.

Sleeper Costs

Home ownership carries more costs than renting an apartment. When calculating your budget be sure to factor in eventual home repairs, property taxes, utilities and similar costs. Too many new home buyers get themselves in trouble by failing to account for the hidden expenses of owning your own house.

Bidding and Negotiation

When the time comes to bid on a home, consider both what you can afford to spend, and what you see as the property’s actual value. Try not to offend the seller with your opening bid—keep it fair and in line with what other homes have sold for in the neighborhood.

Try to have an ace in the hole in case a bidding war occurs. Can you do a fast close? Are you paying cash? Try throwing out an unusual number to catch the seller’s attention, rather than a round number that will look like every other bid. If you throw out an oddball bid, the seller may think you have inside information or have more carefully considered your offer.

These tips and tricks are things that every buyer should do, but many do not consider. If you are ready to begin your search for a new home, give us a call today!