Buying a new house is an exciting process. You can imagine what your life looks like in an artistic bungalow or in an urban townhome. However, whatever house you buy, there are a few precautions you need to take. Consider these five factors to handle the negotiations effectively.
1. Are you entering a buyer’s market?
While you may want to buy a new house right now, the market conditions might not be in your favor. During a seller’s market, the number of homes available is low, leading to higher prices and bidding wars. However, during a buyer’s market, homeowners have a harder time selling and may accept a lower price.
Do your research before you decide to buy it. For example, the Nalula smart price tool can tell you about the housing market in your area (or the area where you plan to buy) and offer insights into homes with the best value versus listings that are overpriced. Nalula can help you determine the best time to buy based on your needs.
2. When was the roof replaced?
While the house may be new to you, it comes with a history that is often determined by the previous owners. What storms did the roof survive? How well did the previous owners care for it? If you buy a house with a poor roof, you could notice issues with roof leaks, mold, and rodents, and other problems.
Before you buy a house, make sure the roof is thoroughly inspected. Make a note of how durable the shingles are and when it will likely need to be replaced. When you put in a bid, you can request that the existing homeowner invests in roof repair as a contingency in buying the house. They will have to fix any leaks or improve the gutters before the sale is final.
3. How is the neighborhood?
It’s not uncommon to find the right house in the wrong neighborhood. In this case, you might find a home that is affordable and beautiful, but too far away from your work or in a part of town that is too busy for your tastes.
Before you start looking, narrow your search by the areas you want to live in. Look into schools, churches, and accessibility to find a part of the town you love.
4. What are your non-negotiables?
It’s easy to get caught up in the excitement of looking for a home. Maybe you find something on the water or a home with a finished basement. However, you need to focus on your core priorities, otherwise known as non-negotiables in the home search process.
Everyone has their essentials. Some people insist on having a home with a garage. Other home buyers want a large kitchen for family gatherings. Talk to your real estate agent about want you need so the can prioritize these features.
5. How much will you need to remodel?
One of the non-negotiables you may have is the amount of work that needs to be done. It is possible to buy a house that is move-in ready, where you will only need a new coat of paint that matches your tastes. However, other homes need significant time and financial investment to replace the flooring, redo the roof, and break down walls for an open floor plan.
Decide whether you want to put work into the house or not. If so, how much as you willing to spend? This should be part of your buying budget. You can look for homes that cost less knowing that you are going to remodel the interiors anyway.
The right research and planning can help you avoid homebuyer’s remorse. By following these tips, you can find a house you love at a fair price.