Preparing to Buy a Home: Home Buying Do’s and Don’ts

Buying a home is a complicated task that involves several key things falling into place: finding the right real estate agent and property, negotiating the asking price, and securing the financing to pay for it.

Home buying can, for some people, be a "learn as you go" process. But, even though everyone’s experience of the process is unique, you can prepare yourself to carefully navigate the above-mentioned criteria and avoid making some missteps prior to closing the deal.

So, before you embark on your home buying journey, here are some do’s and don’ts that can help you get started on the right track.

Home Buying Do’s

1. Team Up With A Reliable Real Estate Agent

Buying a home is no cakewalk. Several variables need to be taken care of. Therefore, you should team up with a professional.

Right from the start, a real estate agent can help you navigate the onslaught of information that is going to come your way. They will help you identify the neighborhoods where you can find the best value, and make sure that the transaction goes as smoothly as possible.

In short, your agent will be your advocate, from helping you find homes that suit your requirements to making a bid and negotiating the best price for you.

2. Check Your Credit Score

Before you even look at homes, make sure your credit score is in good shape. It is always wise to ensure that you are financially secure enough to make the purchase.

Start by checking your credit score. Your credit score will directly impact your down payment and monthly mortgage payments. To boost your credit score:

3. Make Timely Payments On Your Account

Ask for a credit limit increase, or open a new card to improve your spending ratio and increase your score.

You can get a free credit report from many sites.

4. Get Pre-Approved For A Mortgage

Before you start looking, understand your financing options. Getting a pre-approved mortgage is important in competitive housing markets. Not only does pre-approval give you an estimate of how much you can afford to spend, but it also makes sellers believe that you are a serious buyer, hence, making the whole process faster and easier.

Your pre-approval can put you in a stronger negotiating position than other people bidding for a particular home.

Home Buying Don’ts

1. Don’t Let Your Emotions Get The Best Of You

Buying a home is an emotional and overwhelming affair. It is so thrilling that it is easy to get swept up in emotions. This might either lead to falling in love at first sight with a property too soon or dismissing every property that you look at, in search of something better. So don’t let your emotions sway your decisions. Make sure to consider all the practical and financial elements before signing the papers.

2. Don’t Forget The Home Inspection

Sellers don’t always reveal the whole truth to buyers, or they do a band-aid job to hide issues that may cause serious problems later on. Having said that, home buyers should invest in a professional home inspection.

A thorough home evaluation done by a professional will reveal any underlying issues with the house. The report will also point out issues that may arise in the future, therefore making you aware of the repair cost, and saving you time and house-induced trouble later on.

3. Don’t Cave Under Pressure

Finally, do not sign the papers if you aren’t comfortable with everything. Ask for answers to your questions; if you don’t understand them, ask for further explanations. Do not let anybody push you into buying the property—be it your real estate agent, lender, or anyone else who can benefit from your purchase. It’s going to be your house; it’s you who will be paying for it, so the decision should be yours. Others are just there to ease the process for you, not to make it even more difficult.

4. It’s Okay Not Knowing Everything

Very few of us who buy homes are Halifax real estate market experts until it’s time to make a decision. In case you feel unsure at any time in your journey, just remember that millions of others have been in the same boat you are, and have successfully crossed the river.

Just make sure you work with reliable professionals, and are well-informed before you make the decision.