2015 is here with us and it is an economic year that has a lot of potential in the real estate field. This is a year that improved employment will be experienced. There are even predictions that claim that the single family sector of 2015 will outdo that of 2014. However, there are cautions you should also consider, there is a prediction that mortgage rates may increase by 4-6% before the year 2017. Here are a few tips you should consider before you buy a house.
Ensure That Your Credit Rating Is High
You should keep your money where it is – in your bank account. You should not make huge purchase before you buy a new house. This may make you take a lot of big chances with your credit profile. Lenders need to feel that they can trust you and they will need a rich paper trail of your economical history. This information is very important for you to get the best loan option available.
Get The House Inspected
It is very important for a survey to be done on a property before you buy it. This will help you avoid any disputes that may arise from the seller and you will also know what you are really buying. With this information you will be able to save yourself from any dispute that may arise from your potential neighbors. Your property tax also depends on the size of your property, hence you should have the right map drawn for you.
Don’t Try To Guess The Best Time To Buy
Kris Mugridge of the Cardas Mugridge Group gives great advice “Do not stress yourself trying to figure out the best time to buy or even sell your house. You should know that is almost impossible to anticipate the real estate market.”
Expert real estate agents recommend the best time to be that time you find a hose you like and you have the required resources to buy it. The real estate market is cyclical, it will go up and down with time. If you choose to wait, you might miss out or have to wait forever.
Get To Know The Location You Want To Buy
Before you buy the house get to know the neighborhood well. You should make visits in the morning, noon and evening. Most people get disappointed when they buy the best home but find out the neighborhood is not what they wanted. You should stalk the neighborhood and get to learn almost everything about it. You can make a mock and commute from the house to your place of work and make sure you can actually handle it.
Bigger Isn’t Always Better
Avoid making the mistake of thinking that bigger is always better. Most people are attracted to bigger and beautiful hoses. You should, however, know that bigger is not always better when you are dealing with houses. There is even an old saying that says “do not buy the best and biggest house in the neighborhood.” Big houses only appeal to a small group of people in the market – this means you will limit you base for potential clients
If you buy a house based on your personal emotions, you will only break your heart. If you love something, you will be in a risk of making bad financial decisions that may harm you economically in the long run.