There are more reasons to be hopeful and optimistic this 2015 when it comes to home buying, according to Time Money. In an article, they cited that there are more homes available for buyers to choose from, and there will be an increase on house and condos for sale, as forecasted by Zillow. The mortgage interests for 30-year fixed rate are also good.
But, before you go on making the big investment of buying a new home, here are some tips worthy of your note;
Make a More Comprehensive Home Inspection
Josh Altman from Bravo's reality show "Million Dollar Listing: Los Angeles," via Today Home, advises all his buyers to make a careful inspection of the property. He even justified paying for home inspection because he believes that it could prove to be more practical in the long run.
You have to be able to learn beforehand whether the home has issues on the foundation or other structural problems. He also recommends checking on the red flags such as mold issues, bug problems, and other pest nuisance.
It is important to go beyond what is seen on the layer as fresh coats of paint could sometimes mislead you into believing that there are no underlying problems.
Consider a Stall On Your Purchase
You may want to take it slow before purchasing your new home, says BankRate. Consider making an effort to increase your debt-to-income ratio which could positively affect the mortgage amount lenders would be willing to let you borrow. You can try to keep yourself from obtaining other debts such as availing a car loan or opening new credit cards.
Bankrate also advises avoiding changing of banks, transferring to another job, being in between jobs, or moving chunks of money around.
Make a Thorough Background Check on the Neighborhood
If you are trying to shop for a new home, it is also best to consider the kind of community you are about to get into. You can check on the neighborhood area not just on broad daylight, but at night time. You can also drop by the area at varied times.
Bankrate also recommends heeding the bad signs such as too many homes in the vicinity being sold, nearby homes being converted into rentals, commercial and office spaces either vacant or tenants moving out.
Look for areas where educational institutions are deemed highly-reputable, young families are trying to start a family, elders look happy and content, there are more commercial developments on the way, and homes are in-demand.
Find a Realtor That Suits You and Your Needs
The home buying process is not an overnight undertaking nor something you can just simply breeze through. Most of the time, it could be overwhelming, and that is why it's advisable to look for professionals who would really take your best interest to heart. They must be hard working, reputable, and easy-to-work-with according to Blue Water Mortgage Corporation.
It will be a bonus if you can get your realtor to work harmoniously with your mortgage broker.
