You want to buy real estate, and you want to ensure the process goes smoothly from start to finish. Since every successful home buying transaction requires a little bit of preparation, here are some things you should know before you set off to buy real estate:
- Don’t move your money around – Three to six months before you intend to buy real estate, don’t make any large purchases or move your money around. Lenders need to be able to see you’re reliable, and they want your financial information to be comprehensive as possible so they can offer you a good loan.
- Don’t try to time the market – The real estate market fluctuates constantly, so don’t try to buy real estate at the exact right time based on where the market’s at. Remember that the best time to buy is when you find the right house at a price point that works with your budget.
- Bigger isn’t always better – When you look at homes, it’s easy to become distracted by the biggest house on the block. Remember that going with the largest house you can find often limits your resale value because larger houses only appeal to a small audience.
- Be aware of all the costs – Not only do you have to plan for a mortgage when you buy real estate, but you should also plan for the additional costs of homeownership. These include homeowners association fees, property taxes, and increased utilities.
