15 Tips When Buying a Home Online
If you’ve decided that now is the right time to buy a home, you are most probably feeling a little anxious about the whole process. When it comes to buying property, there’s a lot that needs to be taken into consideration. It’s not as simple as picking any old place and making an offer; there’s a lot more to it than that. If you are going to find the right home for your needs, you need to be smart about how you house hunt.
Today, due to the ease of it, a lot of people choose to house hunt and purchase property online, making it much easier to find and buy their dream home. If you’re thinking about doing the same, it’s essential that you know what steps you need to take to ensure that purchasing a home online goes well and is as free of stress as possible.
Bearing that in mind, below is a guide to 15 tips that should help to make purchasing a home online easier and less stressful.
First and foremost, it’s vital that you understand what your financing options are. Have you looked into this aspect of buying a home yet? If you haven’t, it’s essential that you take the time to do so. It’s pointless house hunting if you haven’t taken the time to learn how you can finance your purchase.
If you are going to be able to make an offer on a property, you need to get your finances sorted. This means applying for that mortgage and ensuring that you have all the funds that you need for a deposit. Not sure if you’re eligible for a mortgage? Take the time to clear your debts, pay off your credit cards, and get your bank accounts into the positive, and you should be accepted.
If you are going to decide to shop for your new home online, it’s vital that you take the time to research which sites are reputable. Because the truth is that when it comes to house hunting, not all sites are born equal.
It’s always important to know what you do and don’t want from a property. Before you make an offer on a property, it’s vital that you think carefully about the neighborhood. Do you have preferences in terms of the type of place that you want to live? If you do, then it’s vital that you are mindful of the neighborhood that you’re moving to and take the time to research the area.
Want to determine how far a property is from your work or your child’s school? It might be a good idea to map your route via SatNav, to determine how long it will take you to get from your potential new home to work or your children’s school. (This is important, as you don’t want to have to drive further than necessary each day.)
Can’t go and view an area yourself? Then it’s a good idea to take advantage of Google Maps. You can use Google Maps to take a good look at the street that you may potentially be buying property on. The best way to do this is to use Google Street View and take a proper look around, to see if you like the look and feel of the area.
An important part of purchasing property is choosing the property type that you want to move into. Do you know what property type you want to invest in or are you unsure? It’s vital that you think this through properly, to ensure that you get what you want/need.
As part of the financial side of buying a house online, make sure to factor in the costs that come with moving. Moving house isn’t cheap, and it’s important to realize that.
If you can’t go and view a property in person, it’s a good idea to take a virtual tour of it. Ask the realtor if they can offer you a virtual tour of the property, so that you are able to see it live, rather than via a pre-recorded video or via images.
Never make an offer on a property that you haven’t had professionally inspected. To ensure that everything is as it should be, hire an independent home inspector and get them to perform an audit of the property. That way you’ll know whether the property is in as good condition as you’ve been led to believe.
When it comes to shopping for a house online, you will find that there are plenty of deals available, if you are smart about where you buy from. For instance, if you buy via Home Purchases, you will receive half of the commission back, which can be put towards your moving costs, making your move more affordable.
Although property can sell incredibly quickly, that doesn’t mean that you should rush the process of purchasing a home. The fact is that if you want to find a home that will stand the test of time and be a good fit for your needs, you can’t rush things.
If you fall in love with the first house that you see, don’t make an impulse purchase. Take the time to view at least three other properties, to ensure that you have actually found the perfect one.
Never sign any contract, especially one as vital as a property contract, without consulting a lawyer first. It’s important to ensure that everything is as it should be before you even think about signing on the dotted line.
You might be desperate to move into your new home right away, but it’s important to set a realistic moving date, one that won’t mean rushing like mad to meet it.
There you have it, everything that you need to know about purchasing a home online.
10 Myths About Buying a Home
When it comes to property purchasing, there are many myths associated with the process. The truth is that when you first buy a home, often you turn to friends and family who are already homeowners for support.
Now, the problem comes when you listen wholeheartedly to everything that they say. While your home-owning friends and family members are only trying to help by sharing advice with you, the issue is that they may be accidentally sharing myths rather than facts.
With that in mind, below we have put together a guide to 10 of the most common myths about buying a home.
When you buy property, you aren’t required to pay your buyer’s agent’s commission. The seller is responsible for paying this. The listing agent who is paid by the seller will then share this commission with the buyer’s agent, so as the buyer you don’t have to pay commission. In some instances, such as if you purchase your home via Home Purchases, as the buyer you may be rewarded with half the commission that your agent makes, so it pays to be smart about how you purchase your property.
There is a common misconception that it’s impossible to get a mortgage unless you have near perfect credit. However, this isn’t the case – many mortgage companies are able to offer mortgages to people with lower credit scores, it may just be a case of finding a specialist mortgage lending service.
Another myth surrounding home buying is that you need a 20 percent deposit to be able to afford a house. However, that isn’t the case – there are many mortgage providers that require a much smaller deposit from buyers.
It’s not true that newer and newly built homes don’t require a home inspection by a surveyor before you make an offer on them. That fact is that before purchasing any property, it’s good sense to have it checked over by an expert, regardless of whether it’s new or not.
This isn’t actually true. If you are prequalified for a mortgage, the lender only asks for basic information so that they can determine how much you can afford to borrow. Whereas, preapproved means that the lender has evaluated your finances and credit score and is able to accept your mortgage application as being preapproved.
Many buyers believe that taking out a long-term mortgage is the best option, as it means that their monthly payments will be cheaper. While the monthly payments may be lower than the ones you would have to pay on a 15 or 20-year mortgage, you end up paying much higher levels of interest. So if you want to cut costs, your best option is to opt for a short-term mortgage that costs less in the long-run.
So many buyers believe that the asking price of a property is set in stone, when actually that isn’t the case. Usually, there’s ‘wiggle room’ on most properties, which means that you can make an offer that’s lower than the asking price and it may get accepted.
You might think that you can go it alone and find that ideal property, but even if you’re buying online, you are going to need a little help. To ensure that you find the best property possible for your budget and needs, it’s vital that you work with an expert who can help.
Unfortunately, this isn’t true. Often there are fees associated with buying property, which need to be paid upfront. So not only do you require the deposit, but also funds to cover these. So it’s wise to ensure that you have funds in the bank to cover these kinds of costs and ensure that the buying process goes as smoothly as possible.
This is another common myth about house hunting. The first step to purchasing a property is not looking for a house; it’s getting to know the different areas around and choosing the perfect one for your needs. The fact is that just because you love a house that doesn’t mean that you will love the area, which is why it’s wise to determine which areas are suitable to house hunt in. After all, you don’t want to go and view a house and fall in love with the property but hate the area, do you?
There you have it, ten myths about buying a home that every buyer should know.