Recommendations To Help You Find The Right Home For Your Wish List And Budget

25 February 2020
 Categories: Real Estate, Blog

When you begin the search to find your own home, whether it is a dream home or a starter home or both, you want to make the process and the transaction fair and without a great deal of stress or issues. The search criteria you use and the professional real estate agent you choose can make a big difference in your experience and the outcome. In following these recommendations, here are some home search tips to help you to find the right home for your wish list.

Adjust Your Search According to Your Budget

As you start off your search for a home, it can be easy to get excited about the prospect of selecting a home and to forget your financial budget. First, look at your income and expenses to see what you can put toward a mortgage payment and other home expenses you will need to take care of. You will need to cover homeowners' insurance, property tax, and the costs to maintain and repair your home, which can require you to put money aside each month into a savings account.

Use this monthly amount and talk to a mortgage broker about how much of a loan you can qualify for with current interest rates and staying within this monthly budget. They will be able to calculate a maximum mortgage amount with an amortization calculator to help you set this limit. Be careful that you don't overshoot your budget even when you find a home that is perfect except for its price.

However, if you do find a home outside of your budget, look at the home with your realtor to see if it would be possible to offer a lower price for the home but still stay within your budget. Keep in mind that you don't want to submit a too-low offer, offend the seller, and risk missing out on buying the home.

Negotiate After the Inspection

Negotiating the purchase of a home starts with negotiating the initial purchase offer. However, in your purchase contract, you should allow yourself time to inspect the home professionally to look for any problems within the home that you don't know about. So when you hire a professional inspector, they will go through the home and write up a report to you of their findings.

Review this report with your real estate agent so you can renegotiate the original contract when necessary. For example, if the inspection comes back finding mold in the attic, you can ask the seller to reduce the sale price or repair the mold problem. You can also adjust the contract so you get a concession at the close of the home purchase. No matter how you choose to renegotiate the contract, it is important that you do so to make sure the money you put into the new home purchase is fair and equals the market value. 

To learn more, about real estate, such as NH lakes region homes, contact a real estate agent.