Home buying is a long process and it could take you a while to find the property you want, given the current market situation in Wood Buffalo. Buying a home could cost you more than you bargained for, particularly if you don't know the ins and outs. Luckily, a buyer's agent can help you navigate, but there are things you should take into account yourself as well.
The first thing to remember when home-hunting is to look for one that you can make your own. A recent post from MV Buyer Agents talks about the importance of buying lower-end properties and making it your own:
Go for the Home that You Can Make Your Own
Let’s say you’ve done all the legwork, contacted a lender and came up with an amount that you’re pre-approved for. A mistake that too many homebuyers make is not realizing that’s their upper limit.
Instead of looking at properties at the upper end of your maximum loan amount, consider going lower and giving yourself enough room to negotiate in the buying process.
There are plenty of high end luxury properties available for sale, but lower end properties that might require a little maintenance or remodeling before you move in are super-hot right now.
You spend less and get to make the home completely yours.
If you really want to spend less, there's no need to buy a luxurious property that goes way
beyond your budget. Instead, you can make do with a lower end property that you're able to renovate.
Next tip is to purchase a home during the off-season. There are only a few weeks left till the snow melts and we enter spring, but it's still a good time to hunt. A new post from PHX Wholesale Properties shares the monetary advantages of buying your first home during the winter season:
Buy in The Winter
There are many ways to save money when shopping for a house. By knowing what to expect and that you always have options, you can save some serious cash when buying your home.
Statistics show that home prices tend to drop in the winter time. There are a few likely reasons for this. For one, fewer people are buying during this time of year.
Depending on the climate, cold weather will deter many people from moving. Also, families will usually avoid disrupting their kid’s school year if possible.
Sometimes, interest rates will drop. With fewer people buying, lenders will cut their rates to gain a competitive edge. h/t phxwholesaleproperties.com
The season can make a huge difference and can save you a lot of money. So in order to gain the most
negotiating power and also a better or cheaper price, winter is the season which you'll likely want to purchase a house. Since fewer people buy during winter, you have greater leverage.
Take advantage of buying a home during the off-season!
Lastly, be sure to consider your mortgage options. Your agent will usually recommend a mortgage advisor, but it's always a good idea to get other opinions:
Shop Around
When you’re a first-time homebuyer it’s easy to focus only on the end goal. However you have to remember to look at the bigger picture. Check out your financing options with multiple lenders. That will help make sure you get the best rate possible. Getting preapproval gives you an idea of how much of a mortgage you’ll qualify for and whether you qualify for the best interest rates. Via smartasset.com
We're not mortgage advisors, so we can't say much more, but shopping around may save you a lot on your mortgage and in turn your home.