What To Do Before Closing On A Home
Home & Garden Real Estate

What To Do Before Closing On A Home

October 29, 2021

The housing market is wild right now, with some properties fluctuating in value by hundreds of thousands of dollars between two to three years.  Similar to how sellers will be pouring over their seller closing costs calculator when it’s time to sell: buyers need to ensure that every decision they make about buying a home is carefully thought out.

If you’re ready to start this process and want to make sure you follow through with the best decision: here’s what to keep in mind.

Ensure The Area Is What You’ll Want

When you’re buying a home, the property you invest in is often where you’ll live for the next ten to thirty years. So look into the area of the homes you’re looking at and avoid any spaces where you may not want to spend these years.

A good example is that in many areas of Phoenix, moving just eight minutes away can change the area’s temperature by eight to ten degrees, thanks to the environment that was built.

Look at the area, consider which things matter most to you, and avoid buying a property that isn’t in a location you’ll want to live in.

Avoid Any Other Major Purchases Or Loans

When you’re buying a home, any minor changes to your credit score can cause major changes to how much money your lender will give you and what your interest rate will look like.

When you’re ready to buy a home, put off making any large purchases or opening any other loans for at least a year beforehand.  Buying a new car, investing in another real estate, or starting up a new business with a loan right before you buy can cost you tens of thousands of dollars extra through your interest rate: be careful what you decide to do.

Look At Market Trends In The Area

Are you in a buyers’ or sellers’ market?  How much is the average home in your area selling for?  Although you can indeed find a home at almost any value in metropolitan areas: going for the least expensive home may not be the most cost-effective decision in the long term.

Look at the market trends in your area and get to know how large the price fluctuations are.  If you think that properties are currently overpriced and look like they’ll go down in price soon, you might want to wait: but there’s no guarantee this will happen.

Housing markets are fickle and often change, so keep an eye on the market and make an informed guess.

Avoid Any Properties That Don’t Fit Your Needs

When you’re trying to buy a home and make the next step in your life, it can often feel like you’re racing to get a property before someone else buys it or before your apartment’s lease runs out.  Don’t allow any outside distractions to affect your decision to buy a specific property. 

If you rush into it without considering everything about the property, you may end up with a project you can’t handle or a property that doesn’t suit your needs.  It’s okay to be picky and move on for reasons that don’t seem large to other people.  This is a ten to thirty-year commitment; being selective can make a huge difference.

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