I bought a home! I’ve been looking for over a year, but I finally found her!
Buying a home can be stressful, but can be a lot less if you have a plan. Everyone buys homes for different reasons, For me the most important factor was debt control and future home value. I followed three rules to ensure I got what wanted in the house I bought.
- Don’t buy if you’re squeezed. If you’re in a position where you need to find a home and you have a deadline you’re not ready to buy. Not imposable, but you’ll tremendously decrease your chances of finding a deal if you’re only looking at what’s available at that moment. This short term connivence can cost you thousands in the long term.
- Only buy below market value. This will ensure you’re never upside down in case of a market crash or will give you a lot more room to breath anyways. It’s not uncommon to buy a home 25 precent below market value if you’re patient and always watching. Keep your eyes open for foreclosures and HUD homes by adjusting filters on realtor.com and zillow.com. In some cases you can get preference over investors if the home will be your primary residence. Also, drive around in areas you’re interested in and look for signs in front yards “for sale by owner”.
- Buy something you can improve. When you buy something you can improve you you won’t be funding someone else’s investment. Normally whatever modifications someones completed will be sold with the home at a premium. Also, once you get a new home you’ll want to customize a lot of things how you want. Take advantage of the opportunity to learn the lost art of craftsmanship and DIY.
Obviously buy something you want, but after you find that run it through these filters. If you’re patient you won’t be disappointed.