It’s part two of our helpful home buying series where we’re sharing tips for first time home buyers . Read the tips below and tell us what you think.
If you haven’t already, you will also want to check out our first post: Practical Tips for New Home Buyers – Part 1. Enjoy our second round of tips.
Assuming your first offer will be accepted.
As housing prices become more affordable and interest rates continue their favorable trend, don’t assume that your first home offer will be enough to get your dream house. It’s never a bad idea to put in a slightly lower first bid to test the waters. Use the money you’ve held back to up your bid if necessary or enjoy the savings I your initial offer is accepted.
Skipping the house inspection.
Skipping a professional inspection can be a very serious mistake. Even overly honest homeowners cannot report problems they are not aware of. To be safe, hire a qualified professional inspector to do a thorough evaluation of your dream home before you sign any paperwork.
Failing to include a contingency clause in the contract.
This clause protects you if, by chance you lose your job and your loan falls through, or the appraisal price falls under the purchase price. The clause ensures that you as the buyer, get back the money you used to secure the property. It also negates your obligation to purchase the property.
Remembering these simple tips should help any first time home buyer. Now get out there and start the exciting home search you were meant to have!