To buy a home you need to have the right information about the market and do a bit of research in the area to help you make an informed decision. The last thing you want to do is buy a house and find out later you spent way more on the property than you needed to. Here are some tips to help you buy your next house and not get taken to the cleaners on the deal.
Always Hire an Inspector
Because a home is a physical property that is exposed to elements and interior wear and tear from its residents, it can be in any type of condition. The condition of a home is not always visible to you when you walk through its interior—there are some spaces in a home that you may not know exist. And when you cannot get a full understanding of a home's condition, you cannot be fully prepared for its ownership.
An inspector will be your best friend in the buying process because they can look through a property and provide you with all their trained findings so you know that, for example, the roof has been leaking into the attic space through a small hole and the rafters have sustained water damage that needs to be repaired.
Don't forget to hire an inspector even when you are buying a financially distressed home, such as a foreclosure home. Unless you are buying the property at an auction and don't have a chance to look at its interior, an inspection will give you a full picture of the property's condition and any work it will need. This will help you determine a fair purchase price when negotiating with the bank selling the home.
Use a Professional Agent
Another great way to make a smart buying decision is to use a real estate agent in your market. Look for a real estate agent that is trained in a specific area—like if you are wanting to buy a home, for example, that is a foreclosure or is bank-owned. If you are looking for a foreclosure home, your foreclosure-experienced agent will know how to negotiate with the bank and the process needed for you to buy the home.
In fact, some banks selling a foreclosure property may not work directly with a buyer, so you need an agent (specifically one trained in foreclosures) to help you secure the property as yours. Finding an agent might seem like a waste of time if you want to begin searching by yourself, but it will pay off in the end when you find the perfect property for a great deal and the sales process goes relatively smoothly.