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House Hunting: 5 Tips You Need To Know
House hunting: The center of many reality shows, magazines, and media coverage. It's a big deal these days, particularly with the housing market in its current condition. So what should you know about house hunting before jumping in with both feet? We've got 5 tips you have to know before you start. 1. Make a list. What do you want in a home? If you have a partner or children, what do they want? Sitting down and making a list of priorities brings a great amount of focus to your quest, and also spotlights what you have to have and what you can live without. 2. Do homework. Research is infinitely valuable when looking for a home. Not only will it give you the upper hand when deciding what to offer on a home, it will also give you an idea of current property value in the neighborhood. 3. Location is important. Yes, you've probably heard the "location, location, location" phrase, but it does hold weight. How good are the local schools? Shopping? Is the commute to a nearby city for employment and travel options difficult or extremely easy? A wonderful home can lose its appeal quickly is you're faced with an hour and a half commute to work, or a two hour or more trek to the nearest airport to pick up visiting family or friends. 4. Get pre-approved. Using a mortgage calculator should give you a great idea as to how much you should be able to afford and therefore, what price range of housing you should look for. You can also find out what loans you'll be able to access as well as what kind of down payment and closing costs you can expect. 5. Be prepared to make an offer. The current housing market is competitive. If you see a house you love, know what the median home sale price is nearby so that you have an idea whether to bid higher or lower than the listing price, and feel confident that the property meets your needs, bid! Don't regret not trying if the home goes to someone else before you had a chance to throw in on the game. |
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