If you are considering buying a home shortly, chances are that you already have a list of expectations with regards to the amount of bedrooms, bathrooms and other amenities you would like to have. However, it is essential that you set realistic expectations to prevent disappointment and inconvenience throughout the buying process. Below are a few points to keep in mind that will help ensure that you get the right home at the right price.

Determine how much you can Afford

This is probably the most important aspect to consider while you’re in the market to purchase a home. Too many new homebuyers make the mistake of purchasing a property for the highest amount that they can obtain from their bank or other lending institution.

Although it may be possible for you to make the monthly payments when purchasing a home for the highest amount that has been granted in the form of a mortgage, this move is not recommended. Instead, you should sit down and compile a practical budget that will make allowance for emergency repairs from time to time. These can even happen in a brand new home, so it is best to have an emergency savings account set aside for this.

Remember that the Cheapest Price may not be your Best Option

While you as the buyer will be keen to get the best deal possible on a home, it is important to keep in mind that the seller is in the same position as you. As a result, if you try and knock their pricing down too low, they may feel that they then don’t need to disclose anything that is wrong. This is one instance where, “You get what you pay for,” will most certainly be applicable.

This means that you may also have to be willing to compromise on some of the items on your dream home wish list. For instance, can you manage with 2 bathrooms instead of 3? Are you willing to settle for a slightly smaller back yard or garage in exchange for a lower price? It is also always recommended that you opt for a cheaper home in a more upmarket suburb than a costlier one in a less upmarket area.

Expect a Few Hiccups

Too many new homebuyers not only expect to be able to find their dream property the first time they go house hunting; they think the process of placing an offer, transferring the property to their names and having all the necessary inspections performed will be a smooth and effortless process. However, this is seldom the case.

Between negotiating your move-in contract and obtaining financing to purchase your dream house, issues may arise, resulting in you either having to re-negotiate or continue searching for an alternative property. When having the various property inspections performed, it is essential that you thoroughly read the reports provided afterwards, as these will help determine whether you should place an offer for a particular property or not.

It is also recommended that you hire an attorney to read through any contracts or paperwork before signing anything.

Keeping the above mentioned points in mind will help ensure that you are able to obtain a home that you can not only afford, but that you and your family will enjoy living in for many years to come. If you think you may have found your dream home in time for Valentine’s Day and need to have a property inspection performed, contact our team today.