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10 Things to Take the Trauma Out of Homebuying
- Find a real estate professional who’s simpatico. Homebuying is
not only a big financial commitment, but also an emotional one. It’s
critical that the practitioner you choose is both skilled and a good fit
with your personality.
- Remember, there’s no “right” time to
buy, any more than there’s a right time to sell. If you find a home now,
don’t try to second-guess the interest rates or the housing market by
waiting. Changes don’t usually occur fast enough to make that much
difference in price, and a good home won’t stay on the market long.
- Don’t
ask for too many opinions. It’s natural to want reassurance for such a
big decision, but too many ideas will make it much harder to make a
decision.
- Accept that no house is ever perfect. Focus in on the
things that are most important to you and let the minor ones go.
- Don’t
try to be a killer negotiator. Negotiation is definitely a part of the
real estate process, but trying to "win" by getting an extra-low price
may lose you the home you love.
- Remember your home doesn’t exist
in a vacuum. Don’t get so caught up in the physical aspects of the
house itself—room size, kitchen—that you forget such issues as
amenities, noise level, etc., that have a big impact on what it’s like
to live in your new home.
- Don’t wait until you’ve found a home
and made an offer to get approved for a mortgage, investigate insurance
availability, and consider a schedule for moving. Presenting an offer
contingent on a lot of unresolved issues will make your bid much less
attractive to sellers.
- Factor in maintenance and repair costs in
your post-homebuying budget. Even if you buy a new home, there will be
some costs. Don’t leave yourself short and let your home deteriorate.
- Accept
that a little buyer’s remorse is inevitable and will probably pass.
Buying a home, especially for the first time, is a big commitment, but
it also yields big benefits.
- Choose a home first because you
love it; then think about appreciation. While U.S. homes have
appreciated an average of 5.4 percent annually from 1998 to 2002, a
home’s most important role is as a comfortable, safe place to live.
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