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5 Best-Kept Secrets for Buying a Home

Home Blog 5 Best-Kept Secrets for Buying a Home
5 Best-Kept Secrets for Buying a Home

Buying a home may be a common practice for the average American, but it is not a simple one. This is especially true if you are new to the game and have yet to learn the ins and outs of the process. No need to worry, we have plenty of experience from our years in the home buying business and are willing to share the best-kept secrets on the market!

1. Start Today

If buying a new home seems far into your future, that means you are in the perfect position to prepare. Often, many have dreams of a new home but don’t start planning practically for how to get there. Maybe you haven’t bought that new home yet because you’re not financially ready for the investment. However, that doesn’t mean you don’t have a way to prepare. With a home purchase, you will have closing costs and a down payment. Start saving for this now! Imagine how much quicker you can get to your goal of home ownership!   Additionally, the more cash you're able to put down, the less your monthly payment will be.

2. Don’t Go Big

The saying, “go big or go home,” doesn’t apply to the purchase of your home. The big, shiny house on the block may catch your eye, but may not be the house for you. Often, people see a big home and instinctively want it to be their own. Yet, this may not always be the best choice. Large homes can be difficult to resell, as the market for them is different. Not to mention, you’ll have additional utility and upkeep costs that come with increased square footage. You may have a greater chance of profiting from a smaller home when it comes time to sell than a large one.

3. Go Shopping

Take advantage of the open houses that you see as you drive around town - go shopping! Become familiar with a variety of home styles and layouts. How much do home prices vary between neighborhoods?   Ask as many questions as you can, and expose yourself to a home you may not have considered before. You may be surprised by what you like!

4. The Secret Bid

A common mistake is to buy more house than you can truly afford.   Know your limits and stick to them.  Meet with an inspector. Then do your research on the property and the neighborhood before deciding on the first bid.  Put together a fair offer, but realize that your first offer may not be accepted in round one. Beware of making a low-ball offer – you may offend the seller, which can set a rigid precedent for any future bids.   

5. Negotiate, Negotiate, Negotiate

This is where the communication gets tricky and scares the newbies. Haggling might not be a common practice in our culture, but this is the time to be bold. Don’t hesitate on going back and forth on an offer. This is a normal process and it makes you a smart buyer.

When looking to buy a home, Peoples Bank of Kankakee offers options suitable for your financial needs. Contact us today for more info.

 

Member FDIC. Equal Housing Lender. NMLS 407948

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