As Forbes writes, there has never been a better time to buy a new home. Why? There are more cheap homes available now than in the past, thanks in no small part to the housing crisis of the last few years. Add to that the fact that mortgages are easier to get and the unemployment rate dropping to 6.6% by year-end 2014, and you have a perfect climate for buying homes.
That doesn’t mean that buying a new home, whether you’re looking for homes for military personnel or homes for relocation for a new job, comes without risk. The average home cost, as any local realtors worth their salt can tell you, is expected to climb by 3% this year. With so much on the line, you need to make sure you’re making the smartest investment in a new home as possible, and with these tips on buying a new home, you can do exactly that.
Four Tips on Buying a New Home
- Build a New Home or Buy from a List of Used Luxury Homes?
- Shop Around
- Everything Needs to Be in Writing
- Compare Prices with Real Estate Websites
As NOLO.com writes, one of the biggest considerations for new homeowners is whether to buy a newly built home or to go for something used. There are many pros and cons you have to weigh here. For instance, a newly built home allows you to customize everything, ensuring you get the home you’ve always wanted. On the other hand, buying used often means avoiding a limitless price-tag.
Two-years ago if you were offered a mortgage, it would be in your best interest to take it. However, now that the markets have recovered, you can be selective. As Banking My Way suggests, settling for the first mortgage offer that comes your way is a surefire way to spend more money in the long run. Take your time and shop around. Even saving 0.25% on a 30-year Fixed Mortgage rate will save you considerable amounts.
Whether you decide to buy a new or used home, you need to make sure every detail of the contract is in writing. Take this example from BankRate.com: Imagine you’re moving into a housing community. One of the factors that got you to buy a home was the guarantee that you would have access to a community pool and tennis court. However, after moving in, the plans for those amenities are scrapped. Unless you have that original guarantee in writing, you’re going to have a hard time pushing to make sure promises are fulfilled.
The Internet Age has brought a number of powerful new tools to consumers. Zillow, for example, is a real estate website that allows you to find homes and compare the prices of similar homes against each other. If you find a home that you really love but the price seems too high, check out what Zillow has to say. Doing so, you may be able to negotiate the asking price down.
2014 is the perfect year to buy a new home for your family, whether you’re moving to a new city or it’s simply time to get out of that old apartment. Just make sure you keep these tips on buying a new home in mind. Find out more about this topic here.