Searching for a home is kind of like finding love:
You may tour a lot of homes that are not quite the perfect fit. But when you open the door to “the one,” it just feels different: It checks all the must-have boxes, makes you feel good, and it’s something you can see yourself in for a long time.
Not so fast!
Just like with love, you might think that home is perfect for you — until you really get to know it. You might not realize it at first, but your emotions may be preventing you from seeing some red flags.
Here are some house-hunting tips to help you avoid making the wrong commitment:
Set boundaries.
Even if you’re pre-approved for a mortgage, you should always try to spend less. Be very specific with your real estate agent about your financial and geographic boundaries. If your agent isn’t respecting your boundaries, find another one to work with!
Use a Realtor who’s honest!
And, don’t waive the home inspection! When you’re competing for a house, it can be tempting to overlook flaws and needed improvements. The start of your home search is a good time to inquire about CommonWealth One HomeAdvantage Program, which gives you access trusted real estate agents and also gives you a cash rebate at closing!
Plus, you really do need to have a qualified home inspector look at everything from the roof to the foundation! Listen to your Realtor when she points out things that may need improvement.
Think like an investor.
While you may be thinking about the best home for your family and lifestyle, it’s important to also think like an investor. Will this home help you build wealth over time? Would another home help you build more wealth? What does the neighborhood and local school system look like — and are they on an upward trajectory?
Find the right mortgage.
Mortgage rates are higher than they’ve been in recent years (but lower than they were in the 1980s). Talk to a Member Advantage Mortgage Loan Officer, who can help you understand and secure the best loan option tailored to your needs and goals. While cashback at closing from the seller may be nice, be sure to ask about how to “buy down” your mortgage rate, which can save you a lot more money in the long run.
