4 Home Buying Tips From HGTV’s “House Hunters”
Whether you're a previous, current, or future homebuyer, HGTV's House Hunters offers valuable advice to anyone interested in purchasing a home. Here are four, great tips observed from the show that can help you prep yourself for an effective house-search.
Know Your Home Price Point
Prior to meeting with your real estate agent, decide on your total budget and home price range. If you're house shopping with another person, be sure you both agree on the same price point—otherwise you'll likely encounter frustration and disappointment if both of your expectations don't align. When setting your budget consider more than the monthly mortgage payments you'll be paying. Additionally, you'll be paying for property taxes, home insurance, maintenance/renovation costs, and monthly utilities. Therefore, even if you are approved for a loan beyond what you need, think twice about using all of the loan—stick to the budget that's affordable.
Set Realistic Expectations for Home Amenities
Every homebuyer has his or her dream home features and qualities. Make a list of all the features and characteristics you want to see in your home, but then separate those items into a necessity list, nice-to-have list, and bonus list. If you stick to your list of desired qualities on every detail, you'll never find the right home in your budget. Be realistic with your home priorities—you can always upgrade to granite countertops, or finish the basement when you move in, or later down the road when budget allows.
Price out homes with the characteristics your desire—do they fit in your budget? Talk to your realtor about the added costs of homes that come with the features you want.
Consider Multiple Neighborhoods
Avoid pigeonholing your house search into only one neighborhood. While your desired neighborhood may offer the best location you need—proximity to work, other family members, parks and grocery stores, is it necessarily worth the additional cost? Scope out the neighborhood you want to live in, but consider looking at homes within a 10 minute radius. You may find the home you like best, but at a better price!
Don't Wait to Make an Offer for the Right Home
When you find the home you love, don't wait to make an offer to the seller. Unless you know there are multiple offers already given, consider offering below the selling price, or negotiate with the seller to cover the closing costs. If they accept your offer, you could possibly have extra money to make the updates and renovations you desired when house hunting.
Before making an offer, be sure to analyze the selling prices of homes in the neighborhood to learn about your potential home's previous, current, and future value. Additionally, be sure to pay attention to the home's appraisal value. Never offer above the appraised value—you would essentially be paying for a house for more than what it is worth.
Is this your first-time purchasing a home? Get the tips and advice you need with this First Time Home Buyer Guide. Download it today!
