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Essential Checks to Make Before Buying a House

By Realty Times

The past few years have been tough on homebuyers. Some experts aren’t predicting a true rebound in favor of homebuyers until 2024. Does that mean that you should wait another two years before buying a home?

Not necessarily. Many people are still having success purchasing a home this year and the key is to prepare as best you can for the house buying process.

We’ve put together a quick but crucial checklist for buying a house that will make it possible for you to acquire a home even in this turbulent housing market.

Read on for our best advice about buying a house in 2022.

Build Yourself a Strong Team

Here is the situation homebuyers are dealing with: inventory is low, demand is high, and prices are competitive. That means that it’s a crucial time to build yourself a strong homebuying team.

Start with an experienced realtor. A good realtor can make you privy to unlisted properties for sale and get you in the door before things heat up. They can also do a lot of the legwork for you to find properties that fit your criteria, even when inventory is low.

Next, work with a mortgage broker. With such competitive pricing, it can become tricky to find the mortgage that will allow you to purchase a house you really love. Working with a mortgage broker will help you to secure financing with reasonable payments and interest rates.

Know the Location You’re Buying In

With such low inventory, many homebuyers are jumping on opportunities to purchase any home that goes on the market, regardless of where it is. This is a risky move and one that you don’t have to make.

Cast a wide net if you have to but understand what you’re getting. How walkable are these neighborhoods and what kinds of amenities and attractions do they offer? How are the school districts and what is the crime rate?

Remember, buying a house means that you intend to stay for quite some time. Don’t make a huge investment that comes with unpleasant surprises.

Take the Building Inspection Seriously

We’re seeing a lot of buyers offering over asking on properties that need a ton of work. Not only does this make it harder to secure a mortgage, but it can also lead to costly home insurance premiums and major out-of-pocket costs.

When it comes time to get a building inspection, listen to what the inspector has to say and be honest with yourself about your budget. If the price tag is high and you don’t have a ton of wiggle room on the other side of mortgage payments, don’t buy a property that is riddled with problems.

Use Our Checklist for Buying a House in 2022 to Protect Your Investment

If you want to buy a home in 2022, the key is to be prepared and reasonable. Use our checklist for buying a house in this market to protect your investment.

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