Everyone has an idea of what they would consider their ultimate dream home. If you feel you’re ready to begin the search, here are 6 things you can do to buy your dream house in Cincinnati or Northern Kentucky.
UPDATE YOUR HOME-BUYING BUDGET
To start off, the best thing to do is to examine your current circumstances and make an updated budget.
Besides listing your existing income and expenditures, take into account if you’re currently renting or paying a mortgage. If you’re paying a mortgage, it could be a good step to look into how much is remaining on the loan and maybe pay that off. With additional income freed up, a good suggestion would be to put your regular mortgage payment into a savings account and let that accrue over a period of time.
With your available funds in mind, it’s time to set things up for financing for success so you can buy your dream house.
GET YOUR FINANCING DUCKS IN A ROW
You want to make sure that if you come across the right property at the right price, you’re able to jump on it as soon as possible.
This means getting the mortgage approval process going so everything is ready to go if that dream house pops up at just the perfect time. With a mortgage pre-approval letter, it will make any offers you put down much more appealing to the seller when you try to buy your dream house.
ITEMIZE ALL HOME-BUYING COSTS
Most buyers will get caught up in the offer but lose sight of some of the additional expenses.
The buyer’s and seller’s responsibility to pay closing costs can sometimes get in the way, but offering to pay the seller’s closing costs can be used as leverage if you find yourself in a bidding war over your dream house, for example.
Itemize all home-buying costs in your budget to ensure nothing sneaks up on you and turns your dream house-buying experience into anything less than ideal.
BE PICKY, PATIENT, AND REASONABLE
When shopping for your dream home, be very picky. This process requires a lot of patience but will pay off in the long run.
Another thing to remember is to be reasonable. If you have a seller who is pushing back on contingencies in your offer, it may be better to close the deal and then take care of those concerns you have on your own. I have personally negotiated through several home deals and one thing I have learned over the years is to choose your battles wisely when it comes to small or cosmetic contingencies.
If a seller is getting impatient, they may move on to another offer or do the absolute bare minimum to fulfill the contingencies and get you off their back. On the other end, don’t be afraid to walk away from a counter-offer that doesn’t suit you.
TWO HEADS ARE BETTER THAN ONE
When going on home showings, bring along someone you can trust. Having a second set of eyes examining the property is always a good idea.
If you’re going to visit a home you’ve already fallen in love with, you’re likely to overlook things someone else will notice because they aren’t emotionally invested in the property.
INSPECTIONS MAY SAVE THE DAY
It’s a good idea to have a home inspection done, but one inspection is unlikely to go thoroughly through the entire property.
Depending on the concerns you have and what you want to get out of the property, you may need to consider other inspections. Some of these might include electrical, mold, sewer or septic systems, foundation and structure, and even landscaping and soil. If the home has a pool, sauna, or other special features, you need to find an inspector to look at these systems as well.
A whole-home inspection done by a licensed, reputable home inspector will flag most code violations and bring them to your attention, but sometimes getting an inspection related to a specific issue will save you headaches down the road when you buy your dream house.
Professional Help to Buy Your Dream House in Cincinnati or Northern Kentucky
It can be a stressful process when you try to buy your dream house in Cincinnati, so get help from our professionals by reaching out to us today at (513) 813-6293!