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Learn from others' mistakes and save money on your new home
Buying a new home can be a daunting task, even for someone who
has owned several homes. If you recently purchased your first
home, you probably found that is hard to find good advice that
is truly useful. You had to learn a lot on our own, but at least
now you probably feel comfortable and knowledgeable about the
whole process.
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My wife and I recently purchased a new home in Tennessee.
Here are some helpful hints we picked up along the way:
1. Use all of the online resources available. Almost every
state and local government has a website where you can research
real estate information. The data on home sales, taxes, and
neighborhoods is invaluable when you are shopping for a home.
We were able to find out the most recent sale prices in the
neighborhood we selected, and we didn't have to rely on a real
estate agent to get the data for us. Doing the research yourself
will make you more knowledgeable about the market, which is
key to making a good purchase.
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2. Be realistic about how much you can spend. Try to buy a
home in a price range that allows you to put down 20%. If you
put down less than this, you will have to pay PMI (private
mortgage insurance) to protect the lender in case you default
on the loan. I know that 20% is a lot, but it's not unrealistic.
You may not be able to do it on your first home, but hopefully
you can on your second home. The profits from the sale of my
condo enabled my husband and me to have more than enough for
the 20% down payment on our home. But we didn't put it all
down on the home - we saved some of the profits for the unexpected
expenses that come with buying a home. We suggest that you
do the same.
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3. Shop for a home in the winter, preferably around the holidays.
Since most people just aren't interested in buying a home when
they are trying to deal with the holidays, you can pretty much
be one of the few buyers out there. We bought our home right before
Christmas, and it was definitely a buyers market. We had our pick
of homes and were able to underbid on the asking price, even though
we live in one of the hottest real estate markets in the country.
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4. Use a smaller mortgage company that can offer personal
service. People tend to go with large, well-known mortgage
companies, since that's all they know. But the smaller, regional
companies provide excellent customer service, and can often
give you better rates than the big companies. Since they don't
advertise and instead rely on word-of-mouth, they have to be
good in order to get your service. We started off with a big-name
company, but in the end, we went with a regional company because
they had better rates and better customer service.
5. Always have a home inspection. I think most people know
this fact already, but it is really important in areas with
a hot real estate market. It can be easy to get caught up in
bidding wars, and to want to get a house at all costs. Some
friends of ours wanted a house so badly that not only did they
overbid, but they also waived the home inspection. They got
the house - and right along with it they got several thousand
dollars worth of damage that would have been found in an inspection.
As a final note, try to remember that buying a home doesn't
have to be scary. It's very exciting to own your own home,
so think of all the good things that will come once you have
made it through the home-buying process. If you follow the
advice above, then you should be well-equipped to make it through
unscathed.
6. Save money and shop for your home insurance the easy way!
Yeah, I know this is a shameless plug for our web site, but
seriously, whatever web site you do use, get online and shop
around for your home insurance. You can get multiple home insurance
quotes from HometownQuotes.Com or any of a dozen or so reputable
companies online. Go to a search engine, like Yahoo! and type
in 'home insurance quotes.' This is the best way because if
you get 5-10 good quotes you can decide for yourself who is
the best.
About The Author
Matt McWilliams is one of the co-founders of HometownQuotes.Com, an online
insurance quotes web site. He is originally from Pinebluff, NC and
graduated from Middle Tennessee State University in 2002. He is considered
an expert in the field of online insurance shopping and finding new
ways to help consumers save money on their insurance. For more information
visit http://www.hometownquotes.com.
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