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Introduction
Last week we talked about the importance of getting clear about your budget, desired location and preferred property type before you start searching. This week we are talking about what to look for once you have found a property that you like.
When taking your initial walkthroughs it is important that you do a thorough check. Walk through the entire house, look at the walls and ceilings in every room, including bathrooms. Keep an eye out for any water damage in particular.
Try out everything in the house. Flush the toilets, flip light switches, check on the windows and electricity sockets. If you are thinking about doing renovations, take a contractor to visit the house with you. This can give you a realistic sense of the cost of the changes you have in mind.
Many mortgage providers will only lend up to the market value of a property — if you offer more, you may have to cover the difference out of pocket.
Choosing the right property
Finally, do not rush. When you have found a house you really love, it can be easy to get caught up in a bidding war. No one wants to accept that there are no terms contrary to your interest. But remember, many mortgage providers will only lend up to the market value of the house. If you offer more, you may have to find the difference out of pocket.
Conclusion
Finding the right property takes time, and you never know — a similar property in the right price range may be around the corner. Keep the faith and keep looking! With these tips in mind, you will be on the road to home-buying success.