Team Parkhill's Blog
The homebuying journey can be long and arduous, particularly for an individual who makes mistakes along the way. Fortunately, an informed homebuyer can identify potential problems early in the homebuying journey and take the necessary steps to resolve such issues without delay.
Now, let's take a look at three common mistakes that homebuyers make, along with the best ways to eliminate these problems before they escalate.
1. A homebuyer spends too much time debating whether to submit a home offer.
The housing market moves quickly, and a homebuyer who hesitates to submit a competitive offer on a residence risks losing this house to a rival homebuyer.
Ultimately, it pays to learn about the real estate market. That way, if you fall in love with a house, you'll be better equipped than other homebuyers to submit a competitive offer before it's too late.
Check out the prices of houses in cities and towns where you'd like to live. This may help you narrow your search for the perfect home and provide housing market data that highlights how much it may cost to acquire your dream residence.
Also, take a look at the prices of recently sold houses in different areas. This will enable you to determine whether you're working in a seller's market or a buyer's one.
2. A homebuyer foregoes a home inspection.
Even though a homebuyer may want to rush through the purchase process, there is no reason to forego a home inspection.
When it comes to buying a residence, it is always better to err on the side of caution, and a home inspection offers a valuable opportunity to learn about a house's condition and uncover any "hidden" problems with a residence.
For example, a home inspection may reveal roof damage that could lead to thousands of dollars in roof repairs in the near future. On the other hand, a home inspection may show there are no major issues with a residence, thereby verifying that a house is a sound investment.
Don't forget to consider a variety of home inspectors before you schedule a property inspection. This will ensure that you can find a home inspector who possesses the necessary skills and expertise to perform a deep evaluation of a home before you finalize your purchase.
3. A homebuyer tries to purchase a house without support from a real estate agent.
For those who want to streamline the homebuying process, expert help may be necessary. Luckily, you can hire a real estate agent who can help you seamlessly navigate the homebuying journey.
Real estate agents are easy to find in cities and towns nationwide. Meanwhile, these housing market professionals are available to help you narrow your home search, submit offers on residences and much more.
If you need additional help during the homebuying journey, it usually is a good idea to hire a real estate agent. By doing so, you can receive the expert guidance and support that you need to go from homebuyer to homeowner.
If you plan to purchase a house soon, you may want to narrow your home search. In fact, there are many reasons why you should hone your house search, and these include:
1. You can seamlessly navigate the homebuying journey.
The homebuying journey may seem tough to navigate, regardless of whether you're a first-time or experienced property buyer. Thankfully, narrowing a home search enables you to speed up the process of going from homebuyer to homeowner.
Ultimately, a refined home search allows you to focus exclusively on residences in your preferred cities and towns. This will make it simple for you to find houses that fall within your price range, set up home showings to view these residences and proceed accordingly.
It also may be beneficial to craft a list of home must-haves and wants before you conduct a house search. With homebuying criteria at your disposal, you can further accelerate the homebuying journey.
2. You can act quickly to acquire your dream house.
As a homebuyer, you must be ready to pounce at the opportunity to purchase your dream house. Because if you hesitate during the homebuying journey, you may miss out on the chance to buy your ideal residence.
If you narrow your home search, you may be better equipped than other homebuyers to act quickly to submit an offer to purchase a great house at an affordable price. And if your offer to purchase is accepted, you then can move one step closer to acquiring your dream home.
3. You can avoid wasting time and resources.
When it comes to finding a home, it generally is a good idea to plan ahead as much as possible. That way, you can avoid the risk of wasting time and resources throughout the homebuying journey.
With a refined home search, you can increase the likelihood of maximizing your time and resources. A refined home search ensures you can focus solely on residences that you are sure to enjoy and avoid houses that are unlikely to match your expectations. Then, you can find your ideal home and transform your homeownership dream into a reality.
As you get ready to start a house search, you may want to collaborate with a real estate agent. By hiring a real estate agent, you can receive plenty of support as you evaluate residences.
A real estate agent understands what it takes to find a house in any city or town. He or she will learn about you and your homebuying goals and offer personalized home search tips. Plus, a real estate agent will set up home showings and keep you up to date about open house events. Perhaps most important, a real estate agent will respond to your homebuying concerns and questions and ensure you can make informed decisions at each stage of the homebuying journey.
Take the guesswork out of finding the right house at the right price – hire a real estate agent, and you can receive expert assistance as you search for your ideal residence.
Purchasing a home may prove to be a long, arduous process, particularly for individuals who fail to prepare for potential house buying hurdles. Thankfully, there are several things that you can do to put yourself in position to enjoy a successful homebuying journey, such as:
1. Establish Realistic Expectations
Much in the same way that Rome was not built in a day, you should not expect to find and acquire your dream house right away. If you establish realistic expectations from day one of the homebuying journey, you can identify and resolve potential problems before they escalate.
Think about why you want to buy a home, where you want to reside and other homebuying factors. Then, you can make a list of homebuying goals and criteria. And once you have this list in hand, you can map out your quest to achieve your desired house buying results.
2. Get Your Home Financing in Order
If you find a home you want to buy but cannot quickly obtain financing for this residence, you may lose the house to a rival buyer. On the other hand, if you start a home search with a mortgage in hand, you could seamlessly navigate the homebuying journey.
To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions employ mortgage specialists who can teach you about all of your home financing options. Next, you can select a mortgage that enables you to acquire your dream residence without spending beyond your means.
3. Hire a Real Estate Agent
Oftentimes, it helps to hire a real estate agent prior to launching a home search. Because if you work with an expert real estate agent, you can gain comprehensive homebuying insights that you may struggle to obtain elsewhere.
A real estate agent understands what it takes to purchase a house in any housing market, at any time. First, he or she will learn about you and your homebuying expectations. A real estate agent then will craft a plan designed to help you identify your ideal residence. This housing market professional next will put this plan into action and ensure you can check out a broad array of quality residences. Finally, when you discover your dream house, a real estate agent will help you submit a competitive offer to acquire this home.
Let's not forget about the assistance that a real estate agent provides after a seller accepts your offer to purchase his or her home, too. At this point, a real estate agent will help you schedule a home inspection and finalize your house purchase. And if you ever have concerns or questions before you complete your home purchase, a real estate agent is happy to respond to them.
There is no telling what challenges you may encounter when you try to buy a house. With the aforementioned tips, you can minimize risk during the homebuying journey. Perhaps best of all, these tips could help you speed up your quest to find and purchase your dream home.
The penthouse is the pinnacle of real estate in many markets -- and places like New York and Miami -- have plenty of options to choose from. It's easy to get caught up in great decor or fall in love with a view, but there are other considerations as well. Here's what to think about when you shop for a luxury penthouse unit.
Expect to Pay a Premium: Most penthouses are priced above similar sized units in the same building, so be prepared to spend a little more for that amazing view and those amenities. A single penthouse spanning the top floor will command more of a premium rate than one that shares the floor with one or more other units.
You Can Still Negotiate: While a penthouse will command a higher price than any other unit in a specific building or location, you can and should negotiate the best deal. In cities with a glut of inventory in this price range, you may be able to secure a better price, simply by presenting the right offer. Your real estate agent can help you determine how flexible a price is and what fair market value is for a home you are considering.
Inventory Impacts Price: In high-rise dense cities like New York, there are always penthouse properties available. Outside of cities, though, you may have fewer options In vacation and resort areas with coveted views, there are only a small number of penthouse properties to begin with, and they are not all on the market at the same time. Act swiftly if a property you truly want becomes available to avoid missing out.
Visit at All Hours: If you will live in the penthouse property, you should visit it during the day, at night and on weekends. Because this property is near the roof, it may also be near HVAC and elevator equipment -- these can get noisy when in heavy use. Newer penthouses have insulation and soundproofing, but older ones may not, so the home could be noisier than you expect when everyone else in the building is home.
Is the view guaranteed? A building that faces the ocean and is directly on the beach will have a view that is not interrupted by future construction, but not all penthouses fit this description. You should be aware of zoning and building possibilities -- could a taller building be placed in front of yours -- disrupting your view? Your agent can help you discover if this nightmare scenario is a risk factor in any home you are considering.
Buying a penthouse is different from other luxury property purchases, because the view and position of the home offer so much and contribute to the price. Be aware of the setup of the building and its location -- and be ready to move if a penthouse becomes available in a market with scant inventory. Your real estate agent can watch for new listings and help you be first in line to view new luxury properties as they arrive in the marketplace and ensure you don't miss out on the home of your dreams.
Believe it or not, you don't need to be a homebuying expert to score a great deal on your dream residence. In fact, there are many things you can do to find and acquire a house that won't force you to break your budget, and these include:
1. Shop Around
When it comes to conducting a home search, it generally is a good idea to be thorough. If you search for residences in a variety of cities and towns, you can boost the likelihood of finding a home that you can afford.
Also, it is important to remember that scoring a great deal on a residence usually requires hard work and patience. If you perform lots of housing market research, you can gain deep insights into the real estate sector. You then may be able to use housing market insights to find ways to speed up the process of locating and purchasing your ideal home.
2. Get Pre-Approved for a Mortgage
If you have a mortgage in hand when you start your home search, you will be better equipped than other buyers to pounce at the opportunity to acquire a budget-friendly home.
Typically, it won't take long to get pre-approved for a mortgage. If you meet with myriad banks and credit unions, you can explore all of your home financing options. Then, you can select a mortgage and perform a home search with a budget at your disposal.
If you have questions about a mortgage, there is no need to worry, either. Banks and credit unions employ courteous, knowledgeable mortgage specialists who are happy to respond to your home financing queries. Therefore, these specialists can help you make an informed mortgage selection.
3. Collaborate with a Real Estate Agent
A real estate agent is a homebuying professional who will help you find a terrific house at an affordable price – without exception. He or she knows what it takes to perform an in-depth home search, and as such, will take the guesswork out of acquiring your dream residence.
In addition, a real estate agent offers comprehensive homebuying insights you may struggle to obtain elsewhere. If you are unsure about where to search for a home, for example, a real estate agent can help you hone your homebuying criteria. Or, if you are uncertain about how much to offer to acquire your dream residence, a real estate agent will help you submit a competitive homebuying proposal.
A real estate agent is available to assist you in any way possible as you navigate the homebuying journey, too. That way, you can get the help you need to seamlessly go from homebuyer to homeowner.
For those who want to purchase a first-rate house at an economical price, it helps to prepare for the homebuying journey. By using the aforementioned tips, you can move quickly to find a home that falls in line with your finances. As a result, you could accelerate your home search and acquire your ideal residence in no time at all.