Getting the home you’ve always wanted requires a lot of work. Just searching around online and in estate agents for what you want can take a lot of time in itself, let alone the time it takes to earn money to pay for it. Here, we’re going to look at what you should do to get the home you’ve always wanted. Check out these tips.
Get Your Financial House In Order
These days it’s a lot tougher to get a mortgage, thanks to new restriction on banks following the financial crisis. The result of all these changes is that mortgage affordability tests are now a lot harder to pass and American home ownership levels have fallen significantly from their peak in 2006.
The first thing to do is to collect up all the documents you’ll need to make your mortgage application and submitting them in advance. You’ll need things like past pay slips, bank statements and employer records of employment, as well as details about any outstanding debts.
Look Into Alternatives
When you imagine the home you’ve always wanted, what do you see? Do you see a big house, made from bricks in a beautiful suburb somewhere on the edge of town? If you do, then you could be short-changing yourself.
But there is an alternative that offers far better value for money than that idyllic vision. Mobile homes for sale these days often come with far more modern amenities than traditional houses, plus they’re safer and better built. What’s more, you can do things like specifying the number of bedrooms you want, adding more without significantly increasing the overall cost. This is especially good for people who are planning a family. They’re damp resistant, have an ample floor space, and are often situated in areas that have far more community vibe – perfect for people bringing up kids.
Get Serious About Your Negotiating Skills
The market for homes can sometimes be competitive, not only on the seller’s side but on the buyer’s side too. It’s a good idea, therefore, to make a “sharp” offer. Essentially what this means is matching the highest offer made on the house so far, and then adding 5 percent on top of that. It’s worth remembering that this is only worth doing for homes that have received offers far below their asking price. Sellers are more likely react to offers significantly above their best offer, and will usually sell their houses for these offers, even if they are below their asking price.
When it comes to buying a home, things can still fall through, even when a sale has been agreed in principle. Often another buyer will outbid you, and the owners of the house you want will close the sale.
You still have options, though. One thing you can do is write a letter explaining that you missed the chance the increase your offer. Then make a new offer, covering things like the cost of the sale and say you’re willing to purchase the house directly from them. You’ll have to offer them a significant amount, but if it’s big enough, you’ll sway them.