From first-timers to flippers, most homebuyers’ biggest fear is overpaying for their next property. But fear not! Listed below are some strategies and resources that can help you avoid paying too much for that home:
§ Understand all your mortgage options.
Getting the best possible deal on your home loan is as important as getting the best possible deal on the property itself.
§ Get pre-approved – not merely pre-qualified – for your mortgage.
You’ll know exactly how much money you’ll be allowed to borrow if approved, and, as a result, you’ll know what price range you should – and shouldn’t – be looking at.
§ Ask for property comparisons.
Is the property you’re interested in fairly priced? Is it priced too high? To find out, you need to know what comparable properties in the area have recently sold for.
§ Don’t skip the home inspection.
It may reveal problems not taken into account in the seller’s asking price, meaning the property may well be overpriced. Or it might help give you peace of mind that the price is justified.
§ Have other options.
Desperation to win this home because you have no alternatives in mind can easily lead to overpaying. If you’ve identified a couple of other homes you’d be just as happy in, you can more easily walk away.
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