As a home buyer, you might only care about the listing price of the houses you browse among other non-monetary factors. Moreover, once you decide on a house, you keep your negotiations focused on that listing price. However, the listing price is not the only monetary factors that you need to consider.
So, let me share with you some tips and other considerations to keep in mind before submitting your offer.
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Market Value
Your realtor – hopefully me – will help you research the market and perform some comparative analysis to get a clear picture on the real market value of the house. In some cases, the home will be listed at the right price; in other cases, it will be listed below the market value; and in the rest of the cases, it might be over-priced. So, knowing the right market value of the house will help you assess the situation right.
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Down Payment
The down payment has to be paid within a very narrow window of time after submitting your offer and receiving the seller acceptance. So, before sending your offer, you have to make sure that you have the funds necessary and you have completed the arrangements for your mortgage.
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Inclusions
When viewing a house, make sure to ask about the inclusions. Ask what appliances are included? If you see a hot-tub at the viewing, ask whether it is included or not. Same goes for electric remote-operated curtains, furnace, or water softener, for example. The more you understand what is included and what is not, you will get a sense of the real value of the house, especially if the house is a resale.
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Home Inspection
Home inspection is a critical step, especially for houses listed under the market value. The inspection will give you information about the state of the house and any significant problems that you may face in the future that might need extra repairs.