Tip 1 - Be a Better Browser

When you stumble into your dream home, it can become too easy to get swept off your feet by a stunning master’s walk-in closet or airy outdoor living space. However, you’ll want to consider more than just how a property looks.

Naturally, you’ll want to consider listing prices within your budget. If you’re reaching for a property that may be a little above what you can afford, think about whether you’re willing to take out a larger loan or seek a gifted deposit.

Research the neighborhood. If you’re moving with children, consider nearby educational institutions. Mull over state-specific property taxes and market trends, which are factors that can influence your mortgage rates.

Tip 2 - Look into the Future

Visualize the potential in every home you visit. At first sight, falling in love is romantic and poignant—but it may create a blind spot. Perhaps you’ve come across a property that is perfectly suited to your preferences but rife with a need for repairs and replacements.

On the other hand, a charming fixer-upper may require a bit of a revamp but save you thousands in the long run. Consider properties that you intend to inhabit for at least five years to break even on your mortgage.

Tip 3 - Research Market Trends

If you have flexible boundaries, consider inventory and pricing trends across various states. Consider whether your dream home exists in a buyer’s or seller’s state.

You’ll know it’s a buyer’s market when the property supply exceeds its demand. Here, you’ll likely come across a goldmine of low-cost homes. On the other hand, it’s virtually impossible to negotiate for lower prices in a seller’s market.

Compare sales data and property values to determine the most reasonable offer.

Tip 4 - Be Ready to Make a Purchase

If you’re house-hunting, chances are you’re already financially prepared to purchase a home. However, you’ll need to anticipate making an offer on the spot to avoid losing an in-demand property. From there, you’ll quickly cascade into having to put down a deposit and processing pre-approval for your mortgage.

As a rule of thumb, create multiple budgets for several homes according to your income, debts, and monthly expenses. Familiarize yourself with the home buying process and shop for a mortgage lender available to you whenever you need it.

HI Velocity Mortgage for O’ahu Home Loans

When you better understand the home buying process, you can create a specific goal with a flexible approach. Pay attention to market trends and consider what you’re willing to rake up for a home you can’t keep your eyes off.

Connect with the best EWA beach mortgage brokers at HI Velocity Mortgage, where we aim to exceed your expectations. If you love the seaside, you can enjoy balmy year-round weather with a new Hawaii home. Call us today at (808) 727-1055!