Does It Pay to ‘Shop Around’ When Buying a Home?
posted in Mortgage News
With the ease at which people can view and purchase properties online nowadays, there really is no excuse for not shopping around when property hunting. After all, buying a home is a significant investment and settling for the first place you like the look of, could mean that you miss out on a better property, in a better area and at a better price. That said, there can be no substitute for viewing a property in person, no matter how many you look at virtually.
So, browsing a selection of homes before making your final purchase is highly recommended, but where should you draw the line?
How much should you shop around?
As discussed above, looking at several properties before making a choice can be beneficial for a number of reasons, and not least because it can help you to get the very best property for your needs. That said, on the opposite end of the spectrum, looking at too many properties can be overwhelming and more than a little confusing. Your choices can become blurred and you may even forget what you want from a property after seeing so many, especially when doing so virtually.
Why does it pay to shop around?
Let’s look in a little more detail at the advantages of shopping around for a property, and doing so in person, too:
- Each property tells you something different – the more properties you look at, the more familiar you become not just with what’s on offer on the market in your area, but what your own particular needs and desires are. You’ll begin to hone your tastes and get a much clearer understanding of exactly what you’re looking for from a home.
- You can chat to the real estate agent – nothing beats a face-to-face conversation with someone who understands the local market, for helping you find the property that will best match your needs and budget.
- In person shopping around takes you directly to the neighborhood – how can you ever truly know the area you plan to move to if you don’t experience it first hand?
- Discover the ‘real’ property – real estate agents are skilled at photographing properties in their best light, and for describing aspects of the building in ways that may not accurately reflect the reality. Visiting a property in person is the only way to know whether what you’re seeing on an online listing, is the truth.
How can working with a mortgage broker help?
A local mortgage broker will have just as solid an understanding of the local housing market as a real estate agent, and if you work with one from the outset, they can help you select homes that are within your budget. A real estate agent doesn’t have your financial interests in mind when showing you properties, because that isn’t their role; their role is simply to sell homes.
It always pays to look at multiple properties when house hunting, if only to help you refine your choices and ensure that you don’t rush into buying the first home that ticks a couple of boxes. Just make sure that you get some expert guidance when making your final decision, and be wary of house hunting fatigue!