Real Estate News

3 tips for buying a new home this year

Published: 12 Jan 2017

Preparing for a new home purchase requires research. New owners will need to both get the best deal and find a home with all of the qualities they need. Searching for the right mortgage will entail work on part of the buyer, as well as a commitment to supportive policies, such as title insurance, which will offer protection against common threats to title.

In addition to common sense, new buyers should look to current trends for help deciding on the right mortgage. Consider these tips for a better home search.

  • Remain flexible: Bill Brown of the National Association of Realtors recently advised new buyers to "act quickly," given the "tight supply" situation in the current market. However, it can also be useful for buyers to keep something of an open mind, as long as they find the key priorities they want. The competing buyers on the market could also encourage potential owners to act sooner than later, knowing others are likely interested in the same property.
  • Know the difference between title insurance options: Insurance costs and services will vary throughout the country, so it helps to know exactly how the state in question handles both the buying and using of insurance. State differences can also matter when considering the property itself in general, as new buyers look for the most attractive markets.
  • Stay aware of future expenses: There may be repairs needed on a new home, and if so, the buyer needs to have enough money and time set aside to take care of these issues. HGTV said that the future owner could create a list of the future expenses to tackle after the purchase is completed.

Owner's insurance can be an important enhancement to ownership as buyers do their best to secure their title.