If you have children, you were probably inundated with advice from well-meaning loved ones as well as strangers. The same rings true when buying a Lake Havasu home. While you appreciate the sentiment behind it, the sheer volume of advice feels overwhelming at times. Some of it can be contradictory, too. Let me help you wade through these murky waters with some helpful tips for the Havasu home buyer. Keep these things in mind and you'll be a happy homeowner before you know it.
Helpful Tips for the Havasu Home Buyer
Live Below Your Means
According to Forbes.com, Warren Buffet is the third richest man in the United States (coming in just below Jeff Bezos and Bill Gates). Even so, he still lives in the original Nebraska house he purchased back in 1958. Why? He believes in a very strict policy of living below your means. Just because you might be able to afford something bigger and pricier now doesn't mean it will always be that way. And if we've learned anything from the financial crash of the mid-2000s, it's that nothing is certain. When life becomes difficult, you don't want to worry about losing your home in the process.
Shop Around for a Mortgage
Unless you pay cash, you're going to need to take out a mortgage loan. A smart Havasu home buyer shops around for their mortgage. Your Lake Havasu real estate agent may be able to recommend a broker for you. But do your own homework as well. Ask about 30-year fixed loans versus 30-year adjustable mortgages. Consider a 15 or 20-year option, too. They might require more per month, but you pay them off much quicker and save thousands of dollars in interest payments.
It Ain't All About the Money
Ask any Havasu home buyer what their biggest concern is and they're apt to reply "money". You need to save up for a downpayment. Then you need to get approved for a loan. When you do find the right property, you're going to need to put in an offer. Believe it or not, the highest priced offer doesn't always win. Why? Maybe their financials look shaky. Perhaps they need to sell their current house first. Or it could be that they need a long escrow. Your real estate agent should be able to find out more about the seller's motivation. Then, you can create an offer that works in both of your best interests.
Visit Multiple Times
When you go house-hunting, it might be a good idea to leave the kids at home...at least for the initial outing. After you narrowed down your choices, drive through the neighborhood a few more times. Visit on different days at varying times. This helps the Havasu home buyer get a real feel for what it would be like to live there permanently. Once you decide which house you want to purchase, then bring the kids by for a "look-see".
Factor in Maintenance Costs
Finally, a Havasu home buyer needs to consider the maintenance costs of a property before they purchase it. Ask about HOA fees (if applicable). Does the home have a pool? When was the water heater last serviced? What about the HVAC system and the roof? Maintaining your Havasu home on a regular basis costs less money than waiting for a huge disaster to hit. Homeowners should figure around 1-4% of the purchase price for annual maintenance tasks.
When you, the Havasu home buyer, take all of these tips into consideration, you'll experience a much smoother and more satisfying transaction. Contact me when you're ready to start your search for your next Lake Havasu home.