Tips for Buying a House

Congratulations on your decision to buy a home in San Diego! If you don’t already live in the state, you will soon come to realize that San Diego is one of the best places you can choose to make your home in the United States. With great weather all year round, an abundance of things to do, low unemployment, and some amazing communities, San Diego is regularly cited as one of the most desirable places to live in California. More good news is that it is a growing county with a stable economy and buying a home here is considered a great long-term investment. 

Despite your choice, you may still be a little apprehensive about your property purchase. Buying a house is likely to be the most expensive purchase you’ll ever make and so you want to be certain that you carefully think through every aspect of the process to ensure that you get the right property at the right price. To help you do this, we have put together our top tips for buying a house in San Diego. 

 

Save as Much of a Down Payment as You Can

A down payment of at least 10% is required on virtually all property purchases, but the more of a deposit you can offer, the better the deal on your mortgage you are likely to be able to get. You will be seen as more committed to the purchase, and since you will need to borrow less money, your monthly repayment will be lower, and you should end up paying a lower amount of interest overall. One way to add to your downpayment is to automate your checking account to deposit a set amount into a separate account for your downpayment each month. 

 

Get Your Credit History Squeaky Clean

When you apply for a mortgage, the main thing that lenders will look at is your credit history. This shows the debts you currently have and whether you are paying them off. It will also show them what you can feasibly afford to spend on repayments, enabling them to work out how much you can afford to borrow to spend on your San Diego home. Better credit history usually always means more favorable mortgage terms too, with lower interest rates meaning that you will end up paying less on top of the actual cost of your home. 

 

Find Out if you are Eligible for Assistance

There are a number of programs in San Diego that are designed to help buyers onto or move up the housing ladder. These include closing cost assistance, deferred-payment loans, and homeownership grants. Schemes such as these can significantly help with the financial side of buying a home.

 

Choose Your Realtor Wisely

Your realtor is an invaluable asset when it comes to both finding your new home and securing the best possible deal on it. Many people ask friends and family for recommendations, but it is still advisable that you do your research before you commit to your chosen realtor. A realtor is equal parts a coordinator, negotiator, and advocate. When you choose an experienced, local realtor, they will have excellent knowledge of the area and the market to help you find the perfect property in the right location. They may even have insider information on properties that are coming onto the market, but that may not yet have been marketed – something which is particularly important in neighborhoods where demand outstrips supply. Some of the other things that your realtor will do for you include:

• Helping you to get preapproved for your mortgage

• Accompany you on showings

• Help you to understand property values in your area and what potential homes are worth

• Helping you to write up an offer

• Negotiate your offer with the seller

• Attend your inspections

• Negotiate inspection repairs

• Communicate with other parties in the transaction

• Deal with closing

Be sure to meet with potential realtors before committing and trust your instincts. You will be spending a lot of time working with them to secure your new home, so it is important that you can get along and you feel that they are committed to acting in your best interests. 

If you would like more tips for buying a house in San Diego, please speak to our expert realty team in Escondido CA today.