6 Tips for Buying a House Out of State
Are you planning to settle out of state? Maybe you are moving because of a new job or a new lifestyle. Buying outside of your hometown can be a stressful experience especially if you are not familiar with the area. Climate, weather conditions, job market, housing availability, and the quality of neighbors will determine how easy is it to adjust to the new environment.
You can take various steps to ensure that your move from current residence to the new is a smooth one. Examples include moving to a state where you have friends who can guide you about the social life. If you are making the transfer because of a job, you may have colleagues and other professionals living in the same neighborhood. However, you need to prepare yourself for the buying process, and this article will discuss just that.
Get Pre-approved
Getting pre-approved is not as easy as it seems. You should work with a national lender or an out-of-state bank that can approve your loan application. Mortgage approval can take several weeks, so it is best to get started early.
You will need to send your documents electronically, and you will receive the approval via the same medium.
Work with the Buyer’s Agent
An out-of-state buyer’s agent can be your best friend. You cannot go and check every home in the other state, but you can hire someone to represent your case. A buyer’s agent protects you and your interests. Among various things he does, you will be interested in the following:
- Negotiating the price
- Making sure that a great house is actually “great.”
- Checking quality of education and neighbors in the area
- Informing you about criminal activity, and lifestyle trends
- Introducing you to the other buyers and sellers in the area
- Helping you speed up the buying process
- Explaining the legal matters and making sure you understand every aspect of the process
Do Not Sell & Buy at Once
Banks will not approve your loan unless the sale of your existing house is complete. You can contact a local bank to see if they will lend the money. However, since you are buying out-of-state, the case becomes complicated. Please contact your agent, take his recommendation and then make your decision.
Choose Homes to Buy in the Other State
Your agent will help you with these steps. But it is your job to choose your dream home. Be crystal clear on the features you want in your house.
With young children, you must consider schooling and medical facilities. The commute time is another important factor and so is the property tax and maintenance cost. You can find all this information online, or your agent can send you a neighborhood report.
Live in that Area for One Month
We understand you cannot travel frequently because of job and other commitments. However, you are not renting a place. You are buying a home which is an investment of thousands of dollars. You must go and spend at least a week in the new state. Visit the neighborhood where you want to buy. Our suggestion is that you spare an entire month to explore the new area and see if it is the right fit for You.
Say “Hi” to Future Neighbors
While you are in the area, meet your potential neighbors. Say “hello,” invite them to have a cup of coffee. Meet at the local restaurant. This step is the most difficult one in this list, but it is a must-to-do. Talking to the neighbors will reveal issues that you will be facing after six months or years. Furthermore, many people do not write about these problems on a weblog. You must meet your neighbors and discuss the real problems that people have to face in that area.
