Buying a house in Arizona can seem like a daunting task, especially if you are a first-time buyer. Getting to know the market, the technicalities of the home buying process, and then finding your dream home from among the several options available to you is not a task that can be completed within a day or two.
This is why we have made a list of all the things you will need to know before buying a house in Arizona.
- Know the market:
In the real estate world, there are three types of markets to be in, namely: a buyer’s market, a seller’s market, and a neutral market.
The real estate scene in Arizona is largely a seller’s market. This means that in this area, sellers are putting their homes on the market at a rate higher than what we have witnessed in the past.
Additionally, the markets in different cities within Arizona may differ so know your market down to the preferred city of your choice because what is happening in the East valley may be different from what is happening in the West valley.
- Know your financing options:
Another helpful tip you need before buying a house is to know what financing options are available to you and which path you’re going to take when it comes down to securing the funds to purchase your home. You can decide to secure an FHA loan, a conventional loan, a VA loan, or secure help from a down payment assistance program.
It is up to you to conduct extensive research on each of these options, find out the rates and what your monthly payments are going to be, and finally, to decide which among them is best for you, your income, and your goals.
- Consider your commute:
Considering the road network in Arizona, one excellent home buying tip is to consider what the length of your commute to work and your access to essential services (like the grocery store and dry cleaner) will be. This is essential because you do not want to waste valuable hours that can be used to complete other productive activities on a commute to and from work every day.
Apart from the extra dollars picking a house with a favorable commute saves you on gas, it additionally saves you time and gives you extra hours spend on high-value activities.
- Consider your kids’ Education:
Switching houses comes with switching schools. Consider which school district offers the quality of education you want your child to receive and make plans towards applying to the institution or even looking for a house within or around that district.
There are a plethora of public and private schools in the area, do your research and decide which school system suits you and your kids best.
- Consider your lifestyle and preferences:
One important question to ask yourself throughout the home buying process is “what is my lifestyle like?”
Do you lead a private and quiet life? Do you like to entertain a lot? Do you like to go hiking with the family on warm Saturday mornings? The answers to all these questions should determine your choice of a home, the architectural design, and the geographical area where it is located.
- Know the home buying process:
Read, watch, and download manuals about real estate in Arizona and the home buying process in general. This is essential because the more informed you are about what the home buying process is, the more you will know what to expect, and the more comfortable and at ease you will be through it all.
Gather as much information as you can about appraisals, what to look out for during home inspections, asking for repairs, documentation, and every other stage of the home buying process.
Most importantly, don’t give up. If you lose the house you had your eyes on because you were unable to cut a deal or simply because you wasted too much time, you should never lose your resilience. Get up, learn from the mistakes you’ve made along the way, and go look for another house. Who knows if your dream house may just be around the next corner!