Your guide to buying a house in North Idaho

A home should be a sanctuary, a place of love, family, and memories. One of the safest havens on Earth! All families hearts long for their own home, yet, there are plenty of challenges to overcome in the process.

If you, too, are dreaming of a home in the sanctuary area of North Idaho and striving to make that a reality, then you’re in the right place. Here are some specific tips to help in strategizing to buy the perfect house.

As you know, a home is probably the largest investment you will ever make. Therefore, you should be cautious and not rely on only one source of information. Consult experienced people (anyone can get a real estate license easily) before you take that huge risk. Let’s begin with the things one should consider.

Your budget

Understanding your financial condition is one of the critical steps towards purchasing a proper house The first step is the meet with a qualified lender -in the area of your purchase. This is very important in itself. Even if a house looks appealing, you can find yourself into in a bad place if you are not planning this expenditure correctly. Local lenders can cross hurdles that perhaps other out of area lenders may not be aware of. I have had offers declined just because the buyer used an on-line lender pre-qualification letter.

The people you consult

This is one of the most underrated factors that play a vital role in a home purchase. While you are trying to find the perfect house, the Agent you consult must have the required knowledge or experience. Most of the time, trusted professionals are hired to advise on the properties for sale. Sandpoint Idaho has numerous qualified real estate agents, and dare I say many part-time or new unexperienced agents?

How do you know, and how do you pick the right one? You may even get referrals from friends or family, often a good resource, but are the referrals also family or friends of theirs? That may or may not make a good agent.

What kind of designations do they hold and how long have they been in the business? Advanced designations display their commitment to the industry. Those are the two biggest questions I would want to ask. Sometimes the “best” selling agents are too busy to spend the time with you or may lead you to a home they have listed. All things to be mindful of.

Talking to your lender

In case you have decided on a home loan, you should make sure that your lender provides you with ample support along the way.

Here are a few things your lender will check:

Your ability to pay back the loan, along with interests.
Your capital reserves or cash reserves will be taken into consideration. In other words, your lender is likely to check for your financial resources or investments, which are quickly saleable for cash.
The type of home you are purchasing is also taken into account. You are likely to be charged according to the house you are purchasing and what you are using it for. The primary residence, vacation rental, or second home.
Your history of debts and repayment is also essential while providing you with a new loan.

Physical inspection of the home

When you saw pictures of the house from your real estate agent (or more so, on-line these days), you may have fallen in love at first sight. Aww, the perfect home! However, let’s face it; the homes for sale always have their best photos taken to attract buyers. Wide-angle, the best light, and none of the bad parts are shown. I can’t tell you how many buyers have said to me, “the pictures on-line lie”. Say you have selected several residential real estate properties in North Idaho, you should always opt for a physical inspection of any house before you select. Many agents won’t even accept offers sight un-seen these days. Many frantic buyers grab them just to get first in line. See them later then decide it’s not for them for whatever reasons. There can be defects that even the real estate agent might be unaware of or doesn’t mention. To avoid such mishaps, it is always recommended you inspect it thoroughly with a professional home inspector. It will not only provide you with peace of mind but also save you from future headaches down the road.

Although much can be summarized theoretically, there will always be new challenges or unconsidered situations while purchasing your home. Take it progressively and logically and try to leave the emotion out, which is hard to do, and be very specific regarding your requirements. It will enable you not to settle for anything less than what you deserve. It’s wise if you find a realtor who will be bold enough to point out the red flags they see. Many may be more interested in the sale than telling you their opinion. Opt for those lenders and real estate agents who can provide you with clarity and transparency putting your interests first.