How Much You Need to Know Before Going to an Open House

Many potential homebuyers might think that it's okay to show up at an open house without any prior knowledge of the space. They're going to view it there, after all, so what need is there to learn about the property beforehand? Although that's your prerogative to do so, there is actually quite a bit you should learn before ever stepping foot into a home you're hoping to buy. When you're looking at Minneapolis houses for sale, it's wise to do your research well before you show up to look at the home so you're sure it's worth taking a look.

One of the first things you should do before viewing a home is to determine the general market value of homes in the area. You don't want to attend an open house for a home that is listed at a significantly higher price than what it's worth. If you know the market value of nearby houses, you have something to bargain with when it comes time to talk about the selling price. Looking online at other houses for sale nearby can help give you a clear picture of proper prices. Just be sure you're comparing correctly. You can't simply look at the home overall, but also the number of rooms and other amenities one might offer compared to another. Those factors make a load of difference in the final price.

You should know what your budget looks like before checking out houses. You don't want to step inside a home and fall in love with it, only to realize it breaks your budget. You also don't want to become too enamored with the space that you go beyond your budget and buy the house anyway. Set a strict budget that you know you cannot afford to go past, and do not view any homes that exceed that number. It's also important to note that just because a bank approves you for a certain amount, does not mean you should go that high. Factor in the monthly bills, property taxes, and other expenses you already have before settling on the monthly mortgage most comfortable to afford.

Having a budget for yourself is not the same as actually knowing how much a bank would loan you for your mortgage. You should also get preapproved by a bank or similar lender so you have a letter in hand detailing how much money you actually qualify for. This letter is a great indication for the seller to realize that you're actually serious about buying. You can get prequalified and find out how much you might possibly get lent, but the preapproval letter is a more finalized number that takes your true financial history into account.

To get preapproved, you'll need to provide bank statements, financial documents, tax records, check stubs, and all important documents and wait for the bank to make a true determination of how much you can afford and how much they're willing to loan you for any home. Just remember, you don't want to go to your highest amount and should leave yourself some leeway for other expenses down the line.

You will also want to learn about the neighborhood in general. Consider the factors that are most important to you. Does the neighborhood include a playground? Is there public transit? Is it close enough to your job? Where are the closest shops and restaurants? Is anything within walking distance? A variety of factors can come into play, all dependent on your specific needs and wants for your home and where you live. It may be wise to tour the neighborhood first before deciding if you want to attend the open house. You could drive around or even walk around to get a true feel for the area and its proximity to places you'd frequent.

If you have a large family and require a home with 3 bedrooms or more, look for homes to accommodate that. The opposite is also true. It doesn't make much sense to purchase a large house with numerous rooms if you're only one person. Determining if a home has the right number of beds and baths for your situation can help you narrow your search and avoid visiting homes that really will not work for you. There's no use wasting time and gas to drive to a house you wouldn't actually be comfortable living in.

It's wise to ask in advance if you can take photos. Either before you head to the open house, or as soon as you arrive, be sure to query if it's alright to snap some shots of the home. You'll usually be permitted to do so. Having photos to look back on later can help you more closely examine any negatives or positives you took note of while you were there. This is also ideal if you're attending alone and need to share what you found with a partner, or perhaps you found something you love in this home that you want your realtor to look for in other places.

Getting a feel for the space beforehand can help ensure you ask the right questions when you're there. Go through the information and photos provided online or by your realtor and see what questions you have about what you're seeing. You can put a list together and bring it along so you don't forget anything you wanted to know. You might want to ask how long the home has been on the market or why the owner is selling. You may want to query what the monthly utilities cost on average. Perhaps you want to know more about the neighbors. Having your list of questions ready can help you focus the conversation so you can get the information you need to make a better buying decision.

You'll want to learn if there's already an agent attached to the house or not. If there is, you will want to disclose to them whether or not you already have your own realtor that you're working with. If not, you can choose to work with the one helping to sell the house, or someone from their team.

Most open houses have a set time limit. You may want to take your time going through the space and seeing as much as possible, but you the homeowners may have other important plans to get to, and staying well past the designated time may make them less likely to want to work with you through their home selling process. Always be kind and courteous.

Dressing appropriately is just one piece of open house etiquette advice. Business casual is a safe bet. It's always ideal to give a good first impression when you meet someone, particularly someone you're essentially trying to do business with. You're likely to be taken more seriously by the homeowners or their agent if you come well-dressed and prepared.

If you think the home has what it takes to become a worthwhile place to live for you, it's time to ask around about the area it's in. Talk with people you know or see if the neighbors have some insight into the best and worst aspects of living nearby. You can also ask the homeowners who are selling as well. Are they leaving because the neighborhood is experiencing issues, or simply because they're downsizing? Having some information and insight can help you determine if the overall area is worth living in or if it should be avoided.

Once you're sure that you actually would consider the home in question, it's wise to visit an open house time slot and see the potential house that could be yours. Seeing the home up close allows you to get a better feel for how it fits your personality and desires for the space. Connect with Isaac Kuehn when you're ready to view Minneapolis homes for sale and check out the available open houses for the properties you've already vetted. It will put you one step closer to finding the home of your dreams.