The Columbus property market is experiencing a hot spell with no signs of slowing down. This makes it challenging for first-time buyers, as in March 2023, the city set a new record for median house prices. With lots of competition and limited housing stock, we figure it's time to offer first-time buyer advice for newbies looking to gain a foothold in the market.
Our home buying tips can help you secure your dream home while avoiding common pitfalls. Read on for our buying a house checklist.
1. Get Pre-Approved
Before starting your search, getting pre-approved for your mortgage makes sense. This involves talking to a lender about your current financial status and getting a pre-approval letter.
Once you have this letter, you can confidently approach realtors. They know that you have the means to follow through and can confidently recommend you to sellers. It can also help you stick to your budget and rule out homes you cannot afford.
2. Location is Key
When buying property, the old adage of location, location, location still applies. In Columbus, neighborhoods like Victorian Village, Short North, and Hilliard are ever-popular. Yet, that does not mean to say that the most desirable neighborhoods are the only places you should consider.
It's important to think about your needs by answering questions such as:
- How long will my commute be?
- Are there good local schools for my kids?
- Are there convenient amenities, such as a gym, grocery store, or park nearby?
- What is the crime rate in the area?
Identify a few neighborhoods that meet your criteria, even if some compromises are necessary. This means you won't miss out on the right property when it comes along.
3. Monitor the Market
Columbus homes are moving fast. This can cause people to panic and overpay if they are not careful. The last thing you want to do is pay too much and then be in negative equity a few years down the line.
It pays to take to local property experts. They can advise you whether a certain price is a good deal or whether it's better to hold off until things cool down.
4. Don't Forget Moving Costs
It's easy to put everything you have into a down payment only to forget about other moving costs. You will need to set aside funds for:
- Moving house
- Decorating
- Mortgage fees
- Property taxes
Talk to a local property company so there are no nasty surprises.
5. Home Inspections Are Essential
Think a home inspection is an expense you could do without? Think again.
They are your chance to back out of a potential money pit. On the other hand, home inspections that go well provide reassurance that you're making a wise purchase. The bottom line is always get a home inspection.
Get Home Buying Tips and More at PMI Columbus
At PMI Columbus, we do more than manage properties. We're also realtors and have many outstanding Columbus homes on our books. We can use our local knowledge to provide the home buying tips you need to make the right choice.
We have a huge inventory featuring luxurious properties and family homes alike. Our team would be delighted to help you narrow down your search and set up viewings.
Click here to view our current listings, and call 614.413.7640 to find your perfect pad.
