What To Know BEFORE You Buy A House

Do you think you are prepared to purchase your first home? Here are some of the best tips on what you should know before becoming a first-time home buyer.

Searching for a Mortgage Lender? More Like Speed-Dating!

Visiting lenders and finding the best mortgage rate should be at the top of your list when preparing to purchase a home. This process turns out to be a lot like speed dating. You visit a bunch of different lenders, give them your paperwork, wait until the lender looks over your credit, and then give you a few numbers to consider. Your goal is to match your financial history with their best offer and go over any lender costs or fees.

Budget, Budget, Budget.

Budgeting for current and upcoming expenses can be a tricky part of searching for a home. If you have an apartment lease, you will have to plan far enough in advance to get pre-approved, search for homes, and more. The last thing you want to do is get stuck paying both your mortgage and your apartment rent. A smart plan to have in place is to budget for the unexpected, whether that be paying an extra month’s rent, adding in movers, or buying new furniture. Stress less by budgeting in advance and avoiding the financial headache.

Getting Caught Up In The Superficial…It’s A Thing.

When walking through a potential home, you might get caught-up in every little detail and only focus on things you do not like about the property. But, it might take several visits back to the house before you start seeing the potential in it. So, remember, anything you do not like about your home can be changed or fixed to satisfy your needs, so do not let that get in the way of buying a great home.

Things Change And That’s Okay.

For your first home, you may have a list of things you really want. A garage, a fence and grass for your pets, a specific location, etc. And once you start looking, you might realize that the things you want are not compatible with each other. This might lead to re-prioritizing your list or even changing your location until you can afford to purchase more home.

But, sometimes this might be for the better. Taking this approach might lead to finding more homes and opening up possibilities. So, even though at first your heart might be set on certain things, it is always okay to change your mind.

You Will Have Problems.

Finding problems with a house is almost always guaranteed. At the end of an inspection, expect a list of things that will need maintenance, whether it be right now or down the road. From small things to big, there will be things that need to be fixed. Never be afraid to ask the seller to cover the cost of fixing the items in negotiations. And always be sure to get quotes/estimates on the actual price it costs to repair them.

Always Ask Questions.

This is not the time to feel nervous asking questions. At times, you may feel silly for asking very basic questions, but it really is important to know what is going on in the transaction. Things will constantly be popping up in your mind throughout the house-hunting and buying process. A good REALTOR® will want you to know and be informed as much as possible. You should also always expect that since you will be paying them for that guidance and expertise.

Source: Forbes.com

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