Learn what to expect when buying a house BEFORE you buy. If you’re thinking about buying a home or you’re ready to start looking for a home, it’s important to be informed BEFORE you take the plunge.
Because of all the legalities, there’s a lot to buying a home.
That’s why we rounded up 7 tips that we’ve found over the years that have helped homebuyers ease through the process.
Because of all the legalities, there’s a lot to buying a home.
That’s why we rounded up 7 tips that we’ve found over the years that have helped homebuyers ease through the process.
1. Hold off on any major purchases for at least 6 months, especially if you are a first-time homebuyer. Banks scrutinize your credit so your credit profile needs to be squeaky clean. They are more likely to loan you money if they see you don’t have a lot of debt, and that you make regular on-time payments.
2. Have an idea of the type of home you want to buy. This will help save a lot of time as you look through the inventory of houses available on the market.
3. Get pre-qualified. Find out what your budget is for home buying. Does your price range match the type of home you want to buy? Stick to your budget. Don’t try to buy a house you can’t afford. That’s the easiest way to get in financial trouble!
4. Check out the re-sale value. Once you find a home you like, check on the neighborhood’s growth. If you buy the house, are you making a sound investment? Real estate tends to be a sound investment because homes appreciate significantly over time. Check the previous sales of the home. How much appreciation can you expect?
5. Investing in a fixer upper. Buying a house that needs cosmetic work is a great way to go. Your mortgage payments are less and the value is sure to grow as you work on it. However, don’t be tempted by lower payments if you cannot also invest in making the cosmetic repairs.
6. Hire your own home inspector. Do some investigating. Check ratings of the home inspection company to make sure you’re getting a reputable company. Once you have 3 companies, interview them to see which company you like best. The seller may offer to have someone come in and do a home inspection for you. However, make that decision yourself and have someone of your own choosing do the work.
7. Interview several real estate agents. This is critical. You’re going to be working with this person for several months. Make sure their personality and style meshes with yours. Your real estate agent can be your biggest asset or your worst nightmare. Take your time and choose wisely!
And remember, buying a home is a HUGE undertaking. If you need real estate professionals to help you, ask! It will save you sleepless nights and make your home buying experience so much more enjoyable.
Learn more about title insurance and closing costs on our website.
2. Have an idea of the type of home you want to buy. This will help save a lot of time as you look through the inventory of houses available on the market.
3. Get pre-qualified. Find out what your budget is for home buying. Does your price range match the type of home you want to buy? Stick to your budget. Don’t try to buy a house you can’t afford. That’s the easiest way to get in financial trouble!
4. Check out the re-sale value. Once you find a home you like, check on the neighborhood’s growth. If you buy the house, are you making a sound investment? Real estate tends to be a sound investment because homes appreciate significantly over time. Check the previous sales of the home. How much appreciation can you expect?
5. Investing in a fixer upper. Buying a house that needs cosmetic work is a great way to go. Your mortgage payments are less and the value is sure to grow as you work on it. However, don’t be tempted by lower payments if you cannot also invest in making the cosmetic repairs.
6. Hire your own home inspector. Do some investigating. Check ratings of the home inspection company to make sure you’re getting a reputable company. Once you have 3 companies, interview them to see which company you like best. The seller may offer to have someone come in and do a home inspection for you. However, make that decision yourself and have someone of your own choosing do the work.
7. Interview several real estate agents. This is critical. You’re going to be working with this person for several months. Make sure their personality and style meshes with yours. Your real estate agent can be your biggest asset or your worst nightmare. Take your time and choose wisely!
And remember, buying a home is a HUGE undertaking. If you need real estate professionals to help you, ask! It will save you sleepless nights and make your home buying experience so much more enjoyable.
Learn more about title insurance and closing costs on our website.
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