When buying your first Home it is imperative to know what you’re doing, know what you are getting into and know that it will benefit you to have the Best experience. Why? Because buying a will require a lot from you. It takes commitment, a lot of stamina and a desire to own a home. Don’t know where to start? Well here’s how.
- Will I settle here for a Long Time?
You have to be decisive if you will settle in it for a long time. Buying a property is costly and it take a whole lot of effort and your time and dedication. Ask yourself if the home will benefit you. Is it near your work, schools and other commercial district? Does it have emergency access nearby? If you have to drive for long hours and commuting just to get to your destination, then maybe it’s not the home for you. Otherwise you’ll be wasting a lot of time in the road wherein you could have been productive doing other task. Also ask yourself if you won’t decide transferring or changing jobs. That could cause you looking for an income to pay any mortgage or other expenses. So when buying a home make sure that it’ll be a place for you to settle in.
- Check Your credit
Having a good credit will allow you more opportunities and better bargain. If you have a good credit score – you have lesser interest rate and having pre-approved on your loan will be easy. However having a lower credit score doesn’t mean you can no longer get pre-approved on your loan. It just mean that you get a higher interest rate since lender will put a high risk in lending you the money. And in other to cover for any losses that they might encounter, they can compensate by getting a higher interest from you. Bottom line is Make sure you have enough money and are capable of paying up your loans.
- Have Enough Cash for Down Payment and Have a Backup Plan
Save enough money for a down payment and for extra cost. Paying the down payment doesn’t mean you are good to go. Other expenses are included when buying a home. You need to have enough money to pay for your mortgage insurance, bank fees, attorney fees, real estate taxes, inspection fees, repair and renovation fess is needed. Remember buying a home is costly. It takes dedication, hard work and money to make it worthwhile.
- Buy what you can Afford
Let’s face it no matter how grand and appealing the home is, what matters is can you afford to pay for it? Be practical and smart when choosing and buying your home. Will the money I have enough to cover for the mortgage, repairs, renovation and other fees? Choosing a Home that is beyond your budget can cause you a lot of trouble and issues later on. So stick with you budget and allot enough money for other expenses.
- Have a Home Inspection
Always include home inspection in your budget. Buying a home without knowing its full condition is a BIG NO. You have ensure that the condition of the property is good and that all systems are functional. Consider items that needs to be repaired in your home so that you’ll know how much extra money you have to spend to fix them. Having the roof of your home fall on you on your first night is a bad sight. A historic home is good, but will it last for another 20, 30 years? Is its foundation strong and sturdy? Is it pest and termite infested? Is there a gas leak or anything in it hazardous to your health? Knowing all of this will give you a peace of mind and assurance that the home you bought is worth the wait and worth every penny.
Bottom line is you have to be smart, practical and dedicated when buying your home. Consider all the possibilities either be good or bad to satisfy your desire and to have an amazing experience. Weigh all the benefits and disadvantages the home will provide you. Lastly enjoy house hunting and make everything count.