Home Buying: What You Should Know but Probably Don’t
Hey potential home buyer! You’re about to make the biggest financial decision in your life. Every house that you consider would have its own set of pros and cons, which should be weighed carefully during the home buying process. Plus, you’ll also have to ensure the house is affordable so that mortgage payments don’t drain your income.
We’ll share some incredible things with you that make home buying somewhat easier and help you make the right decision. Read on to find out.
1. Stalk the neighborhood
So you think that so and so neighborhood is exactly where you want to live? Don’t be so sure… not yet! We suggest that you should drop by the neighborhood at different times of the day and check out the area. Find out more about the nearest grocery store, hospital, park, postal office and other amenities. Got kids? Research schools in the vicinity. Do you work? Ascertain that you can commute daily from your potential home to your workplace.
Get a general idea about the neighborhood, and accordingly make sure that it is really the place where you’d want to live. We’ve seen so many homeowners move into their so called dream house, and then move out again shortly afterwards only because the neighborhood wasn’t suitable for them.
2. Bring on board a professional home inspector
Like we said, home-buying is the biggest financial decision in your life. So, you should have the house inspected and ensure that you’re getting good value for your money. Bring a professional on board, and ask them to carry out a detailed home inspection. You’ll have to pay a fee, but you’ll be able to get an unbiased opinion. Plus, if the inspector identifies issues, you can bargain and ask for a lower price.
3. Keep your emotions at bay
Potential homeowners tend to get too emotional when it comes to home buying. They make the wrong decisions, and often end up encountering financial turmoil. So, keep a strict control and don’t just buy a house only because you absolutely love it. There are so many other factors involved, and consider all of them when deciding.
4. Factor in the extra costs
So you think your down payment and the mortgage payments are the only two main expenses when buying a house? You’re wrong!
Title transfer fees, property taxes and other closing costs can take a huge chunk of your budget, so factor them in right from the start. Sometimes, you may also have to spend on maintenance and repairs – keep all these extra expenses in mind when determining affordability.
5. Get preapproval beforehand
Being a prequalified and a preapproved buyer are two different things. Anyone can be a prequalified buyer, but if you are preapproved, it means that a lender has considered all your details and is willing to lend you a certain amount.
Sounds like too much? Work out the home-buying process with an experienced realtor like Ryan De La Uz. We’ll provide you all the guidelines and make certain that you get the house that you want and at the price that you desire.