Here’s What You Should Know About Buying A House
While buying a home can be fun and exciting, the American dream of that white picket fence comes with unexpected realities. From checking out listings to hiring a home inspector, the process involves a lot more monetary and mental effort that people generally anticipate.
That said, there are a few things every first-time buyer must know about buying a home.
Hire a Trusted Real Estate Agent
The home buying process can sometimes become an overwhelming affair. But, with an expert at hand, you can make the process easier for yourself and focus on listing your priorities.
An agent will not only show you the properties that suit your budget and needs but will also facilitate negotiations between you and the seller. Your realtor will protect your interests and guide you through the entire process.
A House Purchase Involves a Contract
The home purchase process involves a contract that needs to be signed by the buyer and the seller. Now, some buyers are under this misconception that such agreements do not include room for negotiation. But that’s not true. All home buying contracts are subject to negotiation.
If you want to include a radon testing home inspection contingency or want some time to review the home inspection report, your realtor can ask the seller to make that part of the deal.
Buy the House You Know You Can Afford
This can be different from the price you believe you can afford. There are several factors that affect your house budget - projected income, types of mortgage, interest rates, etc.
You might set an estimate based on your finances and credit score, but speaking with a mortgage broker will help you understand what’s in play.
Look Beyond the Surface
If you are like most of the people, you already have thought about remodeling one room of the new house just the way you want. Although it’s fairly reasonable to fix cosmetic issues, changing the interiors can be very expensive.
Along with the cost of fancy cabinets, counters, and appliances comes the cost of labor, which people generally pay no attention to. But this does not mean that you should ditch the idea of buying a house in need of a significant fix; you should just make sure you calculate the costs of these fixes when determining whether you can afford to buy or not.
Don’t Base your Decision on the Purchase Price
The purchase price is definitely one of the most important considerations in buying a house, but it should not be the only factor kept in mind. There are several other costs associated with your potential new home. This includes the cost of home maintenance, the homeowner association fees, real estate taxes - depending upon the area you live in, additional costs can quickly dollar up.
Therefore, you should not fixate on the purchase price and enquire about upkeep for extras.
Home Inspection is Important
Hiring a qualified home inspector to perform a home inspection is a necessary part of the homebuying process. It is essential because it helps you know whether the house you want to buy is safe or not.
A home inspection report will reveal any signs of structural damage and confirm whether the seller was honest in his listing.
Think About Your Future Plans
Last in order of mention but not of importance, don’t buy for the life you have today. Buying a home is the most important financial investment and emotional commitment you will ever make. So, before you agree with what you think might be your dream house, think about your future plans.
Are you planning to get married? Having kids? Are you planning to switch your current job? If you are uncertain that your new house will be the house for you and your family in a few years, you must consider looking at other properties.
That said, there are a few things every first-time buyer must know about buying a home.
Hire a Trusted Real Estate Agent
The home buying process can sometimes become an overwhelming affair. But, with an expert at hand, you can make the process easier for yourself and focus on listing your priorities.
An agent will not only show you the properties that suit your budget and needs but will also facilitate negotiations between you and the seller. Your realtor will protect your interests and guide you through the entire process.
A House Purchase Involves a Contract
The home purchase process involves a contract that needs to be signed by the buyer and the seller. Now, some buyers are under this misconception that such agreements do not include room for negotiation. But that’s not true. All home buying contracts are subject to negotiation.
If you want to include a radon testing home inspection contingency or want some time to review the home inspection report, your realtor can ask the seller to make that part of the deal.
Buy the House You Know You Can Afford
This can be different from the price you believe you can afford. There are several factors that affect your house budget - projected income, types of mortgage, interest rates, etc.
You might set an estimate based on your finances and credit score, but speaking with a mortgage broker will help you understand what’s in play.
Look Beyond the Surface
If you are like most of the people, you already have thought about remodeling one room of the new house just the way you want. Although it’s fairly reasonable to fix cosmetic issues, changing the interiors can be very expensive.
Along with the cost of fancy cabinets, counters, and appliances comes the cost of labor, which people generally pay no attention to. But this does not mean that you should ditch the idea of buying a house in need of a significant fix; you should just make sure you calculate the costs of these fixes when determining whether you can afford to buy or not.
Don’t Base your Decision on the Purchase Price
The purchase price is definitely one of the most important considerations in buying a house, but it should not be the only factor kept in mind. There are several other costs associated with your potential new home. This includes the cost of home maintenance, the homeowner association fees, real estate taxes - depending upon the area you live in, additional costs can quickly dollar up.
Therefore, you should not fixate on the purchase price and enquire about upkeep for extras.
Home Inspection is Important
Hiring a qualified home inspector to perform a home inspection is a necessary part of the homebuying process. It is essential because it helps you know whether the house you want to buy is safe or not.
A home inspection report will reveal any signs of structural damage and confirm whether the seller was honest in his listing.
Think About Your Future Plans
Last in order of mention but not of importance, don’t buy for the life you have today. Buying a home is the most important financial investment and emotional commitment you will ever make. So, before you agree with what you think might be your dream house, think about your future plans.
Are you planning to get married? Having kids? Are you planning to switch your current job? If you are uncertain that your new house will be the house for you and your family in a few years, you must consider looking at other properties.
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