411homerepair.com

8 Great Home Buying Tips

by Sol Kruk on Aug 17, 2018

There is a lot to think about when considering a new home. Feeling overwhelmed and confused is easy, but don’t let emotions take over to the point of falling into some avoidable traps.

Here are eight home buying tips to consider before entering the market.

1. Know your credit. This will be a large basis for the mortgage you will need to purchase your new home. By contacting the three major credit bureaus you can obtain a copy from each. Both your score and your payment histories will be in question. Typically for the very best mortgages, a score above 660 and no late payments in the past 12 – 24 months will be required.

2. Know your budget. Mortgage companies will have the final word on how much you are qualified for. But knowing what will be comfortable for you is most important, particularly when mortgage companies qualify you for more than you may be comfortable paying each month. If there is any home-buying tip you take from your research, let it be the phrase “Don’t get in over your head.”

Great Home Buying Tips

3. Consider more than just the payment. When you are considering what constitutes a comfortable payment, don’t just look at the mortgage payment. This is only the principal and the interest due on the loan. In addition, property taxes and homeowner’s insurance will be added to your payment. In some cases, association dues or mortgage insurance may apply.

4. Take a homebuyer class. These classes are valuable resources, especially for first-time homebuyers. Counselors leading these classes will offer several great home buying tips as well as homeownership considerations that may not have crossed your mind.

5. Know what you want and what you need in a home. There is a fine line between what you need in a home-like at least three bedrooms if you have 2 or more children – and what you want in a home – like a pool in the backyard. Take some time to consider these very carefully, write them out, and determine which are “needs” and which are “wants.” These are very important items to discuss with your realtor to help you find the home that meets your ideals.

6. Work with a real estate agent you trust. Realtors have experience and access to things you don’t. You will work closely with your agent, maybe even daily. This may be the most valuable relationship you have in your home buying transaction, so interview more than one agent.

7. Visit your prospective home at different times of the day and week. What may seem like a quiet street at 10 am on Sunday in the summer may be a bustling court of chaos at 8 pm on a Saturday.

8. Get all the property inspections. Some inspections are required, like an appraisal to determine the value of the property. But every available inspection is more peace of mind that your new home will be in good working order and structurally sound. Check on termite inspections, well and septic inspections, roof inspections, radon gas inspections, and any others that may apply. Your realtor can also be a great help with these inspections.

These home buying tips should certainly wrap your mind around the important points to consider when buying a new home. Be patient, be mindful, and be thoughtful of what is most important to you. This will be the driving force behind finding your dream home.

Want more home buying tips? Check out American Home Guides home buying tips archive offering articles about finding and buying a home.

Latest Articles

Understanding Indonesia’s Real Estate Investment Laws for Foreigners

Indonesia, with its stunning landscapes, deep-rooted cultural heritage, and renowned hospitality, has emerged as a top destination for foreigners...

on Jan 25, 2024

Real Estate Development in Asian Cities

In many Asian cities, the rapid pace of urban development has led to the decline of historic districts, areas once teeming with cultural richness...

on Jan 25, 2024

Shower Envy: Elevating Your Bathroom with a Stunning Walk-In Shower

Are you tired of the same old routine in your bathroom? It might be time to consider a change, and one way to elevate your bathroom to a new level...

on Jan 22, 2024

Exploring Crowdfunding as an Innovative Approach to Real Estate Investment

The landscape of property selling has been transformed significantly due to the advent of property crowdfunding. This innovative approach,...

on Jan 10, 2024

The Rise of Co-Living Spaces in Asian Cities

Asia, home to 21 of the worlds 30 largest cities, is a significant player in the global economy, contributing 38% of the goods and services of the...

on Jan 5, 2024

Actions

More DIY Articles

Concrete Laying Tools

After the preparation work on any given surface begins the grueling task of laying concrete, well, that is now a redundant statement. There is a...

Tools / Woodworking

The 4 Biggest Hidden Home Renovation Costs

Undertaking a full home renovation is a huge project – and even just restoring a few rooms in your home can cost you quite a bit of time and...

General Household

Using the Internet to Sell Your Home

There are many reasons why people choose to sell their home. Perhaps you have just accepted a new job and must relocate to another part of the...

Real Estate / Finance

DIY Roof Inspection of Your New Home

I am writing this post to provide fast, basic, and quality information related to roof related issues for people looking to buy old houses. This...

Roofing / Gutters

Different Types of Landscaping Features for Your Front Yard

Managing a greenery enclosure can truly enhance the look of your home, both in the front and in your yard. A very much oversaw greenery enclosure...

Garden / Landscaping / Patio

Contact Us | Submit Article | 411homerepair © 2024