Are you ready to buy your first house? Home shopping can be a very exciting and daunting experience. With that said, it can be tempting to either buy the first property that falls within your budget or continue leasing a house.
Due to the challenges of home shopping, many homebuyers believe that employing the services of a real estate agent, who is very familiar with the market, will make the process easier. Experienced real estate agents can direct homebuyers towards the right properties. But aside from hiring a real estate agent, there are other things you need to take into account. To help you understand the process of home shopping and get the most out of your purchase, you need to consider a few of these tips.
Know What Type Of Home You Need
When you go house hunting, you will be presented with several options, including a single-family home, multi-family building, town house, condo, and so on. Each option has its own advantages and disadvantages, depending on your requirements, standards, and needs.
Having said that, you need to decide which type of house will satisfy your requirements and needs. By doing so, you will save time and frustration. As a tip, you can consider a fixer-upper to save on the purchase price; however, you must take into account the time, effort, and money involved to turn this kind of property into your dream house. You might find out too late that you have acquired much more than what you bargained for.
Make Sure That You Are Ready To Own A House
Buying a house is a huge undertaking; thus, you must make sure that you are ready to become a homeowner. This entails having enough savings to pay for the initial payment and to make sure that you have a high credit rating.
Aside from being able to pay for the down payment, you also need to take into account your financial capacity to pay for the monthly mortgage and other costs involved in owning a house. You must take into account other financial responsibilities, including:
- Property taxes
- Repair and home maintenance costs
- Home owners insurance
Get Pre-Qualified For A Mortgage
Before you hit street shopping, it is vital to first get an idea of how much a lender is willing to give you to purchase the house you want. Remember that there can be a huge difference between what you think you can afford and what the lenders think. For instance, you might assume that you can pay for a $300,000 house; however, the lender may think you can only afford half which is $15,000 depending on certain factors, such as your credit rating, monthly income, and your current employment status.
Getting pre-qualified will allow you to gain an insight of how much the bank can lend you. In addition, being pre-qualified can provide you with an assurance that your mortgage application can get approved; thus, you can close a deal as soon as you find the right house. In addition, the seller will know that you are serious about purchasing the property; therefore, they will more likely take your offer.
Evaluate The House And The Neighborhood
Another tip for first time home buyers, like you, is to first inspect and evaluate the house you wish to purchase before closing the deal. Check out your choices and determine the possible repairs and how much it will cost. It is better to bring a professional home inspector when checking the house for structural durability and soundness. It is also advisable to bring a digital camera with you so that you can take a picture of the houses. You can easily compare and evaluate each property using the pictures you took.
Aside from the house structure and design, you also need to evaluate the neighborhood. Make sure that the house is located at an attractive and beneficial location. Determine whether the house is near the school district, if there are any parks, or if you have enough space outdoors where you can park your vehicle.
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This guest post is written by Kris Bennette, a writer or Hayden Homes, a professional home builder who can build high quality Boise Idaho new homes.