If you are looking to take the big dive into home ownership, you need to be aware of some circumstances that will guide your path. As a first time home buyer, the following considerations should be in the back of your head as you shop for a great home. This is both a lifestyle purchase and investment, so read below and use these strategies as you look to purchase the home of your dreams.
#1: Look into your borrowing power
Without a doubt, the amount of money that you are able to borrow for your mortgage is the most pressing matter to consider when you are ready to shop for a house. Get a copy of your credit report and your credit score so that you can approach lenders with all of the information that dictates the rates and amount you might receive. If your home purchase is in the distant future, do everything that you can to get your credit in order before approaching lenders. Make sure that you also look into different financial institutions to be sure you are getting a great deal. For example, credit unions often appeal to people who want the best rates -- because these institutions are competitive and offer mortgages to people who do not have the best credit scores.
#2: Consider every possible cost associated with the home purchase
When buying a home, it is not just the asking price that you need to consider. It is important that you consider the overall cost of ownership, to include an estimate of how much utilities will cost you every single month. During the home purchase process, you need to also be aware of closing costs, which can run anywhere between $3000 and $7500. Ask about the possibility of waiving or reducing closing costs during the negotiation time frame.
#3: Have a professional inspect the house prior to purchase
You need to make sure that you get the house thoroughly inspected by a professional before you think about buying it. This leaves no stone unturned and lets you know exactly what you are moving into. Home inspectors will look into things like the shingles, roof materials, foundation, electrical wiring, plumbing, pest issues and so much more. You can dodge a serious bullet by getting the home inspected before hand. For instance, having to repair a foundation after the fact can cost between approximately $5000 and $11,000.
Think about these three tips as you set out to buy a new home and talk to a professional in the real estate field.
Hi, my name is Jessica Williams. Thanks for stopping by my website. I have moved a number of times and in three cases I have had to sell a house. The first time I sold a house I listed it with a real estate agent. The second time I did it myself. The third time I listed with a realtor. You can probably ascertain from this information that I found listing with an agent the better route. I managed to sell my house by owner that one time, but never again. There is too much involved and too great a risk for errors. There’s a bunch of paperwork and preparation that goes into selling a house, more then I imagined. My goal here is to share my experiences with you. My hope is to make your experience as pleasant as possible.