As a first time home buyer, you might be faced with a very challenging task. If you have not done the necessary research and preparation, you might end up making a lot of common mistakes. Here are the top 10 things no one ever told you about buying a house.
1. Always Think Long-Term
You might be single now, but with time, your family might grow. Also, you older parents might decide to come and live with you. Therefore, you need to look for a house that is big enough to accommodate any plans. Don’t forget to choose a house in a good school district for the best results.
2. Always Prepare A Checklist
Before you go house-hunting, you need to prepare a checklist of the items you must have and what you can compromise. Bring your checklist to every house visit and take a lot of photographs of the potential homes. If you come across a house with a lot of the essentials but missing a few things, you can choose to compromise.
3. Prepare A List Of All The Expenses
When preparing a budget, don’t fail to include other expenses besides the price, insurance, taxes and much more. There are other monthly expenses that should be included in the list, and they include utility bills, mortgage payments, maintenance charges and much more. List down everything you pay every month and make sure the purchase doesn’t overstretch your budget.
4. Take A Good Look At Your Financing
Are you planning on paying for the home purchase out of your savings or are you thinking of getting a loan? Well, whatever you do, you need to consider all your sources of funding accordingly. Preferably, you should always get a preapproval before house-hunting to know the exact amount any financial institution is willing to loan you.
5. Use A Realtor
If you’re a first-time homebuyer, you need to use the services of someone who is experienced in the real estate business, and that’s where a realtor comes in handy. Note that, the realtors work for the seller and as such, you are not required to pay the commission for their services. Therefore, find a good realtor with your interests at heart to help you find a good home.
6. Research About The Location
Certainly, if you’re going to live in the house for a long time, you need to know everything there is about the house. For instance, is it in a good school district? Is there public transportation and other amenities? What’s the crime rate? That way, you can rest assured you’re settling in a good neighborhood.
7. Always Inspect Before Making An Offer
You have no idea what the house has been through with the previous owner. Therefore, you need to conduct an inspection and get the maintenance records of the house. If there has been a mold infestation, you need to know about it to avoid too many expenses once you move into the house.
8. Don’t Be Fooled By The Staging
Staging a house is one tactic seller resort to get many buyers fast. Therefore, look beyond the staging to find out what the house looks like and whether or not you can stay there.
9. Find A Good Mortgage Broker And Lender
If you are planning to apply for a mortgage, you need to look for a good lender and broker to help you navigate the tough decision. Look for a broker with your interests at heart for the best results.
10. Research Is Important
Don’t settle for the first house you come across simply because it was well advertised. Look at many houses as possible and make sure you decide on the best one for you without any rush by the realtor.