Tips For Buying a Home

Things You Should Know Before Buying a Home

Buying your first house can be a great test of responsibility, patience and resilience. If you’ve never been through the process before, it can certainly be an overwhelming one. From terms you’ve never heard before, to dealing with real estate agents, bank loan officers, and tight deadlines and regulations most people don’t deal with until going through the home loan process.

The single most important tip when buying a home is determining your budget. A budget that is comfortable and attainable for you and your family. Understand your budget, learn about financing and budgeting options and guides. A common mistake is always taking on a mortgage you can’t afford, more often than not encouraged by your mortgage lender. People tend to get optimistic when getting pre-approved for a large mortgage but that doesn’t mean you should take it.

As soon as you know you are in the market for a home, get pre-approved by a lender as soon as possible. Pre-approval means you are on the correct path, which is why it’s so important to get this part rolling right away.

It’s so important to surround yourself with people you trust. Find agents, mortgage lenders, and banks that you have done significantly research on or ask friends and family if they know any providers who they trust and have done business with. Remember, you are the one taking on a mortgage so don’t be afraid to be firm on your agents about what you want or need. As with any other large purchase you would make, it only makes sense to shop around for the best options.

Unfortunately, when a homebuyer finds something online that looks great, falls in love with it, and then is disappointed when seeing it in person is not what they saw online. Which is why the more properties you visit in person, the better decision you can make. Don’t be afraid to look everywhere. Just because you are unfamiliar with an area doesn’t mean the home is not for you. This is when being nosy works in your advantage. Snoop around, look everywhere. Look under the sinks, check out closet space, check for smells and leaks, thoroughly peak in the attic or basement. Do whatever you need to do to find everything you can about the property. Always remember that while you are paying an agent to have your best interest at heart, the only person who can confirm this is you and doing a little investigating of your own will save you in the long term. After all, you are taking on a lifetime responsibility.

Last but certainly not least, read your contract! You wouldn’t believe the amount of people that skim through this. Yes, we know that contracts are full of terms and policies we don’t know and understand but you can’t let this intimidate you. Hire a lawyer if you need to but this is an extremely important piece of in the process of buying a home.