The Buying Process: What to Know Before Buying a House
Buying a house can be a lengthy and stressful process if you are unprepared. Before you sign your papers and get the keys to your new house, here are some things that you should consider.
#1 Use a Realtor
Many people are hesitant when it comes to using a realtor because they believe it will be more expensive. What people don’t realize is that using a qualified realtor can make the home-buying process easier and save you money on your home. Realtors have experience with helping people through the entire process. They will also be there to keep your best interest in mind and help you when it’s time to negotiate the price of your home. Many people are also concerned about having to pay commissions to the realtor; however, the seller is the one who pays the realtor’s commission not the buyers.
#2 Buy for the Future
When you start your home-search, look for a house that you can grow into. Homes are a large financial commitment and you’ll most likely stay in that house for many years. Consider things like whether or not you will change jobs, get married, or have kids. All of these are things that impact the size of the home you need and its location.
#3 Consider All of the Costs
When you buy a home, remember that there are other costs involved besides the price of the house. On top of your mortgage, you should consider any Home Owner Association fees, property taxes, insurance and other maintenance fees. Make sure that you create your budget with these other costs and the costs of potential renovations in mind.
#4 Consider Renovations
Don’t let simple cosmetic fixes turn you away from a great home. Painting a room is an easy fix; however, if you want to make bigger changes, like re-doing a kitchen or bathroom, you’ll want to consider those costs in your budget. Larger renovations can become expensive once you add together the cost of labor and materials. Based on your budget, it might be better to find a home that is already move-in ready.
#5 Check your Credit and Minimize your Debt
In order to get a good interest rate on your mortgage, you want to make your credit as good as possible and you want to minimize your debt. Even student loans can impact your mortgage’s interest rate.
Remember that buying a home is a big commitment and you should start the home buying process when it is right for you. Also remember that you can always rent in a neighborhood before you decide to buy —this is a good test drive to see if the home you thought you dreamed about is actually right for you, your family, and your commute.
If you are ready to start your home search, then visit precisionrealty.com/listings to see our listings. You can also learn more about how Precision can help you through your home-buying process.