5 Things Every Buyer Should Know Before Buying their Home
Buying a home can be an intimidating process, especially for first time home buyers. Sometimes it is difficult to even know where to start. Each home buying process is unique, but there are specific steps that everyone should take, and information all buyers should know before jumping into this major life event.
1. Make a Budget and Stick With it
Before you even start fantasizing about your dream house, put a realistic lens on your visions by setting a budget for your future home. This might mean erasing that tennis court from your mental picture, but it will also keep your expectations in check. Even more important than making your budget is sticking to that budget. Tell your Realtor that you do not want to see any homes above a specific price mark, or set price limits when searching on Zillow or Realtor.com. It is always tempting to reach for gorgeous, new, fancy homes, but doing so could put you into long-term debt if your budget does not allow for such luxuries. Be firm with your monetary boundaries and find that budget-friendly home of your dreams.
2. Set your Priorities Before you Search
Once your budget is set, you can start deciding how you would most like to spend it. Some buyers might believe that location is the most important factor when deciding on a home when others might value layout or design more. Whatever your priorities, be clear about them before you start searching to make sure that you spend your money wisely, and to help you narrow your search down to the best home options for you.
3. Don’t Rush Things
Because buying a home is a major investment of time, energy, and money, it can often be a relatively slow process, and that’s just fine. Do not rush into buying the first home that appeals to you. Instead, shop around until you are sure that you have found the best possible option for you and your family. The market shifts and new homes are put up for sale every day, so patience is definitely a virtue. Take the time now to find your perfect home, and it will surely pay off for you in time.
4. Pre-qualify Before you Buy
Setting a budget for yourself or your family is important, but sometimes a reality check from a lender can spiral your budgetary hopes. To prevent disappointment, it is best to get pre-approved for a loan before searching for and potentially falling in love with a home. Doing so will not only solidify your budget in a concrete way but expedite the process once you decide to put in an offer on a home.
5. Get an Inspection, or Two
Once the home of your dreams has been found and finances are in order, make sure that you know for certain what you are buying. Order a home inspection as soon as possible, and then order a second inspection from someone else. Know exactly what you are paying for and the estimated worth of the home you are purchasing to ensure that you are spending your money wisely. Following these tips and taking these reasonable precautions will make the home buying process as smooth and wonderful as you always imagined.