Are you a first time home buyer? Get in here! The process of buying a home can be confusing and overwhelming, especially for a first-time buyer. Not to worry, the "4 things" covered in this post will give you a better understanding of the home buying process.
1. Identify your needs
The housing market today is short on inventory, as such, it's important that you concentrate on finding a home that you can afford and is sure to meet your needs. Don't be distracted by shiny features in the house that might empty your account. While nice to have features may make the home beautiful, they increase the price tag of the house, and the value reduces overtime.
So, make a list of the needs you expect of your desired home and neighborhood. Then focus on finding yourself a home that will meet the needs. It's crucial that you make your list and budget early enough, so you are not tempted to buy an expensive home. Prepare your budget early, even before you start inspecting homes. There's nothing wrong with buying an expensive home, but be realistic about yourself and know what you can compromise on.
2. Think long-term
Though the common conception is that a home is one of the biggest investment we will make in a lifetime, the truth is a home is more than a financial investment. Your home is where you will eat, sleep, host your friends and family, raise your children. Basically, your home is where your life happens.
So, you want to buy a home that is equipped or you can equip with space and features you need now and in the future. Your priority should be buying a home that will help you build the life you have dreamed for yourself.
Keep in mind that you may not immediately find a home with the features you want, and when you do find, the sellers may not accept your offer. Do not hesitate to walk away if the home doesn't pass your inspection. Never settle for less!
3. Calculate the costs of homeownership:
When it comes to buying a home, besides the monthly mortgage payment, there are several costs to consider. Will you be able to pay the expenses that come with buying a home?
Will you be able to pay utility fees, repairs, property taxes, lawn maintenance, and homeowners association fees? Also, if you are planning to move to a new city or a different part of the town, it's important to weigh the cost of living in the area.
4. Put it in writing
One of the best ways to protect yourself during the buying process is to have the sale deeds in writing and be sure that you fully comprehend every aspect before you make a commitment to buy. Real estate terminology can be frustrating, especially for a first-time buyer. To escape the frustration, get familiar with real estate vocabulary and legal terms before you start hunting for homes.
Also, ask questions should you be unclear about any aspect. Last but not least, always hire a home inspector regardless if you are planning to buy or sell your home. Contact S&J Home Inspections to learn more about the home inspection process or to request a residential home inspection quote.
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