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July 5, 2016
It will be beneficial to you if you educate yourself a little more before taking the next step in the home buying process.
Its never the first home you walk into that you will buy. Make sure to go to as many properties.
Do you have debts? Current payments for a car? Look into these personal details before talking to a bank.
What's more exciting than buying your first home? Nothing, which is why you want the most updated information and the most smooth transaction.
In order to do that, here are five pieces of information you need to know before beginning your search.
1. How much can you borrow?
There are many factors that influence your bank on allowing you to borrow or not
and if so, how much. These factors include your income, amount of debt, credit
score and, of course, the amount of down payment you are going to pay.
This is such an important part of the process because many people think that they
are going to qualify for more than they actually are qualified for. Or vice versa. Either
way you want to have the accurate information in order to go forward with the next
2. Do a lot of research.
You need to have information on the market in the area, what other homes are
selling for and what other buyers are looking at when they purchase their home. It is
not only about a pretty facade in a beautiful neighborhood.
Looking at schools, how far away it is from your job, restaurants, shopping centers
are all important since these are what will make up most of your life.
3. Pay attention to family.
Yes, it was different when they bought their first home compared to what it is now.
But do not underestimate the amount of knowledge they have about the entire
process. The first go-to people should be parents, aunts and uncles. But it does not
hurt to ask a few older friends who are already settled in.
You need as much information as possible when deciding on a house.
4. Remember other costs.
There will always be other fees and costs. It is not only about a down payment. You
need to consider whether you are able to afford taxes, HOA fees, agent fees as well
as closing costs. They all add up. So make sure, you calculate before you buy.
5. Do not settle for the first house you see.
Rarely a person will purchase the first house they see. First and foremost, it is
important to make a checklist of what you like and don't like. Go off of that checklist
to make sure a property fulfills what you are looking for in your dream house.
Looking at a staged house will definitely make you want to move in as soon as
possible but remember all of that furniture will be out of there when you move in
and you'll have to live with what is on the foundation and layout.
Original Post: http://www.inman.com/2016/07/05/5-first-time-homebuyer-tips-to-know-before-house-hunting/
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