When buying a home as a new homeowner, you may have some questions about how to proceed. You may not even know where to start. Becoming informed should always be your first step. Know exactly what you expect, and what the new home needs to have for you to move forward with an offer. For example, if you have three kids and a dog, you probably should not settle for a small two-bedroom home that has no yard.
There are a few things that you should do before even looking for a house. As you get farther along in the process, you can rely on professionals within their fields to help you. It is much better to have help from people that know the market, know the areas, and know the money.
- Ready-After you have sat down and figured out what you need, and you have the minimum standards of a house that you would except, it is time to ask a question. A very important question that can, and will, shape your future. Are you ready for a home loan? Financially, mentally, and logically be sure that you are set to take on this kind of responsibility. Loans can go on for 15 to 30 years. This means that you will have to stay in one place for several years and be able to fork out money every month.
- Loan Options-Learn about the various loans that will be available. If you are a new home buyer, according to the United States Department of Housing and Urban Development (HUD) requirements, you could qualify for a couple of things. You could get help from State funded programs, tax breaks, and loans that are backed by the federal government. Do some research and check out your options. Contacting a mortgage lender like the Money Store is a tip for new homeowners. They can help you understand the process, as well as keep you on the right path.
- Agent-Once you have been preapproved for a loan, find a professional real estate agent that is willing to work with you. Be upfront with your needs, your financial limits, and the areas that you would consider. This will save both of you time and reduce the number of pointless hours that would normally be spent on looking at homes out of your range or requirements. A good agent will help you through the entire process, and keep you informed of any updates as they happen.
- Inspection-When you have found a home that interests you schedule a time for an inspector to come take a look at it. They will go through the house, inside and out, and inform you of any issues that it may have. Some may be simple fixes that could be done easily, while others may be deal breakers. It is better to find out if the house has problems before you move into it.
- Closing Costs-Don’t forget to allow for the costs of closing. There will be amounts owed to various people that have helped you or helped the agent that you are working with. It would be a shame to get through everything just to find out that you are short on money needed to cover the closing costs.
The biggest thing that you, as a new homeowner, can do is stick to your budget. Trying to stretch your funds out to get a home can lead to disastrous results. Let professionals do the legwork of the process so you can continue your daily routines, but do not let them push you into something that is out of your reach.
October 13, 2021
March 24, 2021