Things to Look for in Buying a House
Buying your first home is an important decision which you have arrived on and will be one of the biggest financial steps that you will ever make in your life, that’s why it is equally important that you take time to prepare for every aspect in the process of acquiring your first home.
Examine yourself if you are financially ready to buy a home
Determine first if you are ready to buy a home by weighing down your financial preparedness in this big project of yours through this steps: find out first why you think it is time to buy a home, such that if the reason is a valid one, the next step is to know the expenses which you will be incurring when you own a home, rather than just renting one, such as cost for repairs, utility costs, house taxes, insurance and, finally, check on your financial status, like check on your savings, emergency fund, whether you still have debts to pay, know your credit score status, so you can apply for a mortgage loan.
Make inquiry for a house loan
Don’t be in a hurry to own a home, but, instead, take time to do research for a house loan and try to get in touch with different people, such as a mortgage broker who can help you recommend on lending institutions, your local bank that can suggest the procedure in applying for a house loan, a credit union to help you know your credit score status, because, in this way, you are able to know first if you can qualify for a house loan, how much loan can you secure, which include the terms of payment that you have to be pay monthly, so that all these will help you to determine the price range of the house that you can afford to buy.
When you have determined how much loan will be granted for you to buy a home, find a competent realtor, who can provide you with recommendations based on your home specifications and who can explain the real estate market procedures, so you will have a better decision to choose which among the house options offered to you will you make; therefore, inquire from friends, search online for local realtors, come up with a listing and call them up, until you can conclude on a realtor who you are comfortable with.
When you have narrowed down your choice for the kind of home that you like in your realtor’s list of options, hire a home inspector to conduct proper appraisal of your chosen home, so he can check on any existing problems, such as presence of pests, molds, kinds of repairs to do, foundation problems so that when you are provided with the appraisal report, you can negotiate for a lower price to the home owner.
The escrow holder is responsible to ascertain that all documents, money and other pertinent information are all handed over before closing the house deal, therefore, an escrow is important to protect the buyer, seller, and the lender, so be patient to wait for everything to be completed for escrow.