When choosing to purchase a home, there are several key items to think about. While one may seem more important than the other, together they are all important, especially when it comes to successfully buying a home. The following ten points are important to think about before purchasing a house.
- Should you rent or buy?
- Check home buying programs in your state.
- Attain all available publications such as Fair Housing, RESPA, borrows rights and predatory lending information.
- This will help you understand what sort of housing you can afford and will also help your agent to understand your budget.
- Learn and research the differences between loans. Understand the differences and study the negatives of each loan. What’s the difference between a 30-year loan and an ARM loan?
- Consider government secured loans such as FHA loans.
- Meet with several different mortgage providers such as a bank or a mortgage broker.
- Look for local state home buying programs.
- Interview several agents to find one you like. Can the agent show you more than a small number of homes or are you free to work with that person as long as it takes to find a home you like?
- Create a wish list of items you’d like to have in a home.
- Create a comparison shopping checklist.
- Do your research online for homes. Look for things that catch your eye and then work with your agent to see them. Don’t waste time, homes can sell quickly.
- Consider a fixer-up if you’re handy. If a home has “good bones” remodeling can be a fun challenge.
- If you see something you like, make an offer. Don’t waste time thinking about it overnight, especially in a hot market. It may not be there in the morning.
- Make a checklist of items you’d like to ask your inspector.
- Be there for the inspection so you can see firsthand what needs to be done.
- Consider using your current insurance provider to maximize multi-unit discounts for homes and cars.
10. Move-in day when you get your keys, the best part. Welcome home!