Home Buying Tips We All Need
Shopping for a new home can be a great experience, one that can clue you in on what the market is like. It can also be quite unnerving, especially if it is the first time you are buying a home. Fortunately, there are some tried and true tips to home buying, including the following ideas that can help you.
Tip No. 1 — The short and long of it. Likely, you are buying a home that you can enjoy for many years. Still, it is important to consider that you may be moving out of the home after a few years in a bid to trade up or to follow a job in a different city. Consider how the home may increase in value years out — that means buying in a stable neighborhood.
Tip No. 2 — Identify your home’s criteria. Everyone has certain must haves for a home. Three bedrooms. Two full baths. A porch or a deck. A two-car garage. And so forth. Know what items are essential, which ones are nice haves and what ones are absolutely optional. Create a checklist and bring that with you as you shop for a home.
Tip No. 3 — Look beyond the mortgage. You have money to put down on the home and you will have a mortgage to cover your costs. But a home loan isn’t the only expense — you will pay property taxes, you may pay HOA dues, there is also home insurance and if you don’t put at least 20 percent down, then you will also pay for private mortgage insurance (PMI). Consider what your utility costs will be, the maintenance expense for the lawn, home upkeep and other expenses. If you can afford all that, then you are a candidate for home ownership.
Tip No. 4 — Know your neighborhood. You aren’t just buying a home, but you are buying into a neighborhood and into an entire community. Your immediate neighborhood will be of top importance to you here. It should be a place that is clean, safe and in good order. Take some time to walk the neighborhood to gauge the condition of streets and sidewalks, individual homes, public land and so forth. Your community is important too — make sure that it has strong leadership and a vision for the future.
Tip No. 5 — Consider the neighborhood demographics. Another matter to consider is the neighborhood demographics. If you are young and childless, how will you feel about living in an ares with a lot of children? Will you be happy residing on a street where there are a lot of homes for rent? You can’t anticipate everything about a neighborhood, but you certainly can try to learn all that you can.
Tip No. 6 — Examine each home carefully. It is easy to fall in love with a home. Just as easily you can overlook many of its faults. Those faults may cost you in the future. An aging roof. Cracked sidewalks. Peeling wallpaper. An old bathroom. Aging kitchen appliances. The list goes on. You better believe that homeowners routinely put their best foot forward when selling a home. You just need to lift that foot to find what is hidden underneath. Avoid a money pit — it will drain you.
Tip No. 7 — Set aside extra money. The money you have for your down payment and related expenses isn’t enough. You should have a on hand just in case things get tough. There could be an unexpected event that might require you to pay out a lot of money — avoid the credit card trap and pay with cash. If possible, start off your home ownership with three to six months of funds on hand.
Saving Money
You can save money in other ways as you prepare to move into your new home. Save on moving supplies by pickup up free boxes from area retailers advises . Bundle your homeowner and car insurance to one company. Shop for cable and phone plans carefully. And visit area garage sales to get your first mower and gardening tools.