Are you looking to buy a new home? Did you know that today’s home buyers are more often single and in their mid-30s? That’s a significant choice you are making at a relatively young age, what with buying a home for the first time being a stressful experience. If so, here are some steps to buying a house for the first time, which will help you find the best ones.
Here are some pointers that will make your decision easier:
Plan A Reasonable Budget And Don’t Change It
The first step is to draw a reasonable and affordable budget and look for a house within that price range. You have to be clear about how much you can spend on your new home and plan accordingly. Before you start looking at houses, you need to fix a ceiling to how much you can spend.
Check how much the mortgage payments will work out and accommodate them in your earnings. Remember that a mortgage can run for close to 30 years, or more delayed or missed payments attract penalties. Talk to your bank’s loan officer, who’ll help you with the numbers.
Make A Checklist Of The Essential Features
You only buy a house once in a lifetime, or at least that’s what most ordinary people do. Hence, you need to take into account your lifestyle and include features that help with your well-being. It would help if you considered some essential things like the neighborhood, size of the house, and the amenities you want.
Such details will give a fair idea to your realtor about what exactly you are looking for in your quest for a new home. While you may not find everything you want in one property, it pays to scout around before deciding.
You can always trim down the essentials and settle for the bare minimum. Check out properties that cost 10% more or less than your planned budget before deciding.
Tie-Up With A Local Realtor
There’s no need to fret over the realtor’s commission because the seller generally pays it. It makes sense to tie up with a local realtor, which is one of the crucial steps to buying a house for the first time.
An experienced, local realtor knows the area like the back of their hand and can help you spot the best properties meeting your expectations and falling within your budget.
Talk to friends, family, and colleagues because chances are some of them may have already gone through a house-buying experience. They can suggest the best realtor, who will stick by your side until the deal is closed. Realtors work in tandem with loan officers, interior decorators, and attorneys specializing in real estate and can be your best guides.
Check Out The Real Estate Prices
Before you commit to buy a house:
- Check the real estate prices in the locality you have chosen.
- Check out some homes in the area, do a bit of comparative research, and get the details (prices) of houses sold recently.
- If it is an apartment building you are checking out, talk to the residents to get an idea of the prices and amenities.
Work Out The Closing Costs
Keep reminding yourself that you are on a budget, and keep a hawk’s eye on the closing costs. Remember that the packing and moving costs are not included, and you have to make provision for the same. The money spent on legal expenses and home appraiser fees is in the buyer’s account.
Summing It Up
If you are planning to buy a house, the sooner you decide, the better. Real estate prices keep rising, and buying a property is one of the wisest decisions you can make.
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