One of the largest life changing decisions you’ll ever make is to buy a home. Of course, being one of the largest decisions; it should also be taken seriously. Home buying should be something immensely positive; though can also be a negative experience. Here’s how to make it the former rather than the latter.
Are you Ready?
Decide whether you are ready to purchase a home or not – remember that there are a number of additional costs involved with buying over renting a home. Purchasing a home means you will now be responsible for repairs, taxes and insurance related to owning a home. Additional costs for garbage, water and other bills also add up and so before buying ensure you have an emergency fund to take care of these extras.
Getting a pre-approval for a loan is very important here and ensures that you know how much you can afford and what’s in your price range. Check at least three loan providers for the amount you can loan, as well as a mortgage broker. This gives you a good idea of what you can afford before you start shopping.
Talk to your mortgage advisor about the best sort of loan for you and what works out. Some people will be better suited to one sort of a loan over another due to their job circumstances. You also have to find out how much the down payment is and how to finance it.
Being realistic is very important with a home. Many people can afford a large mortgage, but this may often mean they are house poor and they have to lose out on other privileges and often even necessities. If think you’ll you end up struggling to meet obligations then a smaller home may be a good idea.
Find an Estate Agent
Finding a good estate agent can make life a lot easier and they often provide you with a better of idea of what fits in with your needs. They should also work to negotiate the best terms for you. Finding a good estate agent means research and also asking for recommendations from friends.
If you do find somewhere you love, you will then need a home inspector to perform a home buyer’s survey or report. This will ensure that your home is not holding any unseen issues such as damp, bad roofing or mould. These cost thousands later on, so this is a must have. It can also help later if you wish to sell house quick.
Your solicitor will then work on the conveyance of the home and the changing hands of the deeds, as well as all the ins and outs. Some homes are quite easy to move hands, whereas others have numerous issues. Once more choose a solicitor’s practice that has a specialist in this area to ensure you run into no problems.
Once this has all run smoothly, you can begin to move in and enjoy your new home. This means moving your items, transferring utilities and sorting out all the other paperwork. However, you’ll be so happy this will be a breeze.