Buying a new home is an exciting and complex process. With the constantly changing real estate market, it can also be overwhelming and confusing. That's why we've compiled some helpful advice and tips to make your home buying experience easier, more enjoyable, and ultimately more successful.
Save More Than Just Your Down Payment
Before even speaking to a realtor, it's important to have more money in savings than just the required down payment and closing costs. Unexpected repairs and expenses can arise, and having a safety net will prevent any financial troubles down the road.
Now is the Time to Buy
With home prices at a historic low and mortgage interest rates at an all-time low, there has never been a better time to buy a home. Don't miss out on the opportunity to find your dream home at a great price.
Consider the Neighborhood
When looking for a home, it's important to not only consider the house itself, but also the neighborhood it's located in. Make sure it meets your expectations and will contribute to your overall happiness and future resale value.
Do Your Research
If you have children under the age of 18, it's important to research the neighborhood for any registered sex offenders. While realtors are not legally required to disclose this information, you can easily access the National Sex Offender Public Registry to make an informed decision about the safety of a particular area.
Make a List of Priorities
Before starting your house hunt, make a list of what is most important to you in a home and its location. This will help you stay focused on your long term needs rather than getting caught up in the surface appearance of a home.
Don't Give Up After Foreclosure
If you have previously lost a home to foreclosure, don't lose hope. After just 3 years, there are government-backed guarantors who may be willing to lend to you. Start saving for a down payment immediately to get back on the path to homeownership.
Stay Within Your Budget
While it's tempting to go for your dream home, it's important to be realistic and not let your eyes become bigger than your wallet. Taking out massive loans and trying to manage fluctuating mortgage rates with your monthly income can quickly turn into a nightmare. Stick to a house that you can comfortably afford.
Test Your Commute
If you have a specific neighborhood in mind for your new home, take a test run during commute hours to get a feel for the traffic patterns. You don't want to be surprised by a difficult commute after already purchasing a home. Having all the information will help you make a more informed decision about the location.
With these tips in mind, you are better prepared to navigate the home buying process. Learning from others and avoiding common mistakes will make for a smoother and more successful experience. Take this information to heart and use it as you work with your realtor and other professionals to find your perfect home.