Unconventional Tips You Need To Know And Do Before You Buy That House
If you are looking to buy a house, I have a bunch of home buying tips that will help you sort through all of your options, and make the right choice. Purchasing a house is a huge commitment, and it’s easy to get excited and forget to think about some very important things. These things apply to you whether you are a first time home buyer or if this is your fifth house. I’m going to cover some of my best home buying tips, like:
Whether or not you should rent instead of buy
How to set a budget (one of the most important steps to buying a house)
How to research the true cost of a house
Thinking about how long you’ll live in an area (recouping your costs)
How to avoid feeling rushed.
Do you really needthe house you’re about to buy
Tip # 1. Should you rent instead?
There will always be questions about renting vs. buying. Many people believe the myth that if you are renting a home that buying is always better. That couldn’t be further from the truth. Sometimes buying can be the better decision, but there are times when renting can fit a person’s situation much better. Buying a house can have a lot of positives, but that doesn’t mean it’s the right step for everyone.
To determine if buying or renting is better for you, Visit BUYING VS RENTING A HOME
Tip # 2. Set a budget before you look at homes.
One of the first things you will want to do is to set a budget – you can’t go very far in the home buying process without one. It’s how you will know what you want to be pre-approved for, and a realtor will need that information to really help you shop for homes.
Look beyond the cost of the home and consider all of the other expenses that go along with owning a home.
You will want to look at your overall financial situation and analyze:
** The income you earn.
** The amount of money you have saved for the down payment, other home expenses, etc.
** Your credit history and credit score.
** The total monthly amount you feel comfortable paying for a home.
** Make sure you look at all the costs involved!
** Your total amount of debt.
** Day to day living expenses including travel and entertainment.
When buying a house, it takes realizing all of these factors to understand what you can truly afford and be comfortable with. Many people justify buying a house that is over their budget, but that is a bad plan. Banks often pre-approve people for a mortgage payment that is higher than what they can afford to pay. You should always stick to an amount that you can afford.
Tip #3. Think about what you want in a home.
Now is the time to make a written list of those things about what you need and want in a home. Buying a house can lead to happiness, stress, and excitement. This can sometimes make every house you look at seem like the perfect one. This even happens with houses that don’t have everything you need. And, it definitely happens with ones that have more than you need.
Before you put an offer on a house, you should think about the reasons for why you want a specific house. This is one of the first steps to finding a house that’s right for you, as this can make sure you are getting exactly what you want and need, rather than just being happy with any home.
Your list of wants and and needs should include all of the things you NEED in the house and all the extras that you WANT and the things that are in the home or missing that are absolute DEALBRAKERS (Things that the home doesn’t have the you need and things it has that you absolutely don’t want.
This should be in writing and used as a scoresheet for every home you visit.
Tip #4. Research all of the expenses.
The listing price of a home is not all that you should look at. When you find a home that you think is right for you, you need to make sure that you can afford all of the costs that come with that home. Just because you can pay the monthly mortgage payment doesn’t mean that you can afford everything else that goes with it. There are ongoing costs when buying a house, which is something that many homebuyers forget about.
In fact, U.S. homeowners, on average, spend more than $9,400 per year in unavoidable hidden homeownership costs, and maintenance expenses costs. This is one of the best home buying tips to help you stay out of a bad financial situation.
Before making a home purchase, you should think about how much the home will cost you in the long run. Always remember to add up the total cost when deciding to buy a house!