5 Things To Know Before You Buy A House
It’s always exciting thinking about purchasing a home, but there are a lot of points to pass along your path to homeownership. Before you get excited about decorating the interior of your new home, take the time to be more realistic about the process leading up to the fun stuff.
If you’re not sure about what it takes to purchase a new home, you’ve come to the right place. Take some time now to read through a few things you should know before buying a house, and head into the process knowing what to expect.
You need pre-approval from a lender
You can’t seriously move forward in the process of purchasing a home without proof that you can pay for the property. You’ll have to do the footwork to find funding before you can get serious about buying a house.
Take the time to scout the perfect lender for your situation, and get a better feel for just how much home you can really afford. The pre-approval process will provide valuable information on how the rest of your home hunt will go.
You need to clean up your credit
Take the time to run through your credit history with a fine-toothed comb. You will need to eradicate some of your random debts to get the best deal possible on your future home loan. The higher your credit score, the better off you’ll be when seeking a good mortgage rate.
You’re probably starting to see that purchasing a house is about your long term planning. Finding the best place possible for yourself and your family takes time and patience.
Know what you can really afford
You should also take a thorough look at your financial status before the bank or anyone else ever does. Know what you’re bringing to the table, so you don’t get any surprises from strangers.
Write up an extensive outlook on where all of your money is going and where it is coming in, so you know what you’ve really got on the table. A budget is a great place to start.
Consider the whole price of home ownership
Don’t go into buying a house with the thought that the list price on the home is all you’ll be paying. Buying a home comes with a long list of added costs like inspection, closing costs, realtor fees, insurance, and more.
Find a real estate agent you can trust
Once you are ready to really start your home hunt, you’ll want a capable real estate agent on your side. Let the professionals do the tough footwork of finding available properties that meet your needs, and use the extra time to try to enjoy the hunt.