Buying a home may possibly be the biggest purchase you will ever have to make, as there are a lot of bases that need covering and a lot of decisions to be made. If you are a first time buyer the whole process may be very daunting. The following article will provide some guidance regarding your purchase and will hopefully minimize the stress involved.
First of all you have to assess your financial standing. You need to make all the necessary calculations to be able to know exactly what you can afford. It has become increasingly difficult for first time buyers to get a foot in the market as a home loan is a difficult mountain to conquer.
You need to remember that if you can afford your current rent payment it does not mean you will be able to cover the mortgage payment of the same amount for your new home. There are more costs involved than just your mortgage. Property taxes are fees that need to be paid over and above your mortgage. Then there is insurance, maintenance costs and structural repairs etc.
It is important to take the following into consideration before you decide on which home to buy:
• Check out the neighborhood.
• Make sure you know who the neighbors are, and what they are like. You don’t want to end up next to noisy neighbors who keep you up at night.
• If you have a family, safety will obviously be a primary concern. You don’t want to end up fearing for your family’s safety every day.
The specs of the house should also be analyzed. If you are looking for a house with a certain size yard, you should pursue a house that fulfills your desires. There is no point in buying a two bedroom house if it is not big enough for you. You should be happy with all the features except if you plan on renovating and have calculated those costs into your planning.
If you have kids, you should probably research the local schools and make sure you are happy with their standards. Base your purchase on what form of commuting you are planning to use, like whether the kids cycle/walk to school or how far is it from your work and grocery stores etc. These are all things to consider before you make your final decision.
Based on the above, you can approach a realtor and inform him/her of your needs and desires. A realtor will help you find the best possible home for you and present you with more than one option. Viewing the houses is obviously key in making your decision. Pictures in magazines or on websites are not enough, so never buy a house without viewing it first.
When you go to view a home, make sure to ask all the questions you need answers for. Make sure which appliances are included, ask about structural flaws and recent updates to the home. These are just a few questions you should ask.
If you are in the process of buying your first home, make sure you cover all the bases before making the big decision.