Before Buying a House Read These Tips
When you buy a house it can be exciting. But it can also be a bit stressful. You have a big investment to make in money you have saved for a down payment but this can be the money you have invested with the least amount of risk especially if you are intending to have your investment as a principle investment and the decisions you make will also reflect in the place you will be living for the next several years.
Questions before your buy:
1. What are needs and wants? Do you know the difference between the two? Evaluate your lifestyle. Do you have a car of transportation to work? Are you willing to commute for 30 minutes or one hour in order to find your perfect dream home? If you have children, will you be close to their schools? Are they involved in sports? Consider how much travelling you are willing to do on a daily basis.
2. Your wants maybe things that you do not really need but would be nice to have. By making a list of everything that you want and drawing a line down the center of the paper and listing everything you need can help in making you decision clearer.
3. What is your price range? By making an appointment with a mortgage broker you can determine what home price range you should be searching in. It is always more difficult to view homes when you find out everything you liked is over your price range. It is easier to make a decision if you view homes that are in a certain price range then you can compare similar properties and make a decision.
4. Who looks at credit rating? Your bank or mortgage broker will be looking at your credit rating when they try to get you an approval for a mortgage. Your yearly earning and credit rating will both determine how much the bank or lender will allow you to borrow.
5. Who needs a home inspection? Every buyer. A home inspection will save you money in the long run. If the home inspector finds a major problem with the home you are thinking of buying then it may change your mind about buying that home or give you a good reason to renegotiate the price on the home.
6. Are you familiar with the neighbourhood? Is this a place you want to live for several years? It is a good idea to revisit the neighbourhood at different times of the day or evening.
7. Build a new home or Renovate an older home? This is a personal decision. Both options will take some experience unless you have the money to hire a qualified home renovation company.