5 Things to Keep in Mind When Buying a House
All of us like new things for our own, from clothes, tocars and gadgets. That being said, it is an entirelydifferent thing if you want to buy a new house. It is not that easy to just buy it, especially is you then it regret later. A lot of planningand procedures mustbe done before even thinking about owning your dream house.
A new home is like a glorious paradise to anybody. Don’t you believe in owning your own home? Well, just look around the new model of new housing developments. It would be like heaven on earth. The furniture, the carpets, the designs and all of it.How about that gorgeous kitchen? You will live like a king or queen in your own kingdom. Ask yourself,where can I sign a contract of the purchasing agreement?
Of course, the above explanation is just for the representation from the developers, but not really necessarily for you.
Here are the lists of the important matters to keep in mind before buying a home:
Buy at a Level That YouCan Afford
When a mortgage isbased on your income and debts, many online calculators can calculate for you how much you can afford. It is really better if you aim for a house that even amounts to much lower than what the calculators tell you, so you will never ended up becoming “house poor”. Financial experts show that 30/30 rule – and having 20% down with a 10% left forsavings and your mortgage below 30% of your gross income. If you don’t like this,you can find a home-buying program in your area that delivers financial help to new home buyers.
Get Your Credit and Finances in Order
This is absolutely one of the important things that you mustconsider before buying a home. Getting your finances in order first so that it will now easy for you to qualify any mortgage and a good chance of getting a lower rates. Keep paying all of your bills on time like electric bills, rentals if you are renting, monitor and check your credit, and, most of all, don’t makeany huge purchases or incur credit errors.
Know How the Home Buying Process Works
If you are sure that you can afford one and ready to buy a home, it is necessary that you learn everything about the procedure. There are lots of things needed to know, but the start-to-finish guides will go through the basics.You can get more resources like video presentations and articles from the Department of Housing and Urban Development (HUD).Even if you dothings as much as you can, there are some occasions that you will never know: If you don’t want tonot stay put, do not think of your home as an investment, as it is not advisable that you will trust your agent and become emotionally tiedin the process and you better be prepared to walk away.
For somehome buyers, it is a new home or nothing! Thisapproach is not a mistake. Just make sure you discipline yourself on the price and have a sensible understanding of what you are getting compared to the model home.
Take your Time
This is critical as some of the buyers rush their way to have a contract signed. It is simplynot a good idea. You have to really take your time so that you can plan carefully. When you are looking for a new home, it is not that like you are pressed or forced on offers in any homes you are interested in RIGHT NOW. Relax, take a deep breath and look around for this huge move, until you find a home that you will love to live in for many years to come. You also have to shop for mortgages too, as well as the homeowners insurance. When you have found a home that you dream of, but is already under contract, you can still make a second choice or back-up plan offer on that home.