Planning to get a home? Here are some things to be aware of:
Lender: Measure one – match with a lender initially to find out whether you qualify to get and how much you can afford.
Income: Spending no more than one fourth of your income for your house is best. That way you’ll be able to manage other expenses and, hopefully, keep your house if one spouse looses their job.
Plan ahead: Create a wish list. Start with what would you love in your house, then narrow down to what you have to have. By way of instance, a fireplace is an absolute must have for me. I don’t bother taking a look at houses without one because I wouldn’t be happy living with no fireplace. Minor? Perhaps, but not to me.
Location: Do you will need to be near work, to colleges, to restaurants, to movie theaters? What is important to your lifestyle? A little extra driving to work may seem like just a minor annoyance when you find a house you love further out than you had planned. However, after six months of driving that additional 25 minutes each way, you might not be thrilled with the concept of living in that place for another 5-10 years. And, what is it like to get home at rush hour?
Schools: I have had people say,”oh, we do not care about the colleges, we do not have kids.” Well, you may someday. And, even if they are grown and gone, superior school districts are a massive influence on how quickly you will have the ability to sell your house later.
Sunlight: Drive from the home you’re considering at different times of the day. Where does the sun shine into the windows at different times? Would you like plants to blossom in your living area? In that case, the space better get loads of light! Sunlight also affects things like moss and mould development.
Noise: When the area is quiet at 10am when you see it with your realtor, is it quiet at 4pm when the children are home from school? What’s it like in the evenings?
Closing Prices: Get decent information regarding all your closing costs to avoid surprises at the final table. Surprises at closing are, unfortunately, not unusual.
Move-in/Ownership Prices: Remember move-in prices like window treatments, carpets, shower curtains. Do you want to immediately purchase a refrigerator? And remember additional monthly expenses which may not appear on your purchasing quotes like: taxes, homeowners dues, mortgage insurance, homeowners insurance, utilities, maintenance, etc..
Repairs: Nine times out of 10, there’ll be repair costs. No house is perfect. Doors may not closed (or keep open), faucets may trickle, bathrooms may operate. Expect to locate quite a few fairly minor annoyances you may wish to fix when you start living in your new house.
Purchasing a home is an exciting time. In addition, it can be stressful! Hopefully, these tips can allow you to avoid some of the strain.