Are you looking forward to buy a house? If you are buying it for the first time then you must remember that it is a very big deal! Most of the people buy homes as they believe that it is a sign of adulthood and financial responsibility.
However, owning a home is a big commitment and a lot of paperwork as well. Anyways, if you have already made up your mind in buying a house then here are some tips that can help you navigate through the process, save money, and also avoid common mistakes that other people have done.
- Keep your money where it is: The first and foremost tip is to keep your money where it is. This means, it is not wise to make any huge purchases or move your money for 3-6 months before buying a new home. As it can affect your credit score and you don’t want to take any chance with your credit profile. Lenders need to see that you are capable and want your complete paper trail so that they can get you the best loan possible.
- Get pre-approved for your home loan: There is a difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. While anybody can get pre-qualified for a loan but for getting pre-approved means a lender has gone through all your financial information and they have let you know how much they will lend you. So, before buying a home, get your loan pre-approved as it will save you a lot of time and energy. Further, it will also give you the opportunity to shop around for the best deal and the best interest rates.
- Don’t time the market: If you are waiting for the right time to buy then don’t wait! Because trying to anticipate the housing market is impossible. You can buy whenever you want as there are many houses for sale in Henrico, VA right now! So, the best time to buy is when you find your perfect house and afford it. Real estate is a seasonal market that goes up and down. This means, if you try to wait for the perfect time then you could probably miss out on the best deals.
- Know your property: Before you buy someone’s home, the first thing that you need to do is get a survey done on your property so you know exactly what you are buying. So, knowing accurately where your property lines are may save you from a potential dispute with your neighbors. Moreover, your property tax is likely based on how much property you have, so it is the best idea to know the accurate map of it.
- Prevent sleeper costs: The main difference between renting and home ownership is the sleeper costs. People will just focus on their mortgage payment but should also need to be aware of other expenses such as property taxes, utilities, and homeowner-association dues. Although for the first time owners, they need to be prepared to pay for repairs, maintenance, and potential property tax increases.
- Check the physical overlook of the house: You shouldn’t buy a house without checking the overall look of it. You should hire a home inspector as his main responsibility is to provide you with information so that it can help you in making a decision whether to buy it or not. Although, it is the only way to get an unbiased third-party opinion. If he finds any issue regarding the home then you can use it as a bargaining tool to lower the prices.
These were some of the tips that you can use to find your perfect home, however, you can also get help from many real estate companies including County Real Estate in Henrico.