Home Finance What You Need to Know Before You Purchase a House

What You Need to Know Before You Purchase a House

What you need to know before purchasing a new house

Is buying a house one of your goals this year? Have you been saving money or you intend to take a new loan to purchase a house?

If you’ve finally decided you’re ready to take that big plunge and buy a home, you’re probably on cloud nine. Most people flit through ideas of how they’ll decorate, what changes they’ll have to make, and who they’ll squeeze into the guest room.

These aren’t the only things a new house buyer should consider, though!

When buying a home, there’s a laundry list of things you need to know to expect.  Here are the most important factors to consider when you want to buy a new home to make sure you land on your feet.

1. The Expense and Hidden Costs

Although it may seem straightforward when you watch house hunting shows when you buy a $200,000 home, you’re paying a lot more than just that amount. Closing costs may end up near twenty thousand, and then there are taxes, homeowner association fees, paying your realtor, and more. It adds up quickly.

Budget generously, plan with a mortgage estimator or a financial expert. By planning and budgeting, you’ll give yourself a better chance of being able to afford the home after you buy it.

Related: Tips to Get a Mortgage Fast and Easy

2. The Property Itself

You’ve picked a home; you fell in love with the crown molding or the beautiful spiral staircase- but how much do you know about the house?

Before you put any money down on the property, you need an inspector to walk through it.  Hazards like black mold or termites might not be noticeable at first glance, but they can put your entire home at risk.

Don’t be afraid to ask questions about nearby rivers flooding, or if there have been any fires recently in the adjacent area. The last thing you would want is for your new home to burn down or flood because something didn’t get mentioned.

3. Don’t Get Stuck on the Paint

Paint or other small changes can be taken care of for an affordable amount after you buy. Don’t turn down a house that could be perfect for you just because you hate the color in their guest room.

If there are any significant changes you’d want to see, like a wooden fence put up around the pool since you have children, it’s encouraged that you negotiate those into the price of the home. You’re the one with the money in this situation, don’t be afraid to bargain for what you want.

4. Your Lender

Whether you’re going through your bank or service, you should keep a close eye on who is lending you the money. Do reviews online say they’re reputable? You may also need to check out how to know if online reviews you see about them are organic or fake. Have you worked with them in the past?

Before you even go house shopping you should talk to your lender about how much they’d be willing to loan you. Going into house shopping with your loan already under your belt will make it easier for everyone.

The most important thing above all is that you keep in mind what a life-changing decision this is.  If you get a mortgage, you could be signing up for this home for over thirty years.  Make sure you start that time on your best foot.

Related: How to Make a Winning Offer in a Competitive Real Estate Market

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Emenike Emmanuel is a multiple award-winning blogger, CEO of Entrepreneur Business Blog, Chief Evangelist of Ebusinessroom Ventures, and the Lead Coach of an online community of over 12,000 business owners called, The Excellent Entrepreneurs' Network. He’s here to help you start, manage and grow a profitable and sustainable business using digital marketing strategies. Follow him on Facebook, Twitter, Instagram, LinkedIn & Pinterest with this handle, @emenikeng. Telegram group - t.me/yourfirst1000 | Email: [email protected]


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