Buying a home is the single most significant investment many people will make in their lifetime. I know, from my own personal experience, that buying a home can be a very stressful process. Keep in mind the tips I discuss below and your home purchase should go smoothly!
-Don’t put down roots if you can’t stay. Owning a house is a huge commitment of both time and money, so only buy a home if you plan on being in that location for a while. Buying and selling houses is an expensive process, so unless you have investment experience, it is not wise to purchase a house with hopes that you will be able to sell it in a year or two at a profit.
-Make sure your credit is clean before you even begin the house hunting process. Most sellers will require that you be preapproved for your mortgage before submitting an offer to purchase a home. Ensuring that your credit is clean beforehand will prevent any hiccups in the loan approval process. Believe me, you definitely want to deal with any financial issues before you fall in love with a home; biting your nails, waiting for a loan approval, after you’ve found The One, hoping that someone else doesn’t swoop in and buy it out from under you is an avoidable stress!
-Buy a home that you can afford. After the recent financial crisis, lenders have tightened up their regulations on who is a qualified borrower. But it is always good to know for yourself how much money you can afford to fit into your budget to pay for your mortgage and home insurance. There are many different financial calculators available online that you can use to determine your maximum and your most comfortable payment figures.
-Think about resale value as you look through the houses for sale. Buying a home in a good school district will definitely improve the resale value later on; even if you don’t have kids, keep in mind that if/when you sell, your buyers could very well have kids.
-Get preapproved before you begin any serious house-hunting. This will ensure that you are looking for a home in the correct price range, saving you the emotional stress of falling in love with a house that you cannot afford. Being preapproved will also show sellers that you are a serious buyer when the time comes for you to put in an offer.view more home buying plans at http://www.northjersey.com/community-news/community-events-and-announcements/ebcbor-gives-planning-tips-for-home-buyers-1.1301051
-Keep in mind that the down payment is not the only payment that the buyer must bring to the closing table. There are an assortment of other closing costs that the buyer is responsible for; your real estate agent may be able to negotiate on your behalf so that the seller pays all or some of these costs, but make sure that you know, and are comfortable with, the EXACT cost of buying a home before you sign the contract.
-Use professional help! A realtor will be able to make sure that you don’t pay too much for a property. She will be able to determine the sales prices of other homes sold in the area, and she will be able to give you expert advice on what price you should begin your negotiations with based on this information. The seller is typically responsible for paying real estate agents’ commissions anyways, so there’s really no harm in seeking expert assistance when buying a home.