Things to Keep in Mind When Buying a New Home
The holidays are the perfect time for “new” everything. For those of us getting in the spirit of the season by contemplating whether or not to buy a new house, there are a few things to keep in mind first. Whether you’re a first-time home buyer or seasoned pro, buying a home is a trying and complicated process. To ease the stress, we’ve compiled a list of some things to keep in mind when buying a new home. Take a look!
Image via zillow.com
1. Get your financing in order. The very first thing to do before even looking at homes is to establish how much you can afford to spend on down payments and mortgages considering your lifestyle. Once you’ve set your limit, make sure to stick to it.
2. Pick the right neighborhood. If you’ve already been living in one neighborhood for a while it may be harder to detach yourself and look beyond its boundaries, but feel free to explore developing communities outside of your neighborhood borders.
3. Know the overall market conditions. Before you get too absorbed in your house hunting, investigate what comparable properties have sold for over the past 3 to 6 months. It’s also good to be aware of what the overall real estate market is like at the time you’re thinking of buying.
4. Understand your time horizon. Sometime this is hard, but before buying a new home it’s often crucial to think about how long you might live there and how easy it will be to resell. Consider a place that might be a good investment and if it’s the type of property that’s going to be attractive for the next buyer. A house near train tracks would probably be harder to sell, but for someone who wants to stay longer, a large lot of good nearby school system could make up for it.
5. Get legal help. All the important-looking paperwork and documents that your realtor hands you will mostly likely warrant a once-over from a qualified real estate lawyer. If there are any loopholes for the realtor to escape his duties, it may come to light before you sign a purchase agreement. Once you have all the above details in place and figured out, it will make it that much easier for you to kick back and enjoy your new home.
6. Don’t buy it if you don’t love it. As you probably know, the real estate process isn’t simple. Make sure you’re purchasing a home that you can see yourself living in comfortably.
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Tell us, what are some other important things to keep in mind when buying a home?