When you are officially ready to take the home-ownership plunge it might do you some good to reach out to family and friends for advice on buying a home as well as doing some online research as well. You will be amazed at how much information is out there along with the many opinions on which is the best route to take to become a homeowner.
You'll learn all about mortgage options, escrow accounts and HOA fees, and along the way, through your research, you'll get a good look at the entire process and an even better idea of what to anticipate.
You will find that there are five main key factors to take into consideration when buying a home.
Hire The Right Realtor
Your real estate agent is your teammate and thus you want to pick the best one for your team. Ask friends and relatives if they know of any agents that they can recommend. You have to feel completely comfortable with your agent. They should listen to your priorities and your concerns and should keep your best interests at heart.
Take The Time To Educate Yourself
Educate yourself on all aspects of the home buying process including learning about the different types mortgages available, comparable properties that are in the area you are searching as well as market trends. Some places to start your research include the National Association of Realtors Buyers Guide and the United States Department of Housing and Urban Development (HUD).
Remember, Neighbors Are Forever
Take the time to talk to different people who lived on the street of the home you are interested in. Be on the lookout for how the neighboring homes are maintained and listen for barking dogs etc. We all know that you're never going to find a place where all the neighbors are perfect but it's always good to know before you make that huge commitment of buying a home.
Things Take Time
If you find the perfect home but it needs a few changes here and there such as modernizing the kitchen or making some landscape changes just remember that these changes may take longer than expected. Sometimes they can take a month, a year or even longer. Just remember that it's alright to make your updates in stages.
The Hidden Costs
When talking to your friends and family everyone will warn you about hidden costs such as paying for carpet cleaners, exterminators, landscapers and plumbers and the list can go on and on. Even after making the big purchase of buying a home you still need to try and save some money for these expenditures. Unexpected costs can pop up anytime and anywhere and they always seem to hit when money is tight. So, plan ahead for these things.
Just remember that you should absolutely love the home you buy. Despite the fact that it will cost a lot of money, time and hard work, it will be your home, a place to build memories for many years to come. So, choose wisely.