As an adult, there are many important decisions you will make throughout your life. One big a Homestep into this adventure is buying your own home. But before you dive in headfirst, consider the following, which will assist you during the buying process.
- Your buying power. Do you have a realistic expectation of your budget? Can you afford the house you love? Your bank will be able to provide the answer as to whether you qualify for a loan and mortgage.
- Hiring a real estate agent. While you don’t have to have an agent, it is highly recommended. Agents can help you find the right mortgage associates, help you find a home in the perfect neighborhood for you, keep you informed on property value and upcoming additions to the community, etc.
- Develop a long-term real estate plan. While the one bedroom apartment may be tempting since you’re currently single, things could change for you in the blink of an eye. Sure, it’s common for people to move after several years, but try to find a place that will suit different stages of your life.
- Find out why the house is on the market. You’ll want to know, should the answer be that there are multiple issues with the home or it’s in a bad neighborhood. This will help you understand the motivation of the seller while learning more about the house. This may also help you get a better deal.
- Determine whether now is the right time to buy. The housing market is constantly fluctuating, so it’s nearly impossible to time your buy based on that alone. But is it the right time in YOUR life to buy a home? Perhaps it would be better to rent for one year before deciding to buy.
- Don’t be afraid to look at fixer-uppers. These should only be considered if you have extra time and money. Lower priced fixer-uppers may seem appealing, but they could cost more, in the long run, depending upon the issues it has. There is a LOT of time, work, money, and effort that goes into renovating a home. However, this may be the best option for you should you be looking for a place you can customize for yourself.