3 Things You Should Know Before Buying A Home

Dated: May 1 2014

Views: 4088

The American Dream for most Americans is to own their own home one day. However, there are 3 important facts you should know before committing to that dream house you have been eyeing. 1. Get your financing in order. Go to your lender/bank to find out what you are qualified to borrow.  Shop around, and get the best interest rate you qualify for, because interest rates are important, as it will influence your buying power/purchase price. 2. Location, location, location. Herd the term? Learn the area, as this can effect later down the road when you go to sell. School district can be a vital key for most buyers. Buying in an area with a good reputation and school district will only make it easier to sell in the future, or rent out as an investment later down the road. Ask your realtor if there are any associations that the home belongs to, (HOA). As this can be a very costly expense that most people may not fully understand. The payment doesn't go towards the balance of your loan, but goes to the neighborhood that you belong in. Now, you might have a community pool, golf course, fire station ect., but make sure this is something that would not harm your financial state. 3. Condition. Once you find your dream home, get inspection. You should know the condition of the home before you commit to one of the, if not the, largest purchase in your life. It would do you know good, to purchase your dream home, and then spend thousands trying to make repairs to it. Inspections that you should absolutely get are; General home Inspection, Roof inspection, Pest inspection, and Chimney inspection (only if it is wood burning).  This will protect you, and allow you to know exactly what you are getting into before you commit to it. Make sure to follow the 3 important steps in buying your next home. Financing, Location, and condition. Happy hunting buyers!

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