Buying a home is definitely an exciting experience. However, it requires a focus and understanding of the process, as well as things to watch out for, to ensure you get your money’s worth. With a financial decision as large as committing to mortgage payments for years to come and coming up with a hefty down-payment, there are things you should look into before buying a home.
We know you want the best for your family and the best way to do this is to be prepared, so you can move forward with the insights you need. Check out our five top lessons to know before you buy your home:
1. Take time to look for the best mortgage rates.
Rushing to work with the first lender is like rushing into marriage. No one has time for that. You want the best rates and to achieve this, you’re going to need to spend time shopping around for them at different firms. Don’t just go with the cheapest Texas VA lender that you find. You can save big money when you choose the best loan option for your situation, so when it comes to finding a lender, our biggest suggestion is that you take your time.
2. Save as soon as possible.
If you’re not in a rush to buy a home, which you should avoid, then now is the time to start saving. The more money you can put away for a down payment, the better. With more than 20% of the home’s value in savings for a down payment, you’ll be in a great position when it comes to buy a home, so you can avoid paying a PMI.
3. Really pay close attention during inspection.
In the start of the pandemic, some people rushed to buy homes for some sense of security during an uncertain time and to have a comfortable place to shelter for the foreseeable future. Unfortunately, in the rush to buy homes, some people didn’t pay attention during inspection or didn’t even make it a priority, thus ending up with homes that had highly expensive problems to fix. Don’t let that be you. You could end up needing to invest thousands of dollars into a home that has hidden issues.
4.Ask a family member for an opinion.
It can be easy to say yes to a beautiful home but there may be some factors that could make you miserable there at the end of the day. It can be difficult to see these things at first glance or even consider the area or amenities when all you’re focused on are those big, beautiful living room windows. We get it; we’ve been there. However, asking a knowledgeable loved one or two what they think about the property, etc., can help you make a more informed decision.
5.Don’t say no to a home just because it has a couple of issues.
While this may seem contradictory, for the most part, every house out there is going to have something that may not be perfect. If you say no to every home that may have a smaller yard or crooked cupboard, you may find yourselves without a house and short of some amazing deals on homes. So, consider the pros and cons of a home and if you can live with the cons because the pros far outweigh them, then the house may be ideal for you. Pro tip: don’t just look at the home. Look at the area. Sometimes you’ll find a fixer-upper home in an area that is perfect for raising your children. This could be the house for you.
We know that finding your dream home is a big deal for you. We’ve been there. Hopefully, these lessons will help you to go into the process with your eyes wide open so you can make the best choice that you won’t regret. Happy house hunting!