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Published On: Wed, Sep 6th, 2017

6 Must-Know Things Before You Buy a Home

Are you ready to make that huge financial decision of buying a home? The process of purchasing a home can be extremely overwhelming. It gets worse if you weren’t well prepared in advance. From figuring out a good price to working with realtors, there’s a lot that purchasing a home involves. We will start off with the basics to help you buy a home you love and can afford.

photo Alina Ku-Ku via Shutterstock

  1. Find a reliable realtor

First things first, you need to find a reliable professional to guide you through this entire process. Buying a home is no mean task; it involves a lot of paperwork and legwork that you may not be prepared for. A reliable realtor can save you time and money by handling the intricate details of owning a home. He/she will not only find you a suitable property but will also protect your interests and provide guidance every step of the way.

2. Be patient

Never rush through the process of buying a home. You may end up making major mistakes that will cost you in the future. Instead, take your time to review all available options and choose a home that you love. Your realtor will provide you with homes that suit your needs and budget so you will have adequate time for viewing and negotiation with the owners. Remember that homeowners can sense desperation from a mile away.

3. Consider long-term plans

This is very important if you are planning on buying a home by getting a mortgage. Don’t just budget for the life you have today. Think about what you will do if your financial situation changes. Do you have adequate savings to keep up with the payments should you lose your current job? Some of these questions may be tough to ask but they are important to avoid losing your investment.

4. Keep the emotions aside

When viewing a home, it’s important to look at it from a financial and practical point of view. For instance, can you comfortably afford the home without having to squeeze your current budget? Is the home big enough for your growing family? Is it in a good location? These factors should help you decide whether the home is right for you.

5. Think beyond the cosmetics

The home may look pretty on the outside, but have you done an inspection to ensure that its structural integrity is intact? Making changes to certain areas like the bathroom and kitchen can be super expensive. You have to ensure that the cost of labor and materials doesn’t weigh you down when buying that home.

6. Read the fineprint

There’s probably going to be a lot of paperwork that you’ll need to sign during the process of buying a home. Don’t be in a rush to sign a mortgage or any other contract before you understand the nitty-gritties. If you are in doubt, discuss with your realtor or lender. Make sure you fully understand the terms before signing anything. Ask for clarifications where necessary.

Author: Charlie Brown

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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