7 Points To Ponder When Buying A Home For The First Time
Right from the very first prospect of buying a house, people can get very excited. Ideas come rushing into one’s mind as imagination fills it with details of how he or she wants the house to look like. In all the excitement, sometimes, the person’s mind gets clouded, rendering it unable to make sound judgment. Some people want to do it as fast as they could so they can get started on turning it into their dream house. Most of the time, people miss the fact that instead of buying any house and turn it into their dream home, they can truly find the house that they have been dreaming of as it is. They can truly find a house that will only need a little work to make it perfect or already no work at all!
There are seven points to ponder when it comes to finding the perfect house. These seven points should be considered to ensure that there won’t be any regrets after the buy.
- Scout. First, choose a location. Naturally, one would look for an easy to reach place. It should be near one’s workplace, the school, and it should be virtually safe. Some people also consider the weather and the traffic among many other factors. Once the perfect place is identified, scout. Ask around and run a research to know the price range of similarities in the area. Some useful sites for this are Zillow, Homegain, and National Association of Realtors.
- Check your budget. Look at affordable similarities. There are different tools that can be used to assure that one would not go beyond what he or she can provide. MSN Real Estate’s Calculator measures home affordability and the maximum amount of money that one can use. Bankrate also features a mortgage calculator that will help people know how much they will be paying.
- Compute. Consider everything that may affect the total amount of money that will be spent on the character. These include expenses for homeowners insurance, taxes, and insurance escrow. The best thing to do it is by picking a character in the preferred area. Then, call an insurance agent to get an estimated insurance cost. Useful tools and references for these responsibilities are Home Affordability Calculator by MSN Real Estate, Zillow, and Insurance Information Institute.
- calculate. Have an accurate calculate of how much is the total closing cost. Consider the upfront payment, origination fees, title fees, settlement fees, taxes, homeowners’ insurance, or the homeowners’ association fees. A useful tool for this task is Bankrate.
- Get real. One should make sure that he or she will buy a house that one can provide. Fannie Mae provided an expert advice of not spending more than 28% of the total income for housing expenses.
- Get in touch with the experts in the real character field. Ask them about the current trend in real character and listen to what they have to say about the real character climate.
- Plan. An intelligent plan should take all things into consideration such as unexpected expenses on new appliances, plumbing sets, and roof repairs.
An important decision such as buying a house certainly demands careful and strategic planning.