10 Things To Remember When Buying A Home1. Only buy if you are going to stay in put for a whileIf you think, or know, that you will not be staying in that house for more than a year or two, buying ahouse is a waste of time. Buying and selling a house costs money, and in the end, you will probablylose money. Buying a house is best for those who will in place for a while, thus giving the housesvalue to rise.2. Fix up your credit scoreFor most people, buying a house requires getting a mortgage. Getting a mortgage requires having agood credit score. Prior to buying a house, review your credit report and be sure that all is correct. Ifyou find any mistakes, have these sorted out before trying to get a mortgage.3. Look for something affordableGenerally, people say to follow this rule; buy a house costs equal to 2.5 times your yearly salary.Keep in mind; this is just a general rule. There are other factors you must consider, and this is just arule of thumb. There are plenty of online calculators to give you a very precise idea of your costs.4. Even if you cannot put a 20% down (which is standard), do not worryMany lenders, both private and public, have mortgage plans that require a very small down payment(as low as 3 percent of the houses price sometimes).5. Look for a home in an area with good schoolsIf you have children, this will be very important for their future. Even if you do not have children, livingin area with good schools is important; reason being that it greatly increases the value of the home.This will benefit you when it comes time to sell again.6. Receive help from an expertDo not try to do it on your own. Have a good agent. Even though people think they can do the wholeprocess themselves, this is usually not true. An agent will make the job ten times easier on you.7. Know the difference between rate and pointsFor those choosing a mortgage, they often have the choice of paying a part of the interest which isusually paid at closing, at the beginning. This will allow for them to have a lower interest rate. Forthose staying in a house for a long time (3 or more years), the points option is usually best, as it willsave you money over time.8. Get pre-approvedGetting pre-approved will make the house searching process much easier. You will know what youcan afford and what you cant afford. Pre-approval is not the same as pre-qualification. Being pre-approved has to do with your income, debt, & credit history.9. Research before making an offerLook at the trend of sales in the neighborhood before making an offer on a home. If houses in thearea selling for 7% less than their listing price, you should start off by bidding around 11% lower thanthe listed price. This is just an example. Your agent can give you a better idea of what a reasonablebid is for your situation.
10. Have a home inspector visit the houseMany people often forget to do this, and in the long run, find themselves having to spend a lot ofmoney on house problems which were caused by the previous occupants. A home inspector willcheck for any problems that may require you to pay to repair in the long run, and usually acompromise will be made before you move in.encina real estate