10 things to consider when buying a house!
Looking to buy a home? These tips might help you during your home buying process. If you are a first time home buyer or are just looking for some tips for buying your next house, check this out. According to Forbes, 10 Things You Absolutely Need To Know About Buying A Home, these are the number of tips you should follow when looking to buy!
Find a realtor you trust- This is a very important tip. You need to find an agent that is going to have your back and have your best interest throughout your home buying process.
You will be signing a lot of papers- Buying a house means loads of papers to sign that are contracts. Having a good realtor will save you the expense and time if you are looking to negotiate.
Buy for your future life- Think about your life in 5 years, even 10 years! If you are planning on having children, working from home, or just want a space to yourself, consider finding a house that works for your future family.
Think about the commitment- Always make sure that you are 100% committed to buying a house. It is a big financial and can be an emotional commitment.
Pick timeless finishes- If you do not want to go over budget or are not looking for a fixer upper, consider finding a home where you love the finishes. Kitchens, floors, or bathrooms can be EXPENSIVE. Always aim for a house that you are love with inside and out!
Buy a house that you can afford- "Some lenders suggest that you can afford mortgage payments totaling about 1/3 of your gross income but others suggest closer to 28% for housing related costs including mortgage, insurance and taxes." Always make sure your finances can afford the house you are about to buy.
Don't fixate on the purchase price- Make sure to factor in other costs as well, such as cost of insurance, homeowner association fees and real estate taxes.
Consider your debt situation- If you have student loans, make sure to enroll in a documented based repayment plan.
Don't hold on to the home mortgage interest deduction- don't buy more house than you can afford and don't depend on your savings.
Don't buy a house if not ready- You don't have to buy a house since you are in your 30's. Always make sure you are financially ready to take on a house mortgage!
Erb, K. P. (2016, June 20). 10 Things You Absolutely Need To Know About Buying A Home. Retrieved May 28, 2020, from https://www.forbes.com/sites/kellyphillipserb/2016/01/05/10-things-you-absolutely-need-to-know-about-buying-a-home/#41f44f344158