BUYING A HOME

1. Buying a home can be a very stressful time for a lot of people, especially if it is your first home purchase. You might feel like if you make the wrong decision, you could be stuck with a big mortgage, that could even be upside down if another housing bubble bust like in 2008. Do not worry though, because a lot of safeguards have been put in place since the housing bubble to prevent such an event from happening again, in such a dramatic fashion. Quelling such fears, is part of the job of working with an experienced real estate agent. You can tell them your concerns and based on their experience and market knowledge; they can guide you towards making the best buying decision possible. Buying a house is a substantial investment and a big life choice. For many, they wait many years before taking the plunge. They may feel more comfortable renting, and for some, that may be a wise choice. When you decide to purchase your first home, it’s best to have a pretty good grasp as to what your financial situation is. Going into this type of purchase without knowing where you stand financially could be a big mistake. You may even consider consulting a financial planner or searching online at different types of budgeting tools to see what it is you can afford. Once you decide what you can afford, stick to it. Mortgage lenders may be able to play around with your loan terms, but make sure that you stay in control and not make decisions that go against your financial plan. It’s also a wise choice to get pre-approved for your mortgage loan. You can shop around for lenders and once you choose who you want to go with you can work with them to get yourself pre-approved. This is a valuable tool to have if you are trying to make an offer on a home and you are competing with other buyers. Sellers are more apt to go with someone that is pre-approve agents near me than someone that has not yet secured their lending. Another thing to consider when buying a home is location. Is it close to work? For some, they choose convenience over size. Others prefer a larger sized home and property and then sacrifice the commute to work. You also need to consider the crime rates and the school district. Even if you don’t have any kids, you should always be thinking of resale value. If you think you may sell your home at any point, then these things are very important. Something else to consider when buying a home is if you want it to be move-in ready or a fixer-upper. Do you have the necessary time or funds to fix up an older home? Do you have experience doing this? You could be making a big mistake if you buy a home that needs fixing up and you end up running out of cash or don’t have the time you thought you would to do the work. So be sure you work with your real estate agent when you are making these types of decisions.