Buying a home may be one of the big financial decisions in your life – if not the only one. House hunting for a place you will call home, build and raise your family in, spend every single day of your life living in, and possibly where you will retire is a lot of pressure. It’s no easy task. Here are five things you should know before you close that deal on your chosen house
Buying a home may be one of the big financial decisions in your life – if not the only one. House hunting for a place you will call home, build and raise your family in, spend every single day of your life living in, and possibly where you will retire is a lot of pressure. It’s no easy task. Here are five things you should know before you close that deal on your chosen house.
Don’t Buy Just Because of YOLO
Think long term. Buying a house is a big financial decision than you think it might be, so first, consider all of your long-term goals and plans. Do you plan to stay in this town or city forever? Do you see yourself staying for a long time in your current job? Do you plan on getting married? Children? If you are not that sure or your instinct is not that happy with your upcoming decision, you may want to keep looking.
Think About the Commitment
Buying a house is not just about committing to your mortgage. When you get married, the house you bought when you were single will have the possibility of being distributed between you and your spouse after the divorce, that all depends on the laws of your state.
If you’re buying with your significant other or your spouse, have a written agreement if things might not go the way you hope. And yes, it might be best to include a lawyer on this. Again, buying a house involves thinking long term.
Don’t Focus on the Purchase Price
When you found your dream house, looked at the purchase price and saw that you could afford it, it doesn’t mean you can buy it immediately. The purchase price is just one part of the deal. Consider all the costs – insurance, real estate taxes which differs for every state, and also homeowner association fees. This also includes home improvements and maintenance costs, so look at every side of the coin.
Find the Mortgage Lender that Suits You
There are hordes of mortgage lenders that are eager to work with you. But just because they accept you right away, it does not mean they are right for you.
It’s important to shop around and choose the best mortgage lender that works with you best. This means deciding if you need one, doing your research, and going through your financial statements until you can narrow down your choices. If you are a veteran or your spouse is, you might consider VA Loans Arlington. You have more options than you think so look for what suits you best.
Look Beyond the Paint
Finally, just because the house is too good you have to have it, maybe it’s too good to be true. Look beyond the glitters and paint. Your dream house might be in need of a roof repair, examine the plumbing, the wiring, and the appliances. Check the land itself. It might be in a disaster-prone area. This way you will see if the house you are considering is worth the money you are going to pay.