Your down payment is in the bank and you’re pre-approved for a mortgage. You’re all ready to start looking at homes. Here are some tips for home buying the smart way:
Don’t go it alone. Some tech-savvy buyers like to use the Internet and mobile apps to search for homes. But there is no substitute to having someone by your side who can help you navigate the home buying process. Buying a home could be the biggest purchase you ever make, and consulting an expert who can help you negotiate the best price can make all the difference. That’s why even though most home buyers today use the Internet at some point in the home buying process, nearly 90 percent of all home buyers work with a real estate agent.
Make sure your monthly mortgage payment fits your budget. The amount you’re prequalified for is the amount a lender feels comfortable lending to you based on your income, debt level and financial resources. Just because your lender says you can borrow a certain amount, however, doesn’t necessarily mean you should. Only borrow an amount that your budget can handle.
Don’t be swayed by staging. You found a home that looks like it could be featured in a magazine. But don’t be impressed by expensive furniture and decor. Pay close attention to what really matters — the condition of the roof, the heating and cooling system and plumbing — anything that would be costly to upgrade or repair or that could strain your financial resources once you own it.
Take your time (and a deep breath). Don’t let the excitement of buying a home cause you to forgo the basics, such as a home inspection. Many who skip home inspections regret it later. Don’t be rushed into purchasing a home. Take your time so that you can truly find the home that’s right for you and your family.
Through the 101 Financial system, our goal is to help individuals and families budget better, bank smarter, manage debt better and build strong credit. Since 2002, the 101 Financial system has helped thousands of individuals and families experience financial peace of mind. Visit our website to learn more about us: http://www.anarumo.com
