Buying a house is nowhere similar to buying a pair of shoes, a brand new furniture and appliances or a set of clothes. Not only is it difficult to choose the right home that is perfectly suited for your family but it is inevitably expensive as well. So you might want to save early to buy your dream home sooner.
Aside from it being costly, there are a ton of other cases you need to know when you start hopping from one open house to another. You will have to settle your mortgage first so you ought to know how much budget you have when looking around. Plus, so you would not have to look around great houses that already catches your heart however, has a way too pricey tag and you only end up getting your heart broken.
Being a homeowner is truly exciting and terrifying at the same time. You think you would know everything there is to know before, during and after buying a home but the thing is, there are things people do not and forget to tell you when you buy a home. And suddenly, your excitement can turn into frustration.
Shopping for a house should come second. Apply for a mortgage first. You don’t want to look for properties and when asked how much is your budget, you fail to provide a concrete response. And more terrifyingly, you don’t want to cancel the deal with the property owner wallowing because you just found out after you applied for a mortgage that the price exceeds your budget. Determine how much your reliable and trusted lender is willing to loan you. Loan values can differ from lenders so be sure to choose the best one. The moment you find your lender, agrees to provide you a great deal, it’s time to get pre-approved. The amount your banker is willing to lend you should be managed accordingly. To do so, consult with a financial advisor and don’t max out your budget. Be practical and pragmatic.
You will need a home inspector. Taking a good look at a home doesn’t just stop once you’ve settled the deal with the seller. Make sure that you bring your contractor with you before you settle a final agreement and deal. Have the house inspected just in case there’s lead present in your walls or your roof needing a quick fix. If ever there are issues that need immediate repairs, you may raise that concern to the seller and let them have it fixed instead of yourself. Once you sign the contract and only found out about these issues the moment you move and live in the house, you will be responsible for the repairs unless there are serious and legal agreements broken.
You can walk away from a deal. Especially if the one you’re negotiating with don’t want to seal the deal. If you think the negotiation process is taking too much time and getting more and more stressful, don’t be afraid to turn it down and move forward. Remember, don’t pay for something that isn’t worth it — most especially when it’s a hundred dollars we are talking about. This isn’t just a simple property but an investment as well. If you’re full of doubts, unsettled thoughts and unfair statements left unspoken, quit the deal otherwise you’ll regret it for the rest of your life. Not only will you cause yourself a headache but a ton of money as well.
You are now responsible for the repairs. Unlike when you were still renting, the landlord is responsible to cover for any repairs that needs fixing. You got a plumbing issue? Call the landlord and they’ll contact their plumbing service and cover the costs. Now that you’re a homeowner, who do you think is now responsible to fix issues such as this? Like what’s stated in this article up top, owning a home is expensive and it doesn’t just stop once you have bought it — it’s a lifetime commitment. Now, you have to save more for emergency repairs and/or remodeling fixes.
You’ll try hard to cut costs on your bills. Sure, you knew how much big of an obligation paying off your bills on time is, but with the other loans to pay off and the size of your home, it’s almost impossible to keep up monthly. But with proper financial advisory and finding out ways to cut costs like saving in electricity by turning off the lights in the room when no one is inside, timing your shower in as quick as 10 minutes and other helpful saving tips will undoubtedly decrease in expenses. Also, finding out ways to earn quick money will hurt you no less so it’s better to be ready and prepared ahead of time than not do anything about it.
Designing and decorating can be stressful. Yet fun, nonetheless. Choosing a paint color for your living room, guest room and other areas of the space can be a beautiful nightmare. Before you paint and bring in your new furnitures, live in the home as it is for a while and get a good grasp of it. Observe what’s missing and which area needs more improvement. Also, looking and shopping for furnitures can be hefty so if you have someone who can hand you down their old furnitures and appliances, that would be better.
Owning a home is a great validation that you have earned it — you have worked hard for years and now it’s time to reward yourself and your family a monumental life-changing present, not just a gift but investment as well. Be wise and practical before making into any final decisions so you won’t regret it in the end. Many have fallen into this trap so you might want to avoid that. Do you have anything else to add that you have experienced when you were in the same stage getting over with the house-buying process? Share it with us and comment below!
About Chie Suarez
Fond of open-house models and wandering in the aisles of home department stores, Chie Suarez is also a writer for RealPro — a licensed Real Estate and Business Agency in Australia.