So you’re thinking about buying your first home… that’s great! But before you start going about looking at houses and throwing your money around, there are a few things you can do to better prepare yourself. Here’s some advice for all you first time homebuyers looking to kick start a new life in a new home.
Make Sure It’s What You Want
Buying a home in Harris County is a huge investment and you have to be sure that it’s something you really want. Some people will buy a home, because they don’t want to waste money on rent and not get any equity in return. However, that shouldn’t be the only reason you buy a home. There are other factors to consider when deciding to purchase a home, such as the length of time you’re going to be living there and can you endure the extra costs. If you can’t afford the extra costs or you’re not going to be living there long-term, then you should rethink buying a home.
First time homebuyers should familiarize themselves with the home buying process, so they’ll know what to expect and when to expect it. The home buying process at its simplest is about finding a home, scouting financial options, making offers and sometimes counter-offers, getting a home inspection and finally closing the deal and signing the papers. By understanding this process, buyers will have more knowledge and confidence when they start their home buying journey.
The home buying process can be very complex, so it’s recommended that first time homebuyers get a real estate agent as a guide.
So many first time homebuyers believe that just because they can afford the mortgage, they can afford the house. That’s just not true anymore. There’s so much more to owning a home today than just paying the mortgage; you also have to take into consideration the extra costs that come with it. Things like insurance, homeowner’s association fees, property tax, and regular maintenance fees can add up over time and raise your cost of living. Not to mention property tax and insurance are not fixed rates and can increase every year.
Prepare before You Shop
Before you go house shopping there are a few things you should do beforehand. First, craft a Want-and-Needs list. The purpose of this list is for you to write down which features you want and which features you need in a home. This will make it easier for you to find the perfect home. The next thing you should do is compare the prices of similar homes that have recently sold in the area to make sure you’re getting a fair price for the home you want. You can also use those prices to come up with a proper offer for the house.
A home inspection is the best way to find out if the house you want to purchase is worth the investment. An inspection will reveal any damages that you might not see otherwise. If there are problems with the home, you can either ask the seller to fix the issues or lower the price of the home. A home inspection may cost you extra, but believe me it’s worth it.
Buying a home is a life changing experience and you should be prepared for it. A simple mistake can end up costing you more than you think. If you’re a first time homebuyer and need someone to help guide you through the process, contact John Bunn your Harris County connection today.