Taking the leap and finally making the decision to buy a house is life-changing. You will have spent a long time analyzing whether you’re ready to take this important step. The housing market can be unpredictable and it’s hard to be sure of what the future holds. It’s a long-term project and a big strain on your finances, it goes without saying however that this is the best investment any economist will recommend. Ensure you’re making the right decision and that you can afford it. Once you’ve got your head around your budget and long-term plan there are plenty of details you need to consider when buying a new property.
First-time buyers
For those of you who have never owned before you are in luck because there are many benefits offered to first-time buyers. There are different types of financing to consider. Here is a list of first timer’s loans and mortgages to give you more information.
Credit check
You will be going through a lot of background checks before you can set up your financing therefore it’s vital to check that all your affairs are in order before this. Make sure you have forgotten anything, even forgetting the tiniest bills or taxes that haven’t been completed. If you have any other loans it’s a good idea to get these out of the way first. Set yourself up for a clear credit check so that you’re good to go. You also might want to be aware of how you appear to the seller. Be professional and friendly but make sure you appear responsible and in control of the situation. Do your homework so that you’re prepared to ask and answer the questions you need to.
Mortgage calculator
The Federal Housing Administration offers the most standard mortgages or FHA loan, so see if you are eligible for this. There are mortgage calculators online to help you analyze your options. Once you have figured out your financing, you will already feel much more comfortable and knowledgeable.
Extra costs
The initial down payment and mortgage repayments as you’ll certainly realize are not the only things you’ll have to pay for. More expensive things to consider before you even move in are surveys, home repairs and removals. Think about the little things that you’ll need in your new place to get started. You’ll need basic things like cleaning products, a dish rack, crockery, cutlery and glasses, bathroom stuff like towels, toilet paper, and toilet brush. Make a list of everything you use on a typical day and buy it ready for the move. Not only little things but consider all the new furniture and upholstery.
You should also think about the cost of selling your own home if you’re not a first-time buyer. Having to sell your own home is such a pain, and it can be far harder and take far longer than you realize. It can cause big delays in your home move and can dig a hole into your bank account in no time. One way to speed up the process is to find a company who will buy your home, rather than waiting for individuals. Geaux Home Buyers LLC is just one of the companies who might be able to take your home out of your hands. The sooner you can get a sale, the sooner you’ll have the money and time to focus on the home you’re going to buy. You can’t truly do that until you have sold your own home.
Freecycle
Don’t worry too much about spending all the money you have left after that down payment if you don’t feel comfortable. Nowadays there are many websites where you can find second-hand furniture and household items for sale very cheaply or even on offer for free. Freecycle is an example of a free trading website, nothing is for sale, it’s just people giving away items they no longer need, but in the majority of cases, they’re in good condition and need to go to a decent home. You might find moving you double up on things and lose others, so this is a great way to get rid of and exchange items without spending any money. One man’s trash is another man’s treasure!
Timeline
For a layout of the timeline, you can expect the buying process from realtor to move to see here. This will give you a clear understanding of the steps involved and the order in which they are generally carried out.
Your realtor
Finding a real estate agent can be tricky. Once you’ve found an estate agent you can trust get as informed as possible. Make a list of questions you can ask. Think about as many details as you can. Some example questions could be:
How many viewings has the property had?
Have there been any offers yet?
Why is the seller moving?
Have inspections been done recently on the electrics, plumbing, and boiler?
What are the neighbors like?
What is the “chain” situation?
What’s included? Is the property furnished?
Has it been recently decorated?
Maintenance check-list
Another thing to go through with your realtor. Ensure that checks either have been or will be carried out for damp, security, and seeing if all fixtures work or need replacing. Go round the house yourself at the viewing and test the electrics, make sure you get all the switches and outlets, check the water in the taps and the bathroom, check the gas and make sure you can get a phone signal. These are all essential things you won’t want to live without and that will cost to be repaired. Check the water pressure in the bathroom, no one wants a weak shower! These little details can be essential to making you comfortable in your new home. Vet the seller too, find out what you can to see if you get a good vibe from him or her. This might seem a little nosey but they’re probably going to the same to you.
Surveys
Have a surveyor come round to check for any faults and necessary repairs. Inspections are a standard procedure before buying a house. Surveys and repairs will cost you, but it’s essential that you make sure everything in your new property is in working order.
Removals
Have a look round on price comparison sites for the best value removal services. Get a quote and make sure you take enough time off work to get it sorted. Talk to your employer and see if you’re entitled to a personal day for moving house. In any case, start planning the move as far in advance as possible.
Contract
Another one for your real estate agent to help you with. They are there to help you understand the small print. Make sure you go through the contract with a fine-tooth comb and that you comprehend everything that is expected of you and the seller. In the unlikely case that something does go wrong, it’s vital to know when you can pull out of the contract. Find out how long you have to shake hands on the deal.
Get to know the neighborhood
Not only do you need to know your potential new property inside out, but make sure you do some research on the neighborhood as well, and the neighbors. Have there been any disputes with the neighbors in the past and why? If you have or are planning on having children, what schools are available nearby? Is there anything being built near your new house? What other community projects are taking place around the corner? Make sure you view the property and the local area at different times of day to get a feel what it’s like. Take as many photos as you can, but ask your realtor first out of courtesy. What about the geography of the area? Is there any danger of flooding for example?
Last but not least, final checks
Expect to clean. When you move into a new property it will be dusty, there will be disorder from moving furniture and everything out of the house. Be sure to do quick checks which don’t take long but are very important for you and your family’s safety. Double-check the fire alarms, gas, and carbon monoxide alarms. Make sure you have everything you need to be ticked off your check-list.
