Things You Need to Know If You’re Thinking of Buying a Home

by Daniel Bell

There is a lot of pressure for people to become homeowners these days. We hear a lot about how tough the market is, which at first seems like it would put us off. But we’re also reminded of how things are only projected to get worse. So it seems like people have to become homeowners as soon as possible to have a chance in the market.

Rushing into buying a home may not do you much good in the long run. In fact, it may even prevent you from buying a home! Here are some things you need to keep in mind.

Get your finances secure before you start looking

Image @ Flickr

Image @ Flickr

The majority of people buying a home will do so with the helping hand of a loan. Creditors need to see that you are reliable and sensible with your funds. With this in mind, you need to keep a clean record for the six to twelve months before you start looking for a home. Don’t make any big purchases or take out any other loans in this time. You want your credit report looking as strong as possible! You may want to look into getting a credit report check and attempting to correct any issues yourself beforehand.

You should get your loan pre-approved

In the eyes of a seller, a buyer that is ready to go is a strong prospect. Being approved beforehand saves the time of everyone involved. From your side, you’ll already know exactly how much you can afford. You don’t want to see a home you love, begin speaking to a seller, and then find out you can’t afford it. You can see about getting pre-approved for things like Evolution Money secured loans before you start shopping.

Remember the other costs of buying a home!

People often forget just how many costs that the process of buying a home can carry. There are, of course, the fees for taking out a loan that people sometimes forget. Depending on what type of loan you take out, these fees could range from small to very high. Be sure you know what the fee will be when you talk about taking out a loan! You should also be prepared for post-purchase costs. The new property may need repairs and maintenance that will lighten your wallet.

Don’t forget to scope out the neighbourhood first

Many buyers make this mistake. They love the front garden of the home. The interior is incredible, roomy, full of potential. A home inspection has revealed no problems. The back garden is beautiful. All seems well, but remember: you’re not just moving into a new room. You’re moving into a new neighbourhood! Spend some time wandering around that neighbourhood in both the day and the evening. You should get a feel of the place. Does walking around that area at night make you nervous? You may want to rethink your purchase. Does it take too long to get to the nearest store? Think about all the things you enjoy and don’t enjoy about your current neighbourhood. Inspect this new one accordingly.

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