House hunting for the first time is quite an exciting task, but it can be nerve wracking for a lot of people. Understandably so, since it is a huge step and involves a lot of oversight once you decide to move forward with it. Buying your first house is a rite of passage but it doesn’t have to be as scary or complicated as it sounds like. Just like any big decision, it requires some important considerations to be made. And it’s always smart to first do your research before making any rash decisions so you don’t end up realizing that you miscalculated and overlooked some important factors.
In order to achieve that peace of mind, here are 3 useful tips to think about before you jump headfirst into the task of buying your first house.
1. Manage Your Finances
One of the very first things to do before deciding to buy a Home is making sure your finances are in order because while the initial purchasing is expensive, owning a house is not exactly easy on the pocket if you don’t keep all the additional costs in mind. Creating a budget for the down payment, your monthly mortgage, closing costs of the house and its maintenance will help you tremendously. This way, you’ll also have a clearer picture of exactly how much you can comfortably spend on buying a house, and still have enough saved to manage other costs.
It’s best to have an emergency savings account for those costs which can also serve as an emergency fund that lenders often require. Keep in mind that you need to maintain a positive credit score because even if you have all these financial aspects cleared, a lot of people need loans to buy a home. Without a good credit score, it can be hard to qualify for a loan.
2. Hire a Good Real Estate Agent
When it’s your first time buying a house, obviously you won’t know all the right places to scour for the kind of house you require. In that case, a real estate agent can guide you through the entire process with ease, knowing where to look and what kind of house to show you based on your needs. Not just that but they can also help you in all the exhausting paperwork and negotiate with the seller to save a lot of time and money.
To find a good real estate agent, start by asking your friends and family for recommendations so you can find a trustworthy agent whose experience has been vouched for. Try to contact several agents before choosing one based on their knowledge and advice and always ask for references and certification. It’s also very important that the agent you decide to choose knows the area and neighborhood that you want to move to so they can find the best option for you.
3. Have the House Inspected
You may think you’ve found the perfect first house but never forget to get a home inspection done so if there are any problems regarding the safety and overall condition of the house, they can be weeded out before you buy the property. Better to be safe than sorry, right? Hire a professional home inspector to search for any problems that you may not have been aware of so you can make an informed decision about buying the place.
If there are any problems that come up to the surface through the inspection, you can always back out as a buyer. Or if you think it’s a problem you can compromise on, you can negotiate with the seller about the previously agreed cost and buy it at a lower cost.
Once you’ve carefully thought out these things, there’s nothing stopping you from embarking on the wonderful journey of buying your very first house. Then you can jump onto the next step: packing up, hiring moving companies to help with the move, and finally moving in!