THINGS TO DO BEFORE BUYING A HOME OF YOUR CHOICE
For most of us, having a so-called “HOME”, is one of our life’s greatest achievements. A home that we can call our “OWN”, the prize of our continued labor and sacrifice; and a gift for loved ONE.
Before reaching that point of having one, you must put in mind that it requires a series of planning at a much slower pace because one’s goal is not accomplished in just a matter of minutes, its attained through every single bit of smaller wins.
Here are things to do before buying your best-loved home:
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DETERMINE THE COURSE OF YOUR DECISION
Think about the decision you are making today, you should be practical enough and try to digest these two questions?
Is it time for me to buy now?
- Meaning that you’re attentively conscious of your choice because you are making long-term plans.
Am I having an attainable decision?
- Your decision should be reachable enough considering your finances on hand because in buying a house, you are making the major financial commitment.
If you decide to go on with your initially planned choice of buying a house after those marked questions above, then you can now go on with the second task.
LOOK FOR A TRUSTED REALTOR
Find a trusted real estate agent, whom will help you make necessary arrangements in purchasing your dream home, proposing and recommending home listings, pointing out necessary documents, and negotiating with home buying contracts.
CHECK YOUR BUDGET
Before choosing your potential home, make sure you are financially capable to bridge the finances all throughout the payment process. Don’t necessarily buy for the life you have today, try to think that estate market is a forever changing ecosystem of market interests and mortgages.
FIND THE RIGHT MORTGAGE
After checking on your budget, you can now shop for the right mortgage. You should be very careful when choosing the type of mortgage that you want to acquire. On the positive aspect, there is a variety of mortgage types to choose from in any given situation.
While on the negative aspect, choosing a bad mortgage can lead you to serious financial problems sooner.
The most common types of loans comes in two forms:
- Variable interest rate
- fixed interest rate.
In variable rate loans, one can adjust with prevailing interest rates, while sacrificing some stability in payments for the ability of the mortgage. When the rates are down, its good for you, but when the rates are up, then brace yourself, watch out for a much higher monthly payment.
On the other hand, for a fixed-rate loan, is that if interest rates increase, you continue to pay with the same lower rate. Here, if rates go down, you may be paying more than the current rate, although it may be possible to refinance for a lower rate.
SAVE ENOUGH MONEY FOR DOWN PAYMENT AND CLOSING COSTS
Experts say, it is much necessary to save between 5% to 20% for down payment, while for closing costs, home buyers commonly pay between 2% to 5% of the purchase price of their home.
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