12 Oct Important Things to Consider Before Buying a Home
Buying a home for the first time can be a very exciting, yet stressful time. It’s important to make sure you have all the bases covered before signing the dotted line.
Here are some things to consider before making one of the biggest purchases of your life:
Preparing for a Mortgage: It is important to know what documents you need when applying for a home loan. Be prepared before you come in to make the process as easy as possible. You will need to bring documents such as W-2’s from the last few years, recent paycheck stubs, tax returns from the last two years, and a complete list of your assets and debts. For a complete list of mortgage options, visit our Loans & Mortgages page.
Make a checklist for every showing: There’s a lot of questions to ask when looking at buying a new home. To help you remember, it’s a great idea to make a checklist to bring with you to house showings. This checklist should include everything from possible renovations required to the school system in the area.
Condition of the home: Buying a “fixer-upper” may seem exciting and a good idea at the time but it could come with a lot of unexpected expenses and stress. Consider if you are really prepared for the work that may come with a fixer-upper, or if you should just buy a home that is ready to move into right away.
Consider the additional fees of buying a home: There can be a lot of hidden fees that you may be surprised about when buying a home. When initially deciding if you can afford to purchase a home, make sure to factor in these hidden fees into your decision. For example, hiring an inspector will cost you at least a few hundred dollars and some lenders will actually charge you a mortgage application fee.
Moving: When you’ve finally purchased your house, it’s time to start thinking about the moving process. When it comes to moving, the earlier you start the process, the better. If you are using a moving company, try to book them 6 weeks in advance.
Looking to finance your new home? Come in and talk to us, we’d be happy to help!