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Thumb Rules To Abide By While Buying A Home For The First Time
Buying a home for the first time can be unnerving, exciting, unpredictable, satiating or disappointing. It is a tedious process and you would have to deal with a great deal of anxiety. You will be thrilled every time you come across a property that meets your requirements and you would be disappointed when something or the other keeps your quest unquenched. Right from your first search to getting your loan approved and moving into your home, there is plenty of room for errors. Even experienced homebuyers or those who invest in properties all the time are vulnerable to committing mistakes. It is only natural for a first time homebuyer to make one or two.
Here are a few thumb rules you should adhere to while buying a home for the first time.
- Know what you can afford and how much mortgage you can get given your financial profile. You should consider getting prequalified or preapproved for a mortgage. This will give you an assurance that you would get the loan when you find the property of your choice. Else, you may find your dream home and might not be able to buy it. Also, many property owners and realtors today need preapproved or prequalified homebuyers.
- Always use the expertise of a realtor. You wouldn’t know the nitty-gritty pertaining to home inspection, title search, property evaluation, local building code or regulations governing real estate transactions and you may be clueless about the contracts and other paperwork. A realtor will help you with all these and more.
- Don’t look for an impeccable property. Chances are that the property owner or the seller has decked up the property, known as staging, to impress homebuyers and you would have to pay substantially more than what you should. Staging costs the property owners and they would always account for that expense in the ask price of a home.
- Once you like a property, get it inspected and evaluated. You need to know the right or fair price and you must be aware of any problems that the property might have. Your realtor should help with these.
- Don’t be rigid with your needs or preferences. Chances are that you would have to let go on one or a few of your requirements. You can always get those things done for yourself. Also, don’t fall for those real estate traps, swanky properties at hyped up locations that cost exponentially more.