Useful Home Buying Tips From the Pros
Buying a first home or a new home should be a great experience. It can signal your move to maturity, branching out on your own for the first time, or an expansion of your family, making room for children or the extended family. You may simply want a change or more space for your personal health and wellness. Whatever the case, use these tips to make the process the smoothest and best it can possibly be.
Get That Home Pre-Inspected
Never rely on how the structure looks as this can be very deceiving. Of course, sellers will paint the most appealing picture to you but keep in mind that no house is perfect and it’s up to you to find those faults before you commit to a purchase. Now, if you aren’t a home inspector yourself, delegate that task to a professional you trust. You can also opt to use this checklist to give yourself a good idea of factors to pay special attention to.
- Inquire about the existence of a built-in HVAC system whether it is in proper working order. Check the heating and cooling functions for efficiency.
- Check the plumbing. Be extra observant of any leaks around the toilet pointing to possible septic issues. Look for mold and mildew.
- Have a look at the electricals. Are there any signs that point to reduced safety like cracks? The number of outlets should also suit your needs.
- Inspect the roof for signs of degradation and water damage.
- The foundation of the house should be secure. Observe the flooring, and walls for structural solidity.
Don’t Get Blindsided By Closing Costs
These costs are not hidden and can be easily calculated as between 2-7 percent of the cost of the home. Your financial institution is also obliged under law to let you know an approximation. Therefore, the more you pay for the home, the more you can expect these closing costs to amount to. In addition to budgeting for the down payment, keep this in mind.
Don’t let the no-closing cost mortgage option fool you. Just because it may be incorporated into the total mortgage cost does not mean it is non-existent. This will raise the total of your loan and bound you to pay higher interest. Additionally, there’s still insurance, fees, and title costs that need to be accounted for. To get a better idea of what this is going to cost, do a simple search for a title company near me.
You can appeal to the seller for a credit re the closing costs and if granted, that should allow you to close on the home quicker. But best not to rely on this. Budget wisely and take all charges into consideration.
Choose The Right Neighborhood
Safety is key. The convenience is great. These are two main factors to consider.
Do some research to find out what the crime statistics are for the area you’re interested in. The last thing you want is to go through the process of securing a loan, packing up and moving, and absolutely hating the home because the environment is precarious. You may want to directly contact the local police department if you don’t get the information you require from searching online. Do a personal once over. Take a leisurely drive, if you feel comfortable, go for a walk around the neighbourhood and observe for anything that prompts warning signs or red flags in your mind.
Consider how far away the house is from your job or the nearest town. Are grocery stores, pharmacies, schools, and hospitals close enough for your liking? Public transportation should be easily accessible. The noise factor is of importance too. If an airport or train station is located close by, the peace you want could be interrupted. As a pet lover, you would want an area conducive to walking and playing with your animals.
There are many avenues and factors to examine to make your new purchase a worthwhile one. Definitely do not skimp on that home inspection, be sure to love the neighbourhood you will soon call home and do some investigations to find out if you can take advantage of first-time buyer assistance.