What to Look for When Shopping for a Home
First-time homebuyers have a lot on their plate. From finding a house you love to figuring out all of the financials, it’s easy to get overwhelmed with it all. While you may think the most important thing when buying a home is how it looks, there is so much more than you should look out for when making such a large purchase.
1. Expect the unexpected.
When it comes to buying a home, you should always expect the unexpected. Problems will inevitably show up on the home inspection. There may be trouble securing a loan. You’ll have to provide more paperwork than you could ever imagine. Keep a “go with the flow” attitude and it will make your home-buying experience much more enjoyable.
2. Shop around.
When you find the right house, you just know- even if it’s the first house you look at. The same isn’t always true with finding a lender or real estate agent. Different lenders will require different paperwork and may offer you a wide range of interest rates. Even a small difference in interest rates- as little as 0.5%– can cause a drastic change in cost over time. The same goes with anyone you work with throughout your home buying process- from real estate agents to attorneys. You have to feel comfortable with who you’re working with when you’re making such a large purchase.
3. Have a flexible budget.
You may fall in love with a house that costs a few thousand dollars over your initial budget. In the grand scheme of things, a few thousand dollars isn’t a lot. Be flexible with your budget in order to achieve what you want. There may also be unexpected costs that come up, like having to juggle two mortgages at the same time until you move, so be prepared for that as well.
4. What you want will change.
As you start looking at houses, the things you thought you wanted will likely change. You’ll be more willing to give up that two-car garage if the home has an unbelievable backyard. Follow your heart, but also keep your head on straight as you search for your dream home. You’ll be glad you did.
