A Step-by-Step Guide to Home Buying for Beginners | United Country Real Estate
Buying a house of your own is an exciting life milestone, especially when it’s your first property. That said, home buying can also be nerve-wracking if you’ve never done it before. You’re getting ready to make a major investment so you want to be smart. Read on for a quick step-by-step overview of what to expect, courtesy of United Country Real Estate.
Create a Plan for Moving
Moving is a big job and you don’t want to leave it to the last minute. Don’t move without a plan. My Moving Reviews provides a checklist that you can use to structure your move. It covers everything from hiring movers to arranging the transfer of school records. Also, consider what level of support you want from your family for the move. For example, you might live with your family before moving into your own house.
Consider the Cost of Living in Your Target Location
When you buy a house, you’ll probably take on the commitment of making monthly mortgage payments. It’s thus important to consider the cost of living in any location before you buy there. You want to make sure you can afford property in the area—and afford to have a good quality of life there. Online cost-of-living calculators tell you what to expect in different cities.
Figure Out Your Future Source of Income
If you’re going to take on the responsibility of a monthly mortgage, you want to ensure you are financially stable. Do your research regarding potential job prospects before buying a house. If you’re living off of benefits, such as unemployment benefits, make sure that these will transfer to your new location.
Make a List of Your Needs in a Home
Once you’ve narrowed down your location, you can start considering exactly what you want in a property. Factors to consider include proximity to work, local school districts, and the overall community. Cost is also an important factor. You don’t want to overspend. You still need money for your essentials like groceries and kids’ school needs.
Prepare the Paperwork Needed for a Home Loan
It’s usually best to get your finances in order before you make an offer on a house. Getting pre-approved for a loan makes you look like a more serious buyer, which is important in a competitive market. Gather relevant paperwork like tax returns, pay stubs, W-2s, bank statements, and your credit history. If you get housing support, keep these records too.
Get a Home Inspection
Before finalizing your purchase of a property, make sure to schedule a home inspection. In this process, an objective third party visits the property and makes a list of any damages or deterioration, from a faulty foundation to pest infestations. This allows you to pinpoint red flags, and also offers an opportunity to check what warranties are valid on home appliances and systems like fridges and HVAC.
Consider Getting a Home Warranty
Once you move into your new property, consider a home warranty to protect your property. This provides coverage in case appliances or systems, like air conditioning, break. Find out if a home warranty is worth it for you as a warranty can save you money on repairs and replacements. Before getting a warranty, check the home inspection report to see what existing warranties you already have on appliances and systems.
Find Local Resources to Help You Get on Your Feet
Moving can be challenging. It also isn’t a cure-all for things that may not be going perfectly in your life. If you struggle with unmet needs, make sure to reach out to local resources in your new hometown. That being said, buying a house of your own is an exciting achievement! Make it hassle-free by following the above tips for home-buying. You can then enjoy your new home.
United Country Real Estate is the leading, fully integrated network of conventional and auction real estate professionals in the nation. The company has been an innovator in lifestyle and country real estate marketing since 1925. Call 800-999-1020.