Can you name one thing that’s more exciting than buying a home?
We’ll keep waiting!
There’s no doubt that homeownership is largely what the American Dream is all about. It’s no wonder that over 6 million homes are sold every year in the United States.
If your time to buy a home is approaching, your excitement is certainly through the roof. That’s understandable, but we must warn you that home buying isn’t as easy as buying groceries. If you’re not careful, you could end up buying a home that’s anything but what you needed. Homebuyer regrets are super common.
To steer you in the right direction and help ensure you have a smooth home buying experience, read on for a list of important things you must do before signing on the dotted line.
1. Know What You Need in a Home
We have seen buyers walk into the real estate market and leave with homes that don’t suit their living needs. Imagine buying a 3-bedroom house when the size of your family calls for a 5-bedroom house. Many a time, buyers will fall for a house because it has an exciting feature, such as a swimming pool, forgetting that there are basics that the house must meet.
As such, ensure what you need in a home before you start hunting for one.
List down the primary features that the house must-have. If a property doesn’t have these features, don’t give it any more thought regardless of how amazing it might look. Primary features include bedrooms, storage areas, size of living rooms, bathrooms, kitchen, heating and cooling system, and garage (driveway).
Secondary features are those that add a touch of luxury to a home. They include swimming pools, outdoor kitchens, and patios.
2. Get Pre-approved for a Mortgage
Buying a home comes with a hefty financial commitment. With the median price for homes in 2021 hovering well above $300,000, it’s unlikely that you’ll buy one in cash. Like the vast majority of prospective home buyers, you’ll go in for a mortgage.
Of course, by the time you’re looking to buy a home, you’ve hit a certain level of financial preparedness. This, though, doesn’t necessarily mean your mortgage application will be approved. Or, it’s not known how much of a mortgage you’ll secure.
This is why it’s crucial to get a mortgage pre-approval before you start shopping. You’ll not only feel confident of getting the final approval, but you’ll also have a clear picture of how much money you’ll be loaned. Add this amount to the down payment requirement and closing fees, and you’ll have an idea of the cost of homes you can afford.
3. Hire a Buyer’s Realtor
Home buying is a multi-step process. From making a mortgage application to a house closing, there’s a lot of paperwork involved. You’ll easily be overwhelmed if you undertake the process on your own.
There are real estate professionals whose job is to help people buy or sell homes. They’re called realtors or real estate agents. Hire one before you start the process of buying a home. Check out Carolinahousesforsale.com to see some of the advantages of hiring a realtor, such as gaining access to listings of homes that are on sale in your area!
Buying a Home Requires Great Diligence
Buying a home is a great achievement, but the process can be draining and you can even end up with a home that doesn’t make you happy. You can prevent this by doing the three things fleshed out above.
Good luck and keep reading our blog for more helpful advice.