Buying a home is a lifetime investment. A lot could go wrong from financing to selecting the right home, which makes it a risky affair. Know the crucial aspects of buying a home even before you have given affirmative confirmation to your realtor.
- Do not buy fixer uppers: The nicest locality in the city has a house you can actually afford? But there is a catch. It needs a bit of renovation. You decide to do it yourself and snag the nice suburb location. Beware of such offers, because they possess a lot of risk. Structural damages, foundation issues, flooding during rains, it could be anything. Most high end neighborhoods require ArmourGlassTinting for energy saving and security. Get an inspection done to know how much you will end up investing in repair before you make a deal.
- Estimate an affordable budget: Your loan amount for the new house should not exceed more than a third of your income. Make an estimate based on income and liabilities, regular expenses, grocery, rent etc. Don’t buy a house you cannot afford to pay for.
- Learn the home buying process: Learn everything about the process of buying a home. The department of housing and urban development or any local authority offices will offer the details, parties and documents involved, taxes and surcharges etc. Do not get emotionally tied up in a house by trusting a lucrative offer from your agent.
- Improve your credit score: Credit score determines how much interest you pay on a property you are buying. Between 660 and 680 you will have to pay a very high down payment or a high interest rate. A credit score of 750 is considered ideal and will get you the best deals from banks.