Buying a home is a big, big deal for some. And why not? It is one of the most significant investments people make. We made the jump at the start of the year and are enjoying making our family home. Some people rush into homeownership because they consider it as a sign of financial responsibility and adulthood. But buying a house is a huge commitment and truckload of work.
That being said, homeownership can only be a smart long-term move when you know what you are getting into. Though everyone’s experience of the home buying process is unique, you must prepare yourself and avoid making some missteps prior to sealing the deal.
Here are some of the Do’s and Don’ts that can help you get started on the right foot.
Check Your Credit Score
The credit score is one of the major factors that decide the mortgage rate you pay. So, start by checking your credit score. Make sure it is in good shape.
No matter what your credit report reveals, you can take steps to boost your score quickly:
- Make your credit card payments on time.
- If you have multiple credit cards and debt on all of them, transfer the entire debt at the credit card with the lowest interest rate.
- If you want to bump up your score and improve your spending ratio, open a new card and maintain a low balance.
Hire A Real Estate Agent
Buying a home is not a child’s play. Several things need to be taken care of. Therefore, you must seek help from Real estate agents in Cambridge.
Having a professional by your side will not only help you find the homes that match your wish-list, but secure your peace of mind as well.
Your agent will be your friend, advocate, counsellor — help you evaluate homes, make an offer and negotiate the best price for you. Working with the right real estate agent will ensure your transaction is profitable and goes according to the timeline.
Look At Several Houses
Although the idea of falling in love at first sight is tempting, but in the case of house hunting, it may not be a good idea. Buying the first house you look, might not be the best bet. If you do so, you are likely to overpay and miss out on great properties listed nearby.
Therefore, it’s always wise to walk through at least three to four properties before you decide. If the first house is where your heart belongs, make an offer.
Don’t Let Your Emotions Cloud Your Judgement
Buying a home is an emotional and exhausting affair — one that is deeply personal. The thought of owning a property usually thrills people, so much so that it is easy to get swept by emotions. This can make the process tough.
But you must not let your emotions cloud your judgement. As mentioned before, your home is your biggest investment, so you must take time before deciding anything. Think of it as purely a business deal, and consider the financial, practical aspects before signing the papers.
Don’t Make Big Purchases Before You Close
Now, this is very important. You must not make any purchases until after you have closed on the home purchase.
Getting pre-approved for a mortgage definitely means celebrating is a “Do”, but celebrating by buying a car with your credit card is a definite “Don’t”. Such an act can alter your credit report and make things difficult for you.
Once you get pre-approved, the bank vets your finances to make sure you are capable of paying the amount back. So, make sure your finances look as healthy as possible, at least, until the close of escrow.
Don’t Overlook The Home Inspection
The home buying process requires an acute attention to details. That being said, you must personally oversee every aspect of the transaction. In the case, the seller provides you with a home inspection report, thank them for their concern, but also conduct an inspection of your own. Hire a professional home inspector to help you with the same.
Sometimes sellers don’t reveal the whole truth; they do a quick job to hide the issues so that their house sells fast. Therefore, a professional home inspection is a must. It can save you time, money and house-induced heartache later on.
Here you have them – The Do’s and Don’ts of buying a house! I hope you find this article helpful!