By Carrie Colby
Acquiring your very first home will probably go down in your history books as one of the tremendous leaps you ever take. Not only does this new feeling spark a deep sense of pride, but also the overwhelming relief from the burden of regular rent payments. Generally, owning a home can provide a feeling of being more in control of your life. You now have the opportunity to design the layout, flow, and look of your home.
Above conducting robust due diligence, here are a few more things an aspiring
homeowner might want to think about before taking the plunge into home ownership.
Whether you like it or not, somewhere in the search for a new home, you are likely to interact with two or more players in the real estate business. So, the sooner you identify a reliable professional, the better for your decision-making. Finding a good real estate agent and a mortgage broker to guide you through the home-buying process will minimize your chances of making mistakes. The real estate agent you choose should understand your needs and help you better understand the market to boost your negotiation power.
2. Financial and psychological readiness
Determine if you are truly ready to buy a home. Are you ready to handle all the house bills and costs of repairs all by yourself? Once you become a property owner, the expenses are all on you. Are you fully aware of all the taxes and insurance costs related to your new home? You’ll want to calculate the total expenses in advance to ensure that you can cover them once you purchase the property.
3. Understand your payment options
It is always crucial to research the best payment options and loan types for your new home before venturing into a new purchase. This way, you will be better placed to learn about all the available loan types in the market, compare their terms, and choose the loan product which suits your needs.
4. Personal savings and investment plans
Is your current income sustainable enough to accommodate your new home payments and still meet your daily expenses? Can you last long enough in the new home to be able to recoup your costs and realize a good return on your investment?
5. Never forget a home inspection
It is good practice to have a professional home inspection before committing to buying a house. A thorough home inspection will help you identify any hidden problems with the home, thus saving you money before buying.
6. Look into your future prospects
Your starter home should, at the very least, be able to accommodate your future plans. It would be best to employ a wider lens of perspective when assessing your current versus your future needs. Do you intend to start a family, for instance? Is the house big enough to house your kids? Is the neighborhood safe enough to raise your kids?
7. Check your lifestyle preferences
It’s important to align what you add to your life with your lifestyle. Can you really afford the home? You must also figure out how the property fits into the vision of your day-to-day life.
A budget-friendly home helps, but you also do not want to settle for something that doesn’t make you happy. Be honest with yourself and with what you can afford while getting what you really want.
A good home should afford you some peace of mind at the end of a long, tiresome day. Proper fact-finding should become your primary mission before committing to a property. Having said that, should you feel confident enough, go for it. Owning a home is one of the most liberating feelings in the world, with zero regrets when done right.
Carrie Colby is a Broker with Allied Real Estate, 909 Roosevelt Trail in Windham. She can be reached at 207-232-5497. <