Buying a home is a large financial investment. It’s important to make sound decisions when making this type of purchase. Here are six tips to follow when buying a home:
1. Don’t Get Too Attached
When looking at homes, you may find one you think is the “dream home”. Do not become too attached until negotiations and inspections are over. You may have to move onto looking for another home. Keep an open mind and remember that you will find another “dream home”.
2. Don’t Skip Inspections
Even if the home is new it should be inspected. The investment in a whole-house inspection is definitely worth the money.
3. Too Many Contingencies
If you place too many contingencies into your offer, the sellers might find your requests unacceptable and move on to another buyer’s offer.
4. Get Everything in Writing
Be sure everything is in writing. If the home sellers are going to include their washer and dryer with the sale, make sure that is in writing so you are not disappointed when you move into the home.
5. Keep To Your Budget
Get pre-approved for a mortgage and you will see what your limit will be for a home purchase. Prepare a monthly budget and be sure to include a mortgage payment, taxes, utilities and insurance. Don’t forget added costs such as moving expenses and home-maintenance costs.
6. Plan on Staying in Your Home
When you buy a home you need to plan to stay there to build equity in your investment.
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Great blog! Buying a new home is certainly a great investment as you said, and you should plan to buy a house where in you can reside for a long time. Another major factor you should look at nowadays is the state of the housing market. The state of the market can greatly affect prices and it can tell you whether it’s a great choice to buy property now or wait a little. I’ve been researching a bit since I’m about to invest in my first home and I stumbled upon this article fromParadise Developments describing the housing market in my locality. Tips like the ones you listed are surely helpful, but knowing the trends and numbers can be significantly beneficial as well.