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Everything I Need To Know About Buying A House – Making the leap from renting to buying is a major life decision, but it doesn’t have to be stressful. The key to making sure your very first home buying journey goes smoothly is to prepare properly and know what’s in store for you on the road to home ownership.
There will be many new details that will emerge as you officially start looking for a home and working with a real estate agent to purchase your new home, but right now your main goal as a potential home buyer is to gain clarity so you can figure out now is the right time to buy, and if so, understand what you need to get started. Think of this stage as the “pre-purchase” stage, where you build the confidence and knowledge you need to move forward.
Everything I Need To Know About Buying A House
Read on as we reveal expert tips on how to get started in the home buying process, including specific questions to help you determine if you’re ready to become a first-time home buyer.
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Now that you know the general steps and considerations involved in getting started with the home buying process, let’s break down each of these tips in detail. We hope this helps you learn more about how to embark on your journey to home ownership!
Continuing to rent or buying a home is an important concept to analyze as a team. Below are some topics to help you decide if home ownership is the next logical step in your life.
Buying a home can build a stable foundation and a place to grow. If you have a child on the horizon, buying a home can serve as a way to plant some roots for your future family. Even thinking about pets like a dog can open your eyes to home ownership with the flexibility of your yard. What does your job look like? Do you see yourself remaining in the same position or remaining in the same job market in the future? Buying a home and then having to move shortly after is not an ideal situation to be in.
If you love to be in a new place every couple of years, buying a home may not be the best lifestyle choice for you at this time. If you dread jumping from rental to rental, the stable housing may be just what the doctor ordered.
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Buying a home is a means of building wealth for you. A house can grow in value over time through both equity and appreciation. If this appeals, home ownership could be an excellent choice!
Buying a home is a blank slate, a blank canvas. You can paint walls, knock down walls, build new walls. Home ownership gives you the opportunity to improve your property the way you want. If you hate the idea of changing light bulbs, fixing a leaky faucet, or mowing a lawn, home ownership may not be for you. Although this does not rule out buying a property, it does make some property types more attractive, such as apartments or townhouses.
Buying a home can be a time-consuming and stressful time for a couple. Make sure you and your spouse can focus on the home buying process. If you are stressed about other life factors, it may be a good idea to postpone the home purchase for a while.
You’ll want to gather all of your bank statements to get a pulse on your available cash.
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Do you have investment accounts? It’s good to get a snapshot of these because your lender may want to take a look at these down the road
You want to find out if there are any financial plans or goals that take priority over buying your first home. Do you have existing student debt or high-interest loans that you want to pay off soon? Are there investment goals you need to plan for, such as a 401k/IRA or periodic contributions to a brokerage account? You will want to budget any financial goals and how it will fit into your monthly finances as a team.
You will decide how much of a house you can afford. There are plenty of rules you can follow to give yourself a decent gauge of how much housing you can afford. A general rule of thumb is to calculate 25 to 30 percent of your joint monthly income. Use this number as your comfort zone for your monthly mortgage + taxes + insurance for your new home. Bankrate and Zillow also have some calculators to help you determine these numbers.
Most home buyers must work with a lender to obtain a home loan in order to complete a home purchase transaction. There are a handful of things you’ll want to check and fix (if necessary) before entering the home buying process.
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You need to be knowledgeable about you and your spouse’s credit score and history. Fortunately, in today’s digital age, this is not very complicated to achieve in a short time. Since 2003, everyone in the US has been given FREE access to one credit report per year from the three reporting agencies. You can also spend a little money to get your FICO score from all three agencies.
If you find something wrong with your credit history, you’ll want to try to fix the problem before working with a lender. Perhaps the report shows a late payment on a credit card you’ve already cleared with the credit card company, or your bank made a mistake on an account that caused an overdraft problem. You will start a dispute directly with the reporting agency showing the error.
You must verify that you have at least two active trade lines in the past 12 to 24 months for FHA loans and at least 3 for a conventional loan
If possible, try to avoid closing older but active credit accounts. If you continue to use them regularly and pay them off promptly, they will boost your credit score. Try not to open any new lines of credit or have multiple credit checks in the time until you buy your home. Doing so will weaken your credit score and can cause problems with the lender when you are trying to get a mortgage. Avoid large purchases such as new cars or furniture. If you need to make a significant purchase, if possible, try to buy with cash only. Keep your money where it is. Do not close current accounts or move large sums around. This type of activity would require a thorough paper trail for the lender, so it’s just easier to avoid if possible.
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When you start meeting with a lender, you will learn that they need documents from you, lots of them for that matter. Better to get them all together now, rather than weeks before closing when time is no longer on your side.
Now we come to one of the best parts of the home buying process. You can write down your dreams and wishes for your new home. It is essential to know what is needed for your home, but it is also good to have some criteria that you can do without or upgrade later.
When thinking about a house from a skeleton perspective, these are the typical features that determine the ideal “bones” for your desired home. You can change things like carpet, paint color and countertops in a house, but replacing the legs in a house is much more expensive. How many bedrooms do you need now and how many will you need in the future? Think about future children or family who may stay or visit often. What is the ideal number of bathrooms for your home? Do you need more than one bathroom to get ready in the morning, for example? Do you have any storage requirements? Do you want extra room for hobbies, work or training? Do you have cars that you need to park at your new home? What is the ideal number of parking spaces? Do you care if they are uncovered driveway spaces, or do you need covered garage parking?
Determine home styles likes and dislikes. Determine the housing types you want to thrive in and the housing types you want to avoid. Perhaps you only want to consider two-story homes and want to rule out ranch-style hostels. Take notes on housing likes and dislikes to narrow down a list. Don’t be afraid to keep an open mind as you can hone in on details as you begin planning showings. Also think about the ideal layout for your new home. Where do you want the bedrooms to be? Do you like homes with an open concept?
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Condos – if you hate condos, you probably won’t enjoy condo ownership. Owning an apartment is as close to renting an apartment as you can get. You will share walls with neighbours, have shared parking and other common areas. You will also be subject to a home owner’s association (HOA). If you want to live in a high-density area like Downtown or Uptown Minneapolis, buying an apartment can be one of
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