What I Need To Know About Buying A Home – The material in this article is provided for general information purposes only and does not constitute professional advice Advice from suitably qualified professionals in relation to your specific circumstances before taking any action. LANDMARK HOME WARRANTY ASSUMES NO RESPONSIBILITY FOR, AND SPECIFICALLY DISCLAIMS ALL LIABILITY FOR, YOUR USE OF ANY AND ALL INFORMATION CONTAINED HEREIN.
If you’re thinking about buying a home, you know it can be an exciting time in life! You have a lot of choices and choices to make. Buying a home will likely be one of the biggest expenses you’ll ever make in your life, so it can be a little overwhelming and a little scary! Before continuing your search for the perfect home, read these three things you need to know before buying a home:
What I Need To Know About Buying A Home
Unless you are building your own home, it is unlikely that you will be able to fulfill every dream on your home “bucket list.” You’ll have to prioritize the things you need in your home versus what you want. This looks different for every homeowner. For example, if you work from home, you will need a home with a home office. If you have children and they don’t want to share a bedroom, you’ll want to buy a place that has room for everyone. You can fill out a Landmark worksheet about wants and needs in your new home here.
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As you think about what you want and need in your home, you should consider what others in the home want and need. If you are going to sell this home anytime in the future, you will need to take into account the resale value of any potential home. Make sure you consider all the potential factors that affect resale value. Sometimes, you may not pay attention to a factor because it does not directly affect you. For example, if you don’t have children, you may not consider the school district in which the home is located. However, families who may move into your home will want to live within the confines of highly rated and rated schools. In fact, Trulia reports that 4% of homeowners regret not buying a home with a better school nearby. It may be worth adding factors like these to your wish list now so you can improve resale value later.
As you think about what you want and need in a home, it’s also a good idea to think about it in terms of things you can easily change. 34% of homeowners who have home regrets said they regretted not buying a larger home. You won’t be able to increase the amount of square footage in your home once you purchase (without a major remodel), and you can’t relocate your home — 8% of buyers regret choosing a home with a long commute. If one home you’re considering meets all your requirements but doesn’t have a great kitchen but you love the design of the kitchen in another home even though it’s missing some other requirements, choose the first home! It’s easier to remodel the kitchen!
A home is not just a way to replace rent with a mortgage. A home is a big commitment, and if the timing isn’t right, it can be a huge mistake! Before you start looking for a home, get pre-approved for a mortgage. If your credit score and debt aren’t ideal, you may want to consider paying off some of your debt, improving your credit score, and saving more money before buying a home.
When you get pre-approved for a mortgage, it’s important to know that this is not necessarily the price of the home you should be looking to purchase. Often times, pre-approval rates are much higher than what you can actually afford, so be sure to look at your budget and see how much you can spend per month, so you can look at the right price range for homes.
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It’s also important to remember that home equity is more than just a monthly mortgage payment. Your monthly payment is split between 3-4 things, depending on the mortgage you take out for your new home. Part of it is to pay back the principal (the money you borrowed) and interest (a percentage of the money you borrowed as a fee you owe to the lender for borrowing the money). The rest includes paying home property taxes each year and, if the down payment is less than 20% of the home’s purchase price, paying mortgage insurance. Not to mention, owning a home isn’t just about making that monthly payment, it’s also about paying for the upkeep and upkeep of the home, which brings us to…
Making sure you can afford a home is also influenced by how prepared you are for home ownership. You no longer have the ability to contact the owner when something stops working. Instead, you have to pay to fix what’s broken. You are also responsible for the upkeep and upkeep of the home. It’s important to factor these expenses into your home ownership budget when you’re house hunting. Most homeowners spend between 1-4% of the home’s value each year on repairs and maintenance.
That’s why, when you look at different homes, it pays to pay close attention to the details inside and out. All homes will have problems, even new homes. When touring a potential home, pay attention to items that may be in poor condition. Once you purchase a home, these items become your responsibility. Stains on the ceiling, cracks in the walls, or damaged wood can mean that the current homeowner hasn’t taken care of the home… and it can also mean a big expense for the owner of a brand new home.
Most sales contracts state that the offer is conditional on an inspection of the home. A home buyer can ask the seller to repair (or replace) items found in the home inspection before agreeing to buy the home. Unfortunately, a home inspection doesn’t always show everything. Your furnace could have cracks in the heat exchanger, where carbon dioxide can escape into the air. Although a home inspector can inspect some parts of the furnace, finding cracks in the heat exchanger can be nearly impossible without a contractor’s tools — something the inspector doesn’t have.
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As you purchase your first home, remember that there will likely be things that break and need repair that were not included in your home inspection. A home is an investment, and that includes being prepared for surprise costs when you need to fix parts of the home that don’t hold up.
Not only that, remember that things wear out over time. Even though your home may have been in excellent condition when you purchased it, wear and tear can cause things to stop working. For those home systems and appliances that stop working after normal wear and tear, having a home warranty can reduce those surprise costs, limiting bills from thousands to less than $100 for a complete repair or replacement.
With a Landmark Home Warranty, a new homeowner can have peace of mind knowing that when a home’s systems or appliances fail, they won’t have to incur huge repair bills they may not be able to afford. A home warranty protects the homeowner’s budget as well as his or her systems and appliances. That’s why many real estate transactions include a home warranty for new buyers! If you are interested in purchasing a home warranty plan for your home, or if you are a real estate agent and would like to purchase a home warranty for your client, go to /order/
Looking to buy or sell a home? Are you a real estate professional looking for helpful resources to educate your clients? These articles will help guide you through the process of buying or selling a home.
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Your Realtor is your representative when viewing homes and making offers. Etiquette calls for working with only one Realtor at a time, but don’t be afraid to switch Realtors if your Realtor isn’t a good fit. Some brokers may suggest you sign a “non-compete agreement,” which will legally bind you to that broker; Use caution and pause before signing such a document.
Your mortgage broker
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