What I Need To Know When Buying A House – The material contained in this article is provided for general information purposes only and does not constitute professional advice. material, and you should conduct your own research and/or seek the advice of a suitably qualified professional in relation to your particular circumstances before you take action. LANDMARK HOME WARRANTY ASSUMES NO RESPONSIBILITY 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’s an exciting time in life! There are many options and choices for you to make. Buying a home is probably one of the biggest expenses you’ll make in your lifetime, so it can be a little overwhelming and a little scary! Before you continue your search for the perfect home, read these three things you need to know before buying a home:
What I Need To Know When Buying A House
Unless you’re building your own home, it’s unlikely that you’ll be able to make every dream on your home “wish list” come true. You should prioritize the things you want and need in your home. It looks different for every homeowner. For example, if you work from home, you’ll want a home with a home office. If you have children and don’t want them to share a bedroom, you’ll want to buy a place that has room for everyone. You can fill out Landmark’s worksheet on wants and needs in your new home here.
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When you’re thinking about what you want and need in your home, you need to consider what other people want and need in the home. If you’re selling this home at any point in the future, you’ll want to take any potential home resale value into consideration. However, make sure you think about all the possible factors that affect resale value. Sometimes, you may not pay attention to a factor because it doesn’t directly affect you. For example, if you don’t have children, you may not think about the school district where the home is located. However, families moving into your home will want to live within the boundaries of a highly ranked and rated school. In fact, Trulia reports that 4% of homeowners regret not buying a home with a good school nearby. It may be worth adding items like these to your wish list now so you can improve your resale value later.
When you consider what you want and need in a home, it’s a good idea to think about it in terms of things you can easily replace. 34% of homeowners regretted not buying a bigger house. Once you buy you won’t be able to increase the amount of square footage in your home (without major remodeling), nor will you be able to change the location of your home – 8% of buyers regretted choosing a home with a long commute. If one house you’re considering meets all your requirements but doesn’t have a great kitchen but is missing some other requirements and you want a kitchen design in another, go with the first one! Kitchen remodeling is so easy!
A home is not a way to exchange your rent for a mortgage. A home is a big commitment, and if the timing isn’t right, it can be a big mistake! Before you start looking for a home, get pre-approved for a mortgage. If your credit score and loans aren’t ideal, you may want to pay off some of your debt, improve your credit score, and save more money before you buy a home.
When you get pre-approved for a mortgage, it’s important to know that the price of the home you’re looking to buy isn’t necessarily the same. Often, pre-approval rates are higher than what you can actually afford, so look at your budget and make sure how much you can afford to spend per month, so you can see the right price range of homes.
Terms You Need To Know Before Buying A Home
It’s also important to remember that home ownership isn’t just about monthly mortgage payments. Depending on the mortgage you get for your new home, your monthly payment is divided between 3-4 items. Part of that is paying the home principle (the money you borrow) and interest (the percentage of the money you borrow that you pay the lender to borrow). The rest includes paying the home’s property taxes each year and, if your down payment is less than 20% of the home’s purchase price, paying for mortgage insurance. Not to mention, home ownership isn’t just about paying that monthly payment, it’s also about paying for the upkeep and maintenance of the home, which brings us to…
Making sure you can afford to buy a home affects how well prepared you are for home ownership. You no longer have the ability to call the landlord when something stops working. Instead, you have to pay to fix what’s broken. You are also responsible for the upkeep and maintenance of the house. It’s important to factor those costs into your home ownership budget when you’re looking at a home. Most homeowners spend 1-4% of the home’s value each year on repairs and maintenance.
This is why, when you look at different houses, pay close attention to the details inside and out. All homes are going to have problems, even brand new ones. When doing a walk-through on a potential home, pay attention to items that fall into disrepair. Once you buy a home, those things become your responsibility. Spots on the ceiling, cracks in the walls, or damaged wood can mean that the current home owner didn’t take care of the home…and that means big expenses for the brand new home owner.
Most sales contracts specify that the offer is conditional on a home inspection. Homebuyers can ask the seller to fix (or replace) items found in a home inspection before agreeing to buy the home. Unfortunately, home inspections don’t always show everything. The furnace may have cracks in the heat exchanger where carbon dioxide can leak into the air. While a home inspector can see some furnaces, finding cracks in the heat exchanger may be impossible without a contractor’s tools — something an inspector doesn’t have.
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When you’re buying your first home, remember that there’s a very real possibility that items that weren’t included in your home inspection will fall apart and need repair. A home is an investment, and that includes being prepared for surprise expenses when you need to fix up parts of the home that aren’t holding up.
Also, remember that things deteriorate over time. Even if your home is in excellent condition when you buy it, wear and tear and normal lifespan can cause it to stop working. For home systems and appliances that stop working after normal wear and tear, having a home warranty can reduce those surprise costs, limiting bills from a thousand to $100 for a full repair or replacement.
With a Landmark Home Warranty, new home owners can have peace of mind knowing that when home systems or appliances fail, they won’t be stuck with huge repair bills they can’t afford. A home warranty protects the home owner’s budget and their systems and appliances. That’s why many real estate transactions include a home warranty for the new buyer! If you are interested in purchasing a home warranty plan for your home or are a real estate agent looking 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 you through the process of buying or selling a home.
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Enter your information and get a free, personalized home warranty quote. You can customize coverage and pricing to fit your needs. Experience what over 70,000 homeowners already know: Landmark Home Warranty helps protect your home and budget! One of our wonderful clients, Mary Whiteside, put this guide together after purchasing her home. This guide covers everything you need to know when buying a home for the first time.
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 yours isn’t working for you. Some realtors may suggest signing a “non-compete agreement” that legally binds you to that realtor; Be careful and pause before signing such a document.
Your mortgage broker
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