Buying a home is super exciting. It can give you a sense of accomplishment. Make you feel like you’ve finally achieved “adult” status. It’s also a huge commitment and undertaking. That being said, it can be a very rewarding endeavor. Before you decide to take the leap and enter the homeowner club, here are some helpful tips.
Before you decide to buy a home, ask yourself if you’re ready for it. There’s responsibility that comes with owning a home. Even if you don’t buy a single-family residence, there’s still financial requirements that go into the upkeep of a home. Also, in a lot of cases, owning a home is a long-term commitment. This isn’t always the case, but depending on the economy when you buy and sell, it could hurt you to sell shortly after buying.
Once you’ve made the decision to move forward with purchasing a home, you need to decide what you want and what your budget is. This may change some as you begin your house hunting process, but you should at least have an idea. For example, you may begin with a 30 year fixed loan and decide to switch to an adjustable rate mortgage. It’s fine to make changes during the process, but it’s best to have a game plan. Also, before you start house hunting, you should make a list of must-haves and things that you would like to have, but aren’t deal breakers. This will make it easier to narrow down the search. In today’s low-inventory market, however, you may end up adjusting your must-haves and consider making changes to a house after purchasing.
Some people think that they shouldn’t meet with a lender until they’ve found the home they want. In this tight market in Denver, that has proven to be too late. The Michael Shotnik Team of Sierra Pacific Mortgage can actually get you preapproved before you start your house hunting. The benefit here is that your offer is more appealing to sellers as it’s closer to a guarantee than offers without preapprovals.
Some tips before it’s time to close. Be sure not to get into any financial agreements before closing on your home. It may seem obvious, but even co-signing on a loan or credit card can be harmful to your closing. Further, be sure to disclose any financial details to your lender prior to closing. If you are receiving or paying child support, that’s something that your lender needs to know.
There are many things that go into buying a home and this is by no means a detailed list of what to do and what to expect. Our hope is that if you’re buying a home for the first time, or you think you might, this article can lend some guidance on how to go about doing it with few to no hiccups. Because, let’s face it, buying a home a big deal. For most people, it will be the biggest purchase you make, so you want to make it as stress-free as possible. Feel free to reach out to us if you have any questions that weren’t covered in this article!