With interest rates at an all-time low, this is a great time to buy a home and take advantage of the low rates. Buying a home can be stressful but it doesn’t have to be. With the help of an experienced agent and a little effort to avoid common mistakes, buying a home can be a relatively simple experience.
Hire an Agent
Don’t try to buy a home by yourself. No matter how many homes you have bought, there are lots of things that will need to happen when you are purchasing a home. From finding the property and making an offer to negotiations, inspections and closing, there are lots of things that can come up during this time. Don’t guess your way through. Work with an agent who knows how to work things out to your advantage.
Stick to Your Budget
When you are buying a house, there are many expenses that go into the process. It is important that you stick to your budget because you don’t want to stretch your finances to a point that you are uncomfortable. Start by talking with a mortgage lender who will evaluate your income and credit and give you a preapproval so you know how much you can spend. Their preapproval will be based on certain ratios that allow you to not devote too much of your monthly budget to housing needs.
Don’t Skip Inspections
If you are working with an agent, they will definitely advise you to do inspections on the property so you know what you are buying but even if you aren’t, inspections will help you understand the true conditions and facts of the property you are purchasing and can help you avoid being surprised by something you didn’t know after closing.
Have an Emergency Fund
If you don’t have an emergency fund, it may be a good idea to put buying a home on hold for a little while until you can save more money. When you purchase a home, it will be your responsibility and that means you need to have money to make repairs when something breaks. To give yourself some added protection related to the condition of the home, you might want to consider purchasing a home warranty that would cover some home systems if they failed.
Buying a home doesn’t have to be hard but with this advice and a great agent (pick The Chris Wylie Team), this can be an exciting time as you purchase a new home.
The Chris Wylie Team is your ultimate real estate resource for Houston, The Woodlands, Spring, Cypress, Katy, Tomball and the surrounding areas. Visit our website for for detailed information regarding today’s real estate market.