Buying a home is one of the biggest emotional, stressful and financial decisions you'll ever make. At the same time, moving is rated as one of the most exciting times in one's life.
Not only are there a lot of things to think about such as the location, affordability, mortgage term and rates, to name a few, there’s also the fact that you will be dealing with realtors, lenders, lawyers, sellers and so on.
Five Tips for Home Buyers:
1) Remember that once you've purchased a home, you'll need to continue saving money. Home ownership comes with all kinds of surprises including general house maintenance and upkeep.
2) Does your family rely on your income to make mortgage payments? Well then, you should purchase life insurance. This may be an option once you have a mortgage; however, applying for your own policy through an insurance agent will likely save you money.
3) With the purchase of a home comes general upkeep so be prepared to renovate. Anything is possible and you may find you've encountered an urgency and need to renovate right away. For instance, basement flooding, roof repairs or new flooring.
4) Be prepared to pay more than the appraised value of the home. You'll want to be sure of your financing in order to avoid mortgage loan insurance. Don't make a firm offer unless you are sure of your finances.
5) Researching the builder of the home is always a good idea. Ask the home-owners if they were satisfied with the builders work and find out how many home's they've built in the last 10 years. As well, you'll want to know whether they've had any claims.
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