Pre-Purchase ChecklistMake no mistake about it, there’s a lot to consider when buying a home, especially when buying a home for the very first time. It’s natural to feel a lot of conflicting emotions; excitement, apprehension, fear, joy, and especially confusion. After all, this is a life-changing step you’re about to take and you want to be prepared for it as best you can. A checklist of things to do before you buy a home is a good way to make sure you have all your affairs in order and are well prepared for what lies ahead of you.
1: Boost Your Credit. Obviously, the higher your credit rating, the lower your monthly payments will be, but it’s also important to point out that you should avoid any major purchases before buying a home. Things like buying a new car can impact your credit in such a way that can, in turn, impact your ability to get approved for mortgages.
2: Save Save Save! Everyone should put a little away into savings, but it’s especially important if you’re looking to buy a house. Not only are lenders going to want to see that you’re not living paycheck to paycheck, but it will provide you with a safety blanket for those unexpected repairs and maintenance costs that come with owning a house, as well as those unforeseen expenses that pop up from time to time.
3: Mortgage Preapproval. Before you go looking at houses, you should sit down with a lender and get your financing in place. That way, you know exactly how much you can afford before you go on walkthroughs and really looking at properties to buy. This can be an extensive process, so be patient and take the time to do it right.
4: Research. Once you’ve found a home you’re interested in, don’t make an offer right away. Research the house first. Find out absolutely everything you can about it and hire a professional home inspector to check the place out and provide you with a detailed report on the condition of the house.