Do’s and Don’ts when Buying a Home
Now you know more about the types of sales and foreclosures you might see out there, as well as some key tips to get started with the process for yourself. Before diving right in though, don’t forget to read these do’s and don’ts when learning how to buy a home.
- DO work with an advisor: It’s important that you get the right assistance and advice. Whether you work with a real estate lawyer, or another financial advisor or consultant, it’s important to at least consult with somebody to lay some basic groundwork for you. It’s an easy way to avoid serious pitfalls and mistakes.
- DONT fudge the truth: To yourself, your advisor, your lender or anybody else. You need to have upfront honesty with everyone involved in the process to ensure smooth, successful and safe financial obligations.
- DO check your credit: You should know all about your credit and your credit score before you start the process of arranging or seeking a home loan. Checking your credit will also give you the information and the time to fix it, if there are glaring errors which are hurting you, or your own missteps which can be improved over time. Small differences in your credit rating and score can lead to huge differences in the interest rates you get, the amount you can borrow, and more. Everyone is entitled to a free annual credit report from the government at AnnualCreditReport.com.
- DONT forget about extra costs: What’s the real cost of buying and owning a home? It’s not the home’s value, and it’s not even the long-term amount that you’ll pay including interest on your mortgage. It’s that figure, plus the property taxes, homeowner’s insurance, maintenance and repairs, appraisals and inspections, utilities and everything else that you have to pay. You can put yourself in a very bad place if you don’t factor all of this into your budget beforehand.’
- DO plan for the future: Remember to look for a home which meets your needs now, and will continue to in the future as well. That means issues such as family planning and whether you want to raise children in a neighborhood, what kind of community you’re in, what the resale value of your home might be, and more. Buying a home is about now, but also five and 10 years from now, and more, so always look ahead.
You can learn much more buying homes at this foreclosure-buying tutorial, and you can also learn about different mistakes as you learn how to buy a home with resources like this one at MtgProfessor.com and this one at Wikihow.com.
Hopefully by now you’ve learned more about how to buy a home, and how to get started for yourself. Now get out there and make it happen for yourself and your family.