Are you ready to buy a house? This is one of the most exciting things to do in your life and a huge investment too. So, how do you go about the most significant financial decision that you have to make in your lifetime? What are some factors that you need to consider? From why you should consider a realtor to figuring out the pricing. It is important to know what to expect as you go about buying a home for your family. In this article, Keyrenter New England brings you some things you need to know about buying a home.
Choose a trusted realtor
Whether you want to rent or buy a house, you need to use a trusted realtor. Although many people are hesitant to use realtors because they get a cut of the sales prices, it is best to consider one when seeking to buy a home. What to note is that the seller is the one paying the commission. Plus, the agent that represents the seller will not protect your interests and they pocket both sides of the commission. However, when you get a savvy realtor to work for you, they will protect your interests and guide you through the buying process. That is from navigating home inspections to negotiating a price.
Do not fixate on the purchase price
One piece of owning the home is the purchase price. However, ensure that you consider all the costs that are associated with the new home. That is real estate taxes, cost of insurance, and homeowner association fees. Plus, all these depend on where you live as they can quickly add up. Other than home improvements, remember that maintenance also costs money. Also, enquire about what the upkeep cost can be for extras like fancy cooling systems, swimming pools, and fancy heating systems, and any outbuildings.
Remember a contract is involved
Every house purchase involves a contract, there will be papers to sign and more papers to sign. Most of these papers are contracts that require negotiation. Therefore, note that you do not have to sign a standard agreement. If you need more time to waive a radon test, to review your inspection or you want to buy subject to mortgage approval. It is possible to make any of these parts of the deal. Hence, this is where a savvy realtor will come in handy.
Look beyond the paint
Everyone planning to buy a house has a dream house image in their head, and the paint it will have to the room they fantasize about changing. Fixing wallpaper and paint can be fairly inexpensive, but when you have to make changes to baths and kitchens it is expensive. Yet, most people tend to focus on the cost of cabinets, counters, and appliances and forget that there is a cost for labor that can double or triple depending on the work involved. In case of this, do not give up on buying the house because it needs a significant fix. However, consider factoring in the costs when you determine whether you can afford to buy the home.
Consider about commitment
It should not be about the mortgage. This is because as you get married, the state will determine how you will treat your assets and how you will distribute them at divorce. While these rules do not apply if you are not married. Meaning you need to think long-term about future commitments. If you buy a house with a partner, who is not a spouse, you need to know what the exit plan is if things do not go as you hope they would. So, ensure that you have an agreement in place concerning mortgage payments, titling, repairs, and liability. Get this in writing and get a lawyer.
Do not just buy for the life you have today
Before you agree to buy your home, it is vital to consider the long-term plans. Are you planning to get married? Will you be staying at your current job? Do you plan to get kids? Consider all this instead of just buying the house that you have today. If you are not sure that your house will be the house you want in years to come, you may need to keep searching.