A home purchase is likely the largest and most important purchase of your life. Such a significant purchase can be quite intimidating to home buyers, especially first time home buyers. Before you get to the closing table there are things potential home buyers need to know from the start of the home buying process to make sure they make the correct decisions and get through the process smoothly. Here are a few key items home buyers should know when getting ready to purchase a home.
3 Things Home Buyers Should Know
Get Everything in Writing, Always
There’s a commonly used phrase when it comes to assuming anything, and while it is not an appropriate comment for this article, you likely know the one I’m talking about. Assumptions, relying on something to get done by word of mouth, and verbal agreements are all no-nos when it comes to purchasing a home. Try to get every last detail and agreement in writing or some concrete form. This helps protect you during the home purchase with proof that a specific number was given, or a specific task was agreed upon. When you don’t get everything in writing, you set yourself up to lose in the home buying process.
Always Do Your Financial Homework
When budgeting for a home, home buyers should be extremely thorough. Just because the market is at one place now, doesn’t mean it will be there in a few months, just look at the 2008 mortgage crisis as a vivid example. Work with your financial institution to get all of your finances in order and do a realistic budget that reflects all taxes and fees, and problem situations. When your finances are in order, you can know exactly what your budget is, and you can avoid many unexpected charges and fees.
Always Have the Home Inspected
Home buyers don’t like last minute surprises, or surprises when they move into the residence. To avoid this, always have the home thoroughly inspected inside and out by a certified home inspector. They can find potential and active issues that could change your decision on certain homes.
Unfortunately, this is not all home buyers need to know when purchasing a home, but it is a great start. Getting everything in writing, doing your financial homework, and getting any homes inspected are 3 surefire ways to get home buyers on the right track.