Buying a home is an exciting process. You take tours of model homes, imagining how you would paint the walls and hang your family’s pictures. After signing the papers, you schedule the movers and pack up box after box. You can’t wait to see how your family adjusts to the new community, but before any of this can happen, there are a few things you should know. Here’s Ryan Homes at Brunswick Crossing’s guide to dos and don’ts when buying a home:
Do your research. When looking for your dream home, it’s important to do your research. Study up on the home’s value and its location. This will help you properly negotiate closing costs and other payments (and keep you from overpaying). By understanding how the market works, you’ll also gain a better understanding of your home’s potential resale value.
Don’t fall in love at first sight. This cliché and real estate seldom work out. Many homebuyers experience buyer’s remorse because they get caught up in the whirlwind of owning their first home. Take the time to understand what you need in a home, and visit multiple properties to understand what you want in a home. This balance will lead you to the right home.
Do plan for the future. Buying a home is one of the biggest decisions you’ll ever make, so it’s wise to plan ahead. Ask yourself if the home has enough room for expanding a family, or if it’s close enough to a potential new job. Can it house a new car or two? How about a pet? Remember: Life happens, so it’s important that your new home can handle any significant changes.
Don’t skip the home inspection. You just bought a new home, so the last thing you want to do is pay for any repairs or replacements. To avoid opening your wallet for a new appliance, do a final walk-through of your home. Here’s a handy to-do list to take around the house:
- Turn on the faucets, checking for hot and cold water
- Flush all the toilets
- Plug in a charger to each outlet
- Check the smoke detectors
- Test the heat and air conditioning units
- Look for water damage, mold or vermin in the corners and on the ceilings
- Open and close the garage door
- Check all the locks on doors and windows
- Test the keys and any alarm codes
Do understand your finances. Nobody likes talking about their finances, so here are 4 easy tips that’ll save you some money (and stress) along the way:
Save up money for a down payment. The more you can give upfront, the better your interest rate will be, leaving you with lower monthly mortgage.
Have an account for your home. By creating an account just for your home, you’ll be able to budget out home improvement projects, maintenance check-ups, and the occasional repair.
Get prequalified for a loan. This will help you better understand how much house you can afford on a debt-to-income ratio. Once you’ve got a ballpark number, go house hunting within your limits, then when you find the one, get an actual home loan.
Check your credit score. This number will help you every step of the way, so be sure you know what it is.
Buying a home is an exciting process. It’s where your family will grow, where you’ll make lifelong memories and where you’ll experience every step along the way. To make the home buying experience easier, follow our quick dos and don’ts. It’ll save you money, stress and a little bit of time.