Purchasing a home can be an intimidating process. The following tips will help you prepare for the exciting road to being a home owner.
The first step to home ownership is to save money so you have enough for a down payment, closing costs, taxes and insurance. Plan to put down 15% of the homes value or of the price, whichever may be the lower amount. Closing costs may run the average home buyer 5% of the properties price. Get an estimate on costs to avoid any surprises upon closing.
Determine how much home you can afford. Have yourself prequalified for a mortgage so that when you start the looking process, you know how much you can afford to spend. Getting prequalified also gives you an edge when it's time to put an offer in on a home. Sellers are usually more willing to negotiate seriously when they know buyers have been prequalified. Look at your credit report to determine if there are any errors you need to straighten out.
Develop a monthly budget to determine how much you can afford your monthly payment to be. Make sure to figure in costs that you need for repairs, utilities and any upkeep that may be needed to the home. It's also wise to have at least three - six months living expenses in savings, in case of emergency.
Think about the type of home that you want. To start searching for the home of your dreams, you may want to look on the internet, attend open houses, look at For Sale By Owners or hire a reputable agent. If you are going with a Real Estate Agent, ask family and friends for suggestions on agents that are knowledgeable and helpful in getting you the best price home.
After you have found a home and the sellers have accepted your offer, shop for mortgages. Look at all the possibilities whether it's FHA, fixed or adjustable. There are numerous lenders out there. Include big lenders, local lenders and online brokers. The approval process can take approximately four to six weeks.
Get a home inspection by a licensed inspector. This determines the condition of the home and if there are any problems. There will be an appraisal ฝากขายอาคารพาณิชย์ done by the bank, checking the home's value. The walk through is done usually the day before closing. Any items that were to be repaired during the home inspection should have been taken care of and the home is in good condition to move into.
After the purchase of your home, the costs don't end there. Prepare for real estate taxes, home owners insurance, utilities and any repairs or upkeep. Allow funds for decorating and window treatments.
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