The process of buying a house is not easy. The regulations and rules that apply make it complicated, so it is normal that you have doubts about where to start we buy home. These tips will help you:
Investigate if you qualify
You have to comply with some requirements if you are going to buy with a mortgage loan. The first step is to have a pre-qualification that will tell you if you are ready to buy, and how much your purchase should be.
Buy the house that best fits your budget
If you have good credit, you earn well and you have few debts, you could qualify for a high loan. Do not understand that, like you have to buy an expensive house. If you have plans to expand your family, you like to travel and want to have financial stability and good savings, you cannot be on the limit in your debts and that includes the mortgage on your home.
Make the offer when you are sure that is the house you like
Do not buy a house on impulse. Sellers will try to sell your house quickly, but you should not let yourself be pressured. It is true that if you do not make the decision in time you could lose an opportunity, but better run that risk than making an offer for a house that does not convince you.
Ask before signing the option contract
That is the time to clarify doubts, once signed by all parties, the option contract is considered valid and it is expected that the business will be completed as established in the contract. If you want to know what would happen to your deposit if the purchase is not made, the contract says it, but you have to read it.
Check all documents before signing
You do not have to be a lawyer to understand the basic aspects of the contract or a real estate agent, but when there are doubts, these are the professionals that will help you. Every contract at a glance should say start and end dates, amount of money as deposit, description of the property and penalties.
Check the money you have to buy with
Total financing, that is, 100 percent of the property, is almost non-existent today. Even if you find it, (in some new houses there are some and in other special programs), you will always have some expense. If you have plans to buy, save.
Know your duties as owner
The list of the benefits of owning your home could be endless, but do not forget the obligations you have to own. Among them repairs and maintenance, in many cases unpostponable.
Take into account the other expenses of the house
Taxes, which vary according to the place and type of residence, and maintenance, are some of them. Check if there are one or two resident associations. The latter happens in some communities and involves paying two maintenance fees.
Learn about community restrictions
In many places, including the United States, there are quite strict rules in the communities. It is important that you not only like the house you will buy, but the lifestyle offered by the community. But beware; many restrictions may come with them. Investigate first.
Remember that the final decision is yours
Hispanics love to comment and share our goals, achievements and sorrows. And that’s good, but you should know what you want in a house of your own. It’s good to ask for advice, but the final decision should be yours. Bring family and friends who do not live with you to find a house, could confuse you more. Everyone will have a different opinion.