Because purchasing a home isn’t done that often, there are things that are important within the process that homebuyers may not remember or be aware of. Unfortunately they may not find out about these things until during or after the process of buying a home. Hopefully the following can provide good information and serve as a checklist to make sure the home buying process goes smoothly and the homebuyer gets the best deal possible.
Get serious early about saving - The earlier you start saving for your down payment, the easier it gets. For motivation, use an online mortgage calculator (available on most banking websites) to see what a difference the down payment amount makes in the estimated monthly payment.
Don't rush – Start planning ahead so that you have time to consider your options when it comes to houses, locations and what best suits your needs and budget.
Have a substantial emergency fund set aside before you move – You’ll be surprised at the amount of expenses that can accumulate when you’re in the process of relocating. Set money aside in savings while you’re thinking about moving and it’ll be there when you need it.
Spend time shopping around for a mortgage – Chances are your local banks, mortgage companies or credit unions won’t charge you the exact same interest rate on your mortgage. Compare rates and do the calculations, looking at the estimated monthly amount as well as the length of the mortgage, then make your decision.
Shop around for your homeowners insurance – Some choose to stay with the insurance company that they’ve always used, but if you can find a company with a better deal, it may be worth making the change. Another thought, don’t be afraid to move your auto insurance or other insurance with it if the terms and or costs are better.
Look closely to find anything in the house that needs repairing – Letting the seller (instead of you) fix an appliance that hasn’t ran efficiently for years will be a lot easier on your budget. Run the faucets, flush the commodes, and test the sockets if you like. Evaluate the contents of the house carefully, as if it’s worth money to you.
Have a friend walk through the house with you - It would be ideal to find a friend who works or has worked in construction to look at the property. Different eyes spot different things and that additional person can alert you to any problems that they see.
Don't go furniture shopping right away – It may be tempting, but it can also be costly. There’s nothing wrong with having a few empty rooms until your financial situation is so that you can fill them with the type of furniture that you want.
Offer to help friends move years in advance - Its called reciprocity, and unless they’ve moved miles away, they’ll remember the favor and be there for you when you need help moving. Have different friends help at different stages, some when packing the truck and some when unpacking at your new location. You’ll be more productive that way.
Make sure you've insured your homes contents appropriately – Some home insurers suggest to homeowners a default amount for insurance coverage. Taking the time to evaluate your homes contents and you may be able to adjust the coverage amount down a bit. Remember, don’t count irreplaceable items – you wouldn’t replace them, anyway, so they have no real replacement value.
July 02, 2014 07:28 PM
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