How To Buy Your Own Home
Buying your first family home can be a big step for anyone there are a variety of different aspects that could become issues to consider. But if you are smart about what you do you can end up with exactly what you want and you'll feel a whole lot better. Planning is a crucial thing to do and this article will guide you through each obstacle and consideration and get you well on your way to owning your own home.
Size And Location
You must consider where you want to live and how big of a home you will need. There are many trains of thought on this and all are dependent on a lot of things.
- How large is your family? If it is just yourself and your spouse you may not need to think big. Why buy a five bedroom home for two people? A simple domicile maybe with a couple bedrooms, so you have an extra for a possible rec room, office or guests should be fine for size. One the other hand if you have a few kids then a larger home with more bedrooms is called for.
- Consider location. Is it close to work, also if you have children a big yard, school friendly area and other aspects may need to be considered. If you work online you are in a good boat as you can look at moving to a new area with low priced real estate, this may mean you can get what you wanted for a fraction of the price.
- Find out what comparable dwellings in the area pay in terms of property taxes. You don't want to buy a cheap home and find out the property taxes are incredibly high.
Tiny Home Tour (100 Square feet)
Find A House
You will need to contact a real estate agent and look at numerous homes.
- When looking for a house be thorough and look everywhere from the basement to the attic, remember for decades to come you will live here so find any issues out now before attempting to buy. When you finally decide on a specific home take another walk through it to make absolutely sure.
- Next hire a home inspector to go over every inch of the home. If he gives it an OK then make an offer on the house.
- Keep in mind if it is a buyers market you can make an offer for a lower price than what they are attempting to sell the house for. If it is a sellers market and there is a demand for houses in the area you will most likely end up paying what they are selling for. After all in a sellers market you may not be the only one that wants to buy.
How To Get A Mortgage
Unless you have a huge sack of cash laying around you won't be able to just buy your house right off you need a mortgage. This home loan allows you to buy your house by borrowing from the bank and paying it off in one shot, then you spend the next 25 - 40 years paying off the mortgage. There are a few things to consider before applying for the mortgage.
- If you are part time find a way to get your employer to change you to full time, the bank doesn't like to give mortgages to self employed people. They want to see people with full time jobs. When you apply to get the mortgage they will ask for a letter from your workplace stating you are full time and how many hours you work.
- You will also need to have money in the bank, they may ask for statements and may also do a background check, credit check to make sure you don't have a lot of debt and are a good investment for them.
- Shop around for a mortgage company offering the best rate. You may be on a term of 25 years to pay off your mortgage but the rate is what will determine your payment per month the lower the rate the less money coming out of your pocket a month. Even e slight difference in the rate can mean a lot of money over the span of years.
Get The Best Home Insurance Rate
Shop around for the best home insurance rate before buying your home. Consider also that a home on piers (no basement) may be more difficult to get insurance for than one with a basement, other aspects on the home may also effect rate like type of heating source, etc.
Other Things To Consider
Each time your mortgage comes up for renewal shop around for the best rate, this also goes for home insurance. With home insurance also consider combining your home and car insurance with a single company this may decrease the overall rates.
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