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Things To Consider Before Buying Your First Home

Updated on March 10, 2015

Are you thinking about or planning on buying a home for the first time? Buying your first home may be a joyous time but it can also be overwhelming as well. Here are a few things you may want to consider or do before buying a house.


SEARCH HOUSES

Do a search on houses in the area that you are interested in living in. If you have not already started searching for houses, you may want to start by searching on the internet. There are many houses listed for sale on real estate agency websites. Also, sites like Craigslist have postings of homes that are for sale in particular areas and neighborhoods. On these websites, you will most likely see the price, features and pictures of the inside and outside of the house. You can send an email or call the real estate agent to schedule an appointment if a house on the website interests you.


SAVE MONEY BEFORE BUYING

You will want to have a good amount of money saved up before purchasing a house. Here are a list of reasons why it is good to save a good lump sum of money for a house.

♦Down payment on the house
♦Closing costs
♦Home furnishings and furniture
♦Household items
♦Emergency fund

It would be a good idea to have a cushion in the bank, just in case you would need money immediately. Sometimes major things to be fixed or replaced in the house, such as a roof, so you will want to make sure you have enough money to cover these expenses.


ONLY BUY WHAT YOU CAN AFFORD

You may want to write down a list of the monthly expenses that you have now. If you are going to be owning your own home, remember that you will be paying for utilities as well. If you choose to have other services, such as cable and internet, you will also have to add them to your monthly expenses. There are online tools on the internet that can help you to determine how much mortgage you can afford. These are called mortgage payment calculators. You can usually find these tools on real estate agency websites. If you have a high mortgage payment, you may not be able to cover all of your other expenses or you may not have money for leisure activities.


DOWN PAYMENT

The more money that you put down on the house at the time of sale, the less your monthly mortgage payments will be. You will also be paying less interest on the mortgage loan if you choose to put down a higher payment on the house. It may be a good idea to open a savings account specifically for saving money to use as a down payment on a house. However, be careful about putting down too much money as you will want to make sure that you have some money leftover for any repairs, remodeling or household furnishings that you may need.


CHECK YOUR CREDIT

You may want to check your credit score for yourself before applying for a mortgage. A mortgage lender will check your credit score before approving you for a mortgage loan. If your credit score is poor or low, you may have a hard time getting approved for a mortgage. Work on improving your credit before considering buying a home. Also, if you have good or excellent credit, you may qualify for a lower interest rate on a mortgage loan.


INSPECTION

If you find a house that you are interested in, you may want to have the house inspected for any damages or things that need repairing. You may be able to negotiate a lower selling price on the house if there are a lot of repairs that need to be done. If the cosmetics of the house are very outdated, you may also be able to negotiate a lower selling price if you are planning on remodeling.





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