Deciding to buy a home is owning a piece of the American Dream. A home is a big ticket item that needs you to set your finances in order. You must also be willing to commit your finances for the long term especially if you’re planning to take on a 30-year mortgage for your home purchase. Getting prequalified is just the first step in letting you see the overall picture and helps narrow down your choices for homes within your budget. After prequalification, you now have a clearer picture of the homes you can afford.
Before you go hunting for that perfect home, here are home buying secrets you should know.
Know the crime statistics in the area where your dream home is located
A home is where you’ll live in for years. If you’re married and have kids, it’s where they will spend their growing up years. You’ll have peace of mind when you know that you live in a peaceful, quiet and secure community. You’ll feel great knowing that you’ve made one of the best decisions you’ll ever make in your life.
Get acquainted with the location
Know where the nearest hospitals, supermarkets, schools, parks, or museums are located. Get a picture of how much time it will take you to get to the office or send your kids to school and which roads or highways to take to get there.
Visit the location at different times
It’s great to know what mornings, mid-afternoon, or early evenings are like in the neighborhood. By seeing it for yourself and knowing what it’s like to actually live there, you’ll know if it’s the right environment for you or not. Remember that once you’ve made the decision to purchase the house, there is literally no turning back or you’ll end up losing a lot of money.
Get expert advise
Paying a professional to perform a home inspection and another one for appraisal lets you know if you’re getting your money’s worth before going through with your purchase. A professional home inspector will tell you if the house is safe for you and your family to live in while getting the house appraised by a professional, lets you know if the price is set just right. If not, it gives you a chance to negotiate a lower price.
Keep extra money in hand
This will enable you to cover the closing costs and any other unforeseen circumstances without having to take on additional debt. Saving at least 3 to 6 months’ worth of your monthly salary should be enough to help you get by.
Once everything is in order and you have found the home you love, it’s time to apply and get pre-approved for a home loan to finalize your purchase.