Home Buying Tips for New or Current Homeowners

Buying a home can be very stressful. Finding and financing the home of your dreams isn’t always easy. Many people spend a few months (or even years) until they find the home that they want to buy. Then, you may spend months trying to work out the financing.

However, buying a home doesn’t have to be overwhelming. Here are some home-buying tips for new or current homeowners.

Reach out for a real estate professional.

It is important that you hire a real estate professional that you can trust. He or she will be able to walk you through the entire process, taking away your stress because you have someone on your side.

Get approved for a loan before you start shopping.

There is nothing worse than finding the home of your dreams and realizing that you can’t afford it. With a preapproval, you will have a better idea when it comes to how much money you can spend on a home.

Though, you may want to shop smaller.

Many people think that, just because they were preapproved, they should buy a home in that price range. However, that doesn’t account for all of your other expenses. You need to make sure that you can afford your monthly mortgage payment, along with the electric, phone, and heating bills.

Some couples think ahead when they have children. If one person is going to stay home with the children, you may want to see what you can afford with one income.

You also need to account for other expenses that come along with a home.

You also want to have money for maintenance. Things are going to break, especially with older homes, so it is important to be able to afford to fix these things. You may need to replace the roof at some point. Pipes burst and cause problems, some worse than others. It is just important that you have a fund to help with these unexpected expenses that you may face as a homeowner.

Know what you need and what you would like.

There is a big difference between wants and needs when it comes to buying a home. How many bedrooms do you really need? Would you be comfortable with your children sharing one? How many bathrooms do you really need? Where do you want them? If you have a big family, you may need to have one on every floor.

You may want to live in a certain school district, but is that going to be a deal-breaker if you find the home of your dreams in another one? You may want an extra bedroom, but you might not be able to afford one.

You should never look at homes before finding a real estate professional to help you through the whole process. His or her job is to make the transition go that much smoother.

You also need to think clearly about how much you can (or are willing to) spend. Most people start with a preapproval and then figure out how high they really want to go. Most people can’t live in a home that costs as much as they were approved for. Yes, you might be able to afford the mortgage, but are you going to be able to afford anything else?

Then, before you start looking, you need to figure out what you want and what you need. You may also want to figure out what are going to be deal-breakers. Are you looking for a certain number of bedrooms or bathrooms? Would you prefer if your children went to a certain school district? Are you set on the style of the home?

Contact us for all of your insurance needs. We want you to enjoy your home for years to come.