Buying Your New Home

Buying your very own home is the epitome of the American Dream, but it’s easy to become overwhelmed if you’re a first time home buyer. We’ve put together a basic checklist with points you’ll want to consider as you walk through the home buying process whether it's your very first time, or second or third.

Before you start the search for your dream home, take some time to determine what your needs for this home will be, as well as your wants. Understand that while your want may be a 5 bedroom mansion with a state-of-the-art kitchen and a walk-in-closet with enough space to fit a parked car, your needs probably don’t call for a closet quite so big. Keep in mind that first and foremost your new place must fulfill your list of needs but not necessarily all of your wants.

Arrange your finances before you begin shopping for a home. Sit down and reassess your household budget to determine how much of a mortgage you can realistically afford. Make certain that you factor in any unexpected expenses that might arise. Remember that as a home owner you’ll no longer have the luxury of calling on your property’s maintenance man in the event that something needs to be repaired. These repairs will now be coming out of your pocket. After carefully choosing a lender, you’ll want to begin to discuss with them your options for a preapproval or prequalification. A prequalification will help you determine which homes you’ll be able to afford, and which homes you won’t.

Before you start the search for your dream home, determine which neighborhood(s) you want to live in. Spend time in the neighborhoods by driving or walking past during the daytime and at night. Visit the local area schools and nearby shops even if you don’t currently have children. Take into consideration what school district you’ll be living in as this will affect the amount of taxes you’ll be paying, some districts are more expensive to live in than others. Crime rates, transportation and zoning are important considerations when selecting a neighborhood.

Once you have received a prequalified amount from your lender and have picked out a few different neighborhoods you’d be interested in living in, find yourself a good real estate agent. Make sure to ask for references of any of the individuals whose help you enlist during the process. You’ll also need to hire a home inspector to have the home checked for termites, radon, and or any other concerns.

Once the home has cleared inspection, make an offer as soon as possible. Your real estate agent will help you determine what the best price to offer will be, but make sure to do your homework so that you’ll be aware of what the value of the surrounding homes in the neighborhood are.

Buying your new home may seem like an overwhelming endeavor, but with the right tools, it most certainly doesn’t have to cause you stress.  

 

Did you know that EPEFCU now has a brand new, in-house mortgage department? We now provide 30-year, 20-year, 15-year, and 10-year mortgage loans. For more information email us at mortgage@epefcu.org.

 

Comments

[EPEFCU]

Thank you for your comments! Buying a home is a large investment and one that requires a lot of research and preparation and we are glad to be able to help our readers through this process in any way possible.

[strata community]

Your tips and detail discussions on the points before buying a new house is tremendous. These points area really worthy and helps a lot to buy the appropriate house for our personal or professional use. Thanks fr sharing such an informative post.