We are in the process of buying a new home, and there are so many different things to think about. I’m trying not to get stressed about this subject, but it is hard not to get stressed. Even with that, I know that most things are under my control.
Here are my tips for buying a home:
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1. Think about what type of home you want.
There are many types of homes out there, so don’t just assume that you want a “normal” house which is usually a single-family home. Maybe instead, you are interested in buying a condominium, a town home, a duplex, a ranch, or something else. There are so many options out there and they each have their own positives and negatives.
2. How’s your credit score?
Your credit score is very important when you are in the home buying process. Your credit score will determine if you will even get approved for a home loan, and it will also determine your interest rate.
A higher credit score will most likely get you a lower interest rate, which may save you hundreds of dollars each month in interest fees. That would be amazing, right? And that is why it’s best to work on your credit score before you choose a home to make a contract on.
You can browse home loans products at NPBS, and it is always best to browse first to determine what is best for you.
3. How big of a home do you need?
You will want to buy a house that will suit you for at least five years. This is because this is how long it usually takes someone to recoup the costs of buying the home (closing costs, down payment, interest fees, etc.). So, what if you end up having a child in the next few years, will there be enough space?
Or, if you don’t plan on having children, do you really need a home that big?
4. Hire a home inspector.
Once you find a home that you love, I always, ALWAYS say that you should get a home inspection. This is one of the biggest purchases of your life, so you don’t want to make a huge mistake and buy a house that has a lot of problems. Even if the home is just a few years old, you still want a home inspection.
What other tips do you have for me?