Purchasing your first home can be a transformative experience that marks the beginning of an exciting new phase of your life. However, since homes are the most expensive purchases many of us are likely to ever make, it’s in your best interest to put as much thought into this decision as possible. Failure to do your homework and put in the proper research can result in a massive case of buyer’s remorse. And when it comes to investments as large as homes, this is the absolute last thing you’ll want to be feeling. As such, all soon-to-be homeowners are urged to take the following steps in advance of purchasing their first homes.
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Do Location Research
Many realtors and real estate investors have a tendency to value location above all else, and since homes in popular locations are generally viewed as more desirable than homes in locations that aren’t in-demand, there’s little mystery as to why. So, when seeking out your first home, make a point of doing some location research.
You can start by determining how far away your new home is from your place of business. If living in this home stands to increase the time spent on your daily commute, you’ll need to make a decision on whether you like the house enough to endure a longer commute. Additionally, if you’re a fan of getting out of the house on your days off, take care to research what – if anything – there is to do in the area. If doing anything fun requires a lengthy drive, highly social homeowners should be aware of this before committing to purchase.
Looking into local crime rates should also be a priority. No matter how much a home has to offer, it’s important for you to feel safe in your own residence. Parents would also do well to research the types of schools an area has to offer. North Carolina-based homebuyers on the hunt for a great home in a great home location should take care to consider Boone, NC real estate.
Insist on a Pre-purchase Inspection
Every home you’re giving serious thought to purchasing should undergo a pre-purchase inspection from a certified home inspector. Even if you’ve done multiple walkthroughs of the property, there are certain issues that you, as a non-professional, are highly unlikely to look for, let alone catch.
While not wanting to make waves with the seller is perfectly understandable, it’s in every buyer’s best interest to insist on a pre-purchase inspection. For one thing, you may not be able to get the property insured without a professional inspection. So, if the best home insurance is what you’re after, don’t count on getting it in the absence of an inspection. A pre-purchase inspection can also heighten your bargaining power. For example, if the results of the inspection reveal issues with a home of which you’d previously been unaware, you may be able to demand that the seller lower their asking price accordingly.
Perhaps most importantly, a pre-purchase inspection will provide you with a solid understanding of how much work a home requires. And once you’ve obtained work estimates from relevant contractors, you’ll be able to make an informed purchasing decision. Should a seller try to talk you out of having an inspection carried out, stand firm and make it clear that a professional inspection is a prerequisite for the sale.
Secure a Manageable Mortgage Loan
Since most homebuyers could never even dream of affording their first homes without the aid of a good mortgage loan, it’s in your best interest to secure one. To increase your chances of loan approval, make sure to get a handle on outstanding credit debt, have a consistent source of income and express a willingness to make a large down payment. Furthermore, if possible, avoid leaving your current job or making large purchases on credit while the application process is underway.
No matter how well off you are, a home is not an investment to be made lightly. The longer you intend to reside in a certain home, the more work you’ll need to put in before committing to buy. Fortunately, provided you heed the advice outlined above, you should be very happy in your first home and confident in your decision-making.