What you Need to Know Before Buying a Home?

The very thought of buying a house can be overwhelming. It is a massive commitment and probably the most expensive purchase that you will make in your lifetime. This means that undoubtedly, you’ll feel enormous pressure to make sure everything is right.
 

There are lots of different things to consider before you start shopping around for a property. To help you get started, we’ve put together a few of the most important things that you need to know before buying your home.
 

Your Finances will Need to be Rock-Solid

Most people need a mortgage to be able to buy a home. However, to be appealing to lenders and to secure the lowest rates of interest on your home purchase, you need to have your finances under control. This means a sizeable down payment (5-20%), a great credit score and a stable income each month. The better your credit score is, the lower the rate of interest you are likely to qualify for, giving you the best deal on your mortgage. Don’t forget though that your monthly mortgage repayments won’t be the only costs you have to factor into the overall expense of buying a house. For the purchase itself, you will have various fees to cover, such as inspections and taxes. Then when it comes to running your home you will have utility bills, possible HOA fees and more. Taking all of these into account will mean that you don’t run into unexpected and unpleasant expenses and getting your mortgage pre-approved will give you greater buying power when it comes to putting in an offer.

Get an Experienced Realtor 

Realtors are worth their weight in gold when it comes to securing the perfect property at the right price. Firstly, a local realtor will have insider knowledge about the area that you're hoping to buy in, meaning you can obtain a true picture of the atmosphere and the market. You may have a good idea of exactly what you are looking for in a property, but your realtor will be thinking about the issues that may not necessarily cross your mind – think roofing problems, leaks, mold and more. They also have their finger on the pulse of property prices and will make sure that you don’t offer over the odds on your dream home, even going to far as to negotiate and seal the deal on your behalf.

Don’t Let Your Heart Rule Your Head

One of the biggest challenges when it comes to finding a new home is making sure that you don’t let your heart rule your head. This is especially true when you are taking a step up to a newer or bigger property, a more desirable area or finding your forever home. It is easy to be swayed by the prospect of more space, an extra bedroom or a larger garden, but if this happens, you can accidentally overlook less obvious factors related to the property. This can include things like the condition of the roof, damp in the basement, termites, broken or failing utility systems, or general wear and tear. You can even fall in love with a property to such an extent that you are willing to push your budget beyond what is comfortable to obtain it – and this normally always spells disaster. Keep your head when viewing properties and have someone impartial who can act as your voice of reason.

Think Long-Term

Our lives change extremely rapidly and before you sign on the dotted line for a property, make sure you have taken the time to think about your long-term plans. The fees involved in property purchases and sales can be considerable, so if you can’t see your home still being suitable in terms of size, location or practicality in a few years, you might want to think again. Depending on how the market plays out, you might not actually accrue any real equity for several years either. Our recommendation? Plan for the house you want not the house you need right now.

If you are looking to buy a home, Phyllis Cyphers would be delighted to guide you through the process. Contact Phyllis Cyphers today to schedule an appointment. 

Phyllis Cyphers , Realtor
Pacific Sotheby's International Realty
DRE#01810454
c 714.323.1175
pcyphers@pacificsir.com