7 Things to Consider When Purchasing a HomeApril, 10 2018
So, you finally decided to purchase a home. That’s great! There’s nothing more satisfying than owning your own property.
However, while this is a triumphant time in your life, there are also many issues that some with the process of owning a home. Particularly, purchasing a home is a long journey that needs to be carefully considered at every step.
Before you wander into the realm of the housing market, here is a list of 7 things you should be considering before you purchase a home:
1. Brainstorm the perfect home.
By working with your agent, you can set yourself up to receive alerts about the best homes that perfectly fit your ideas. For instance, if you tell your realtor a list of what you’re looking for (let’s say a renovated kitchen or a converted garage) they’ll make sure that you’re alerted when homes like this arrive on the market.
2. Have your home inspected.
Always make sure that your future home is inspected before you seal the deal. You could end up purchasing a home that comes with a variety of problems, including unstable foundation, faulty plumbing, or a patchy roof job. In this case, reparations in the future will cost you. This brings us to our next tip…
3. Choose your own title company.
A title company will protect you from being responsible for repairs and other obligations in the future that aren’t your fault. For instance, a title company can ensure your property is inspected, and can promise that you won’t be responsible for any unforeseen damages that were due to causes prior to your purchase. You, as the buyer, have the right to choose your own title company, despite what your realtor may say.
4. Look for a home warranty.
Perhaps your dream home is right in front of you, but some of its aspects are old, and your seller isn’t going to repair them. In this case, see if you can negotiate a split warranty. A home warranty costs several hundred dollars on average, but is absolutely worth it for older homes that can unpredictably decay at a moment’s notice.
5. Can you afford it?
Before you purchase, make sure the mortgage does not cost more than 30% of your regular expenses. That way, you know you won’t run into payment issues in the future; even if there is an emergency, there’s a good chance you’ll still be able to make your mortgage payment on time.
6. Double Check the location.
Depending on what you’re searching for, the location of your home might be equally as important as its aspects. Check school districts, grocery stores, accessibility from major roads, and power grids to keep yourself as comfortable as possible.
7. Predict the future.
Are there new developments planned for the future in the area? Are there improvements you can make that will increase property value? You want to see if you’ll be able to gradually increase your home value so that you can eventually sell for a higher price.
If you still aren’t sure about the specifics of purchasing a home, Armour Settlement Services is the perfect solution. We have a great range of knowledge when it comes to real estate, and can provide you with the most efficient title services. Call today at 1-877-TITLE-30!
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