With the recent purchase of my in-laws' new home, and a not-so-distant future move for my husband and I, many different things to remember when buying a home keep popping up in my mind! Buying a home is a lot more than just picking out what looks good- so many components are involved! Before you take the plunge, consider these things to remember when buying a home.
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Know Your Price Point
It's important to have a starting point when your begin your search for a new home. Having a budget in place is one of the most important things to remember when buying a home! You want to avoid debt as much as possible (some is unavoidable) and acquiring too much interest on home loans.
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Decide How Much Updating You Want to Invest in
Are you the type of home buyer who loves to fix up houses? Or perhaps you're more of the move-in ready type. Decide which one you are so you can limit your search. I know for me, I don't want to buy a home that needs a ton of fixing up. Some is a given for specific style needs, but to totally redo a house is too much for me to take on! And, from what others can attest to, it's quite expensive.
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Location is Key
Where you want to live is just as important as how much money you want to spend. You could find the perfect house in every way except that it's in a bad neighborhood, or too far away from work/friends, etc. To narrow your search, pick the location first and then select the houses you'd like to look at that are available.
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Don't Forget School Districts
This is a biggy for us right now. We basically are orienting our future move on school districts because we want our son (and future kiddos) to attend a good school that meets our personal standards of education. If you have kids or plan on having kids soon, this is an important component!
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Consider Current and past Property Taxes
Remember to check the current and past rates of property taxes on the houses you are interested in. Sometimes houses are reappraised and often taxed higher on a regular basis. Not only that, these taxes may be used significantly towards city funding, increasing the rates even further. So, make sure you know what you're getting into!
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Meaning is not what you start with but what you end up with.
Get the Home Inspected
Home inspections can make or break a purchase deal. While most defects in homes are easily fixed (like pests or dry rot), some may not be. There could be an issue structurally or perhaps the lot could be in a flood zone, which is a turn off for some. This is a vital step in the home-buying process!
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Be Knowledgable about Any Damage and past Repairs
Finally, ask the seller for a history of work done on the house- cosmetic and otherwise. Maybe there is some damage that was repaired that you should know about for the future! You will also need to know the details of possible past fixes for your own future remodeling plans.
Buying a home is incredibly exciting and also a little stressful! Are any of you lovelies planning on buying a home? What has been the best part of the search? Perhaps you have some insight to share!
