Do’s and Don’ts of Buying a Home
Do take a long term outlook on your purchase. Check out the neighborhood, schools and community to see if they are desirable. These things can affect your ability to resell your home should you want or need to move.
Do look at more than one house. You need to compare it to other listings to make sure that you are not overpaying or missing out on your dream home.
Do choose the right lender. It’s very important to find one with a good reputation who delivers on their promises, especially in regard to the rate they offer and the timeliness of getting the loan in place.
Do work with a REALTOR®. Take the time to find the one that’s right for you. Ask for references. A REALTOR® will be able to offer you guidance from finding the right house, to negotiating the deal, to walking you through closing costs, and other services that you may need.
Don’t assume you are able to buy a home just because you have the money for the down payment in your savings account. You need to anticipate other expenses related to purchasing a home such as home owners insurance. Know your credit score because this will determine interest rates and insurance costs.
Don’t go on a shopping spree for a new car or furniture before you close. Lenders will re-check your debt load just before closing and large purchases could cancel your closing date.
Don’t underestimate the cost of home improvements. If purchasing a fixer-upper, do the research to determine the actual cost of renovations.
Don’t make an emotional purchase. You want to find a house that you love, but you also want to make a smart financial investment.