When it comes to home buying, there are certain things that you absolutely need to do in order to ensure that you get the home you want without delay. Here now, are the 10 commandments of home buying. You have been warned.
10 commandments of home buying #1
Thou shalt keep thy current job
If you quit or change jobs while about the time you plan on beginning your home buying project, it could affect your credit score – and not in a good way.
So even if you envision yourself choking your boss on a daily basis, you need to hold off until you have those keys in your hand and you’ve signed that contract.
10 commandments of home buying #2
Thou shalt not make major purchases
Again, any major purchases you make, whether it be a giant television or a new car, will hurt your credit rating, so it would be wise to keep your credit card in your wallet and leave it untouched until after your home purchase is finalized.
10 commandments of home buying #3
Thou shalt get preapproved
Before you begin your home search, your best bet would be to find out how much a bank is willing to lend you for a mortgage. That way, you can search for a home well within your budget instead of setting your sights on something you clearly cannot afford.
10 commandments of home buying #4
Thou shalt not visit myriad banks
With each separate bank you visit in regards to a mortgage, a credit check will be conducted. The more credit checks you have, the worse your credit score. If you want the best deal possible, your best bet might be to inquire the services of a mortgage broker.
10 commandments of home buying #5
Thou shalt do some shopping around
Buying the first home you visit would not be ideal, as there are myriad homes for sale to choose from and you won’t be able to make a
legitimate comparison unless you have something to compare a home to.
Check out at least three homes that contain everything you want in a home and do some comparison shopping before settling on one.
10 commandments of home buying #6
Thou shall not fall in love with the décor
I know it’s not easy, but you mustn’t fall for the décor in the home. After all, the seller will likely take it all with them once they sell their place.
Instead look deeper; check the walls and ceilings for cracks and holes, test the plumbing by flushing toilets and opening and closing sinks, take a look at the appliances that come with the home to ensure they’re in good condition.
10 commandments of home buying #7
Thou shalt not forget thy closing costs
From notary, lawyer and home inspection fees to property insurance and closing adjustments, it’s important that you consider the closing costs when buying a home and not just the mortgage.
10 commandments of home buying #8
Thou shalt be prepared when visiting a home
Before you even walk into a home, you should have a list of questions in hand that you would like to ask once the tour is finished. There’s a good chance you found this home online and have already seen what it looks like, so now it’s time to dig deeper and ask the questions about the home that are not visible to the naked eye.
Questions like, “Why did you decide to move?, Have you done any major repairs on the home?” and “How did you decide on the asking price?” spring to mind, but you might have some other questions to add to the list.
10 commandments of home buying #9
Thou shalt consider the long-term in thy purchase
Unless you plan on becoming a flipper or winning the lottery, there’s a good chance that you’ll want to settle into this home. However, if you don’t consider where you plan on being in your personal and professional life in , say, five years from now, you may find yourself living in a home that no longer suits your needs.
Think about the future: do you want to have a couple of kids? Do you want to get a job downtown? Do you need a daycare that’s nearby? Think about the long-term and search for a home accordingly.
10 commandments of home buying #10
Thou shalt do a test run
So you found the house you want in a location that you think is ideal, perhaps now is the time to take the location for a test run by making your daily commute to work from there at the time that you would typically leave.
You should even drive back to the location after work to find out what traffic would be like on any given day. And if you needed to make a quick run to the grocery store for some milk and eggs, is there one nearby and how late is it even open?
Testing the neighbourhood will ensure that you are not only happy with the home you’ve chosen, but also with the location the home is in.
If you’re ready to start home hunting and home buying, check out ComFree.com today.