New Home Buyers 101

Buying a new home is an exciting time in ones life. Because it is such a major purchase, you want to make sure that you have the knowledge to make the right decisions. It will make the home buying process much easier and will ensure that you have provided the best home for you and your family.

The following is a list of a number of tips that will help make your new home buying experience a pleasant one:

1. Make a list of what type of home will meet your current and future needs. This can include: the location, size of the property, number of bedrooms, size of the rooms, and proximity to schools, work, parks, stores, and other amenities. This will help you narrow your search. You should consider enlisting the services of a real estate agent who can help you find the right home at the right price.

2. Before you purchase a new home, you should decide if you can afford to take on such a big investment. You will be required to make a down payment. There are now 5% down payment deals available. Remember, the less money down means the higher your monthly mortgage payments. You will also be responsible for fees such as attorney fees, taxes, registration fees, closing costsetc. You also have to make sure you can afford the monthly mortgage repayments. In order to secure a good mortgage, you must make sure you have a good credit history. Check your credit history to see if there are any errors or outstanding loans that should be paid. It is essential that you purchase a home that you can afford. There are online mortgage calculators that will help you determine how much you can afford. It is also recommended that you get pre-approved for a mortgage before you actually start searching for a home. You will then not waste your time looking at homes you cant afford.

3. If you have children or are planning to have children, research the schools in the area where you are interested in living. You want to make sure your children will get a quality education. As well, living in an area with good schools increases the value of a home.

4. Before you make an offer on a home, make sure you hire a building inspector to inspect the home for any problems. An inspector should look at the foundation, plumbing/septic system, the structural integrity of the home, roofetc. The home inspection fee will can range from $300-650 depending on the type of house and its features.

5. It is important to have an attorney represent you for the closing. You will want to make sure that you are protected. .

Purchasing a new home is a big life investment so it is important to make sure that you are familiar with all that goes into the purchase. This will help make the process run much smoother and less stressful allowing you to focus on starting a new life in your very own home.