Buying your first home – pro advice
Pre-Move Activities - May 22, 2019
The task of buying your first home can be quite overwhelming if not downright daunting. This is absolutely true considering the fact that buying a home is the biggest financial decision an average person makes during their life. This will be your new living area, a place where you will raise your kids and plan a lot of important life decisions. Therefore, you want your new home to be a palace for you and your loved ones. If you need help with relocation, look up local movers Massachusetts to help you have a stress-free move. The number of details you have to pay attention to will probably make your head spin. Because of the weight of this decision, we have decided to share some ideas on how to buy a new home in the best possible way. So, get comfortable, get yourself a cup of tea or coffee and let’s dive into the matter.
Financial aspects to consider when buying your first home
Buying a home is a huge financial decision and you want to plan it to perfection. First of all, you have to decide if buying is the right option for you. Maybe renting is the better alternative. Renting provides you with more flexibility and freedom while buying a house is a better choice in the long run. If you plan on living in one place for more than 5 years, you should consider buying it. Anyway, you need to pay attention to the following financial factors:
Can you really afford to buy a home?
Owning a property is more expensive than renting, as you are responsible for everything that gets broken. Plus, you have to pay utility costs, taxes, mortgage, and insurance. These costs accumulate quickly and you need to be careful in their estimation. You will be also saving a lot of precious time, as you won’t go to see houses and apartments that are above your price range.
Look for properties you can realistically afford
We all want only the best for our family, but sometimes not having to worry about anything is better than living in a huge house or apartment. Yes, you heard us well, peace of mind has no price. Experts say that you should aim for your house payment to be around 25-30% of your income. That way you will have enough for your daily needs as well as for retirement savings. And you can build your home equity over time.
Find a good mortgage broker
When we say mortgage lender, we mean some sort of financial institution willing to give you a loan to help you with buying your first home. You are expected to present evidence of your financial stability in the past 24 months including your incomes and expenditures. If you already used student or automotive loans before, and if you have paid them off on a regular basis, lenders will see this as an advantage. When you get your mortgage approved, you will know what houses you can afford and the sellers will have more confidence in you.
Buying your first home requires a good agent
The real estate market is rich with various offers, many of which ought to be avoided. Real estate agents are people familiar with this type of law, and they will help you resolve any unclear terms regarding that boring paperwork. They also have the necessary experience to tell you what neighbourhoods you should avoid from the onset. While you should believe your agent, it is advisable to keep track of the homes you visited. Take pictures of the spaces that you visited as it is impossible to remember everything. Educate yourself about the quality of the schools in the specific area as well as the commute and crime rates. You should get all the information about your new neighbourhood before you decide to move in.
Inspect the property when buying your first home
Just like there are some important things to do after moving, this is a crucial step that you need to take before moving in with your family. Assuming you are not a real estate agent or construction worker you will have to hire someone with professional knowledge to help you out. That person must be able to spot any shortcomings that your new home could have and to warn you about any potential problems.
- The roof could be broken and leaking
- The foundations and other structural issues
- Woodworms and other pests
- Electrical issues
- Radon and lead paint
- Septic system
With professional inspection, you can avoid future repairs and save a lot of money. You can also bring the value of the property down if the owner is not interested in fixing everything before you move in.
Hire professionals to help you with your relocation
This is the final thing to do when you have already decided on your new neighborhood and house. Now you need someone to move all your belongings from one place to the other. While you can move some of your items such as clothes on your own, it is wise to hire professionals for other things like heavy pieces of furniture. Be careful, and educate yourself in order to differentiate between companies with a professional attitude and scammers.
If you are moving to Massachusetts, you should hire movers Westborough MA to get the best possible service. Also, we advise you to get some sort of insurance to cover you during your relocation.
These were some of the most important factors to consider when buying a home for the first time. You should always ask your friends or people you trust for advice and help. This is a serious decision and it requires some serious contemplation before the final decision. We hope that after reading this article you have gained some basic insight into what you should pay attention to and how to tackle any potential problems. We wish you a safe relocation and to enjoy your new home.