Think you know everything about buying a home? Think again. We have some secrets to share with you that we think will help anyone when they are searching for their dream home. You can implement any of these ideas in your search for a new home. Here are five secrets anyone should know when searching for their forever home.
Although conventional thinking may have led you to use your local bank when buying a home, it’s not always the best choice. You can and should shop around for better mortgage deals. Not only could you possibly get a better mortgage, but also lower lenders fees. Lenders fees are important because they can add to the price tag quickly. Yet, lender’s fees vary wildly from day-to-day when buying a home. More importantly, the lender’s fees can also be negotiated when buying a home. Your realtor can help suggest mortgage lenders that have helped their clients in the past. Also, the right realtor may suggest that you factor in closing costs in your price as well. Do your best to shop around as this may be the biggest financial decision you make, especially if you plan on owning multiple properties.
You may be wondering what the heck is a property abstract? A property abstract is the history of the home. It will show all of the buyers and sellers as well as history about the neighborhood. This can be vital information if you are looking at joining a community. It can also be helpful if you want to know more about your home. When you are buying a home, you should have all the facts and changes that have happened over time. Most buyers don’t even know that this is an option that they can request. If there is not a property abstract, you can pay to have one made. However, this is expensive.
When closing, sometimes things can go unnoticed. You can have someone try to up the price or have you sign a contract that would have you pay more. A lawyer can help spot these hidden costs or fees and make sure you are not being taken advantage of. It’s critical that you do this if you are buying your first home. A lawyer can let you know if you are being stuck with a liability or extra costs that you should not be paying. In any case, another pair of eyes on your document to spot mistakes can only benefit you when you are buying a home. Some state laws require that a lawyer be present when closing on a home. The great thing about hiring one is you have someone in your corner, someone you can ask specific questions and can help you determine the best course of action.
Most buyers don’t know that FHA loans are available to anyone who is buying a home, not just first time buyers. The FHA has many loans that you can choose from. Most range in price and downpayment. Don’t forget this option when searching. FHA loans are mostly affordable, although that is dependent on your situation. If you are buying a home for the first time, we recommend you look at this option. However, if you have a big enough down payment you may find an even more competitive loan from a private lender. The home buying process can be challenging so make sure you exhaust every avenue.
More space for less money is nice, but we have a caveat to that rule. A great deal of importance should be placed on location. When buying a home for the first time, consider some of these questions:
Those are just a sample of some of the things to consider when buying a home. Even if you have to hold out on putting in an offer, you don’t want to purchase a home that doesn’t fit your lifestyle. Think about the future and how the location of your home can help connect you with the people and things you love most.
Ready to begin the home buying process but need a realtor? MWT Realty has your back! Our realtors are experts in finding perfect dream homes. Contact us today and let’s get started on your forever home!