Buying a house is a huge step for you and your family, so you better make sure you are absolutely prepared for this action. Consider it as one of the most important purchases you will ever make, so think twice before making the final decision.
Once it was very difficult to buy a new house in US, due to very expensive and repressive mortgage loans terms and conditions, and most people were actually renters. Later there were some changes in the US legislation, which encouraged a lot of people to buy their own houses.
Buying a house – step by step
– First of all, establish your budget. Otherwise, you may get disappointed when you realize that you cannot actually afford a spacious and cozy house you’ve been fascinated with for a long time. Determine your average monthly income and expenditure and what you will have left after paying mortgage, taxes, insurance, bills and other everyday household expenses. If possible, make some slight lifestyle changes in order to save money. Moving and purchasing a house on a budget requires some compromises from you end. Not having doubts about your needs and wishes could make the procedure much easier. So, make a checklist of your requirements and expectations. Furthermore, when choosing a house take into consideration proximity to some important institutions and relevant areas, commute, schooling, neighborhood,…So, make a list of priorities and act accordingly. Take notes about every house you have visited, because sometimes details can be crucial for your final decision.
– If you are looking into mortgage options, depending on your personal situation you can choose between fixed-rate mortgage and adjustable rate mortgage. There are also different loan programs for a house purchase, so gather a few offers from different banks and choose the best deal for you.
– Being a first-time homebuyer has its perks, so banks or governmental organizations may offer special terms for purchasing a house like lower interest rate loans or low down payment solutions.
Landers are usually performing strict checks when you are requesting a mortgage, whether you are able to make the payments in case of changed personal situation or in case of rising interest rates.
– Due to the lack of experience, first-time homebuyers should consult with professionals when buying a house. There are a lot of free seminars where you can learn plenty of helpful tips for purchasing a house and arranging it afterwards.
– A real estate agent is your connection to the industry of home purchasing, and it is absolutely recommended to have one by your side when choosing a house. A good real estate agent will understand your needs and demands and provide you with quality solution and advice. A friend or relative who has had similar experience recently can provide you with some references. This could be a tricky situation if you are moving to a totally new city without any acquaintances. In that case your NYC moving company can offer some names, according to the area and type of property you need.
– Negotiation is inevitable while discussing the offer with a property seller. Think about the reasonable offer for the house you have chosen and about the highest amount you can offer given the area in which it is located and the general condition of the house.
– It goes without saying that you have to inspect every corner of the house carefully in order to avoid any unpleasant surprise after signing a contract.
– Signing a contract means that the negotiation is coming to an end and that it is just matter of moments when you will finally get the keys to your new home. Due to a huge excitement, you may not be able to concentrate to the terms of the contract, and bare in mind that it is also your right to request a copy of any legal document before the closing date. It is not unusual to hire legal representative during the signing process in order to get further clarification of the case.