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4 Important Tips When Buying a Home

Posted by on Apr. 16, 2018 at 10:18 PM
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Luxurious, green or tiny, many moms out there dream of owning their own home. Regardless of the type of house you are looking for, there are several sometimes overwhelming steps to get there especially if you are a first time home buyer. When done right however, you get to own a property and gain equity at the same time. When you are renting, there is no return on investment on the monthly rental payment whereas when you pay mortgage for a home, you earn both short-term and long-term savings including tax breaks from the federal government as home buying and ownership are being encouraged. Before taking the plunge, here are some important things to think about before buying a home.

  1. Research your requirements

People generally buy homes with the intent to set roots in a place especially when they

have young families to consider hence when looking for houses add your current and future requirements as well as amenities such as schools, parks, accessibility of public transportation and entertainment into the equation. For example, if you plan on building a granny flat for your parents (or guests) on your property, this means you would have to buy a house with enough space to accommodate that future accessory apartment. It is also prudent to look into existing zoning regulations including restrictions on remodelling by a community association which may limit your future renovation or expansion plans. When researching,

  1. Start your home search early

Finding a new home that matches your needs and specifications is not as easy as you

think. Location is a major consideration because home buying in some areas can be

extremely competitive. As soon as you have your finances in order, it is best to start

searching at least a year before. All the more if you prefer something specific like a customized luxury Darling Home in Texas, a green cabin in Colorado or a tiny house in California. Also, it is best to find out from the city urban development department whether there are upcoming improvements planned for the community. The area you are eyeing may be ideal and convenient at the moment but there may be development plans in the neighborhood like a railway system being built near your residence that you are not aware of. It is also important to secure your personal safety and investment by checking about crime rates in the area. Expect inflated auto insurance premiums for high-risk communities.

  1. Review mortgage products carefully

Finance is a critical factor when wanting to buy a home. Start with figuring out what you

can afford including the down payment and closing costs. Then maintain a healthy savings account while simultaneously working on improving your credit score. Increase your financial literacy by keeping up to date with details and news about buying homes. These will be helpful when you study mortgage offers so you can ultimately choose one that works for you best.

  1. Consider buying a new home

If you are currently renting, you may not be spending on maintenance and mortgage fees however the rent you pay just lasts until the end of the month whereas owning a home gives you equity, tax breaks and an appreciation of your property.

Home ownership is a huge investment. Spend time studying your options and be prepared to take on all the ups and Today life  Happy day   Todaynews  tech downs that come with the home buying experience.

by on Apr. 16, 2018 at 10:18 PM
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