The things to do before purchasing a home include beefing up your down payment fund, finding a trustworthy home inspector, and defining exactly what you want. Completing all this before you get to an actual purchase will ensure that the deal goes well. This will also help you avoid problems that might cost you a small fortune and make you regret even looking at this home.
3 Important Things to Do Before Purchasing a Home
Defining your exact requirements and wishes
Answering these two questions and finding acceptable compromises between your ‘wants’ and ‘needs’ is essential. The more clearly you define exactly what you should look for in a property, the higher is your chance of being satisfied with the purchase.
I know how devastating it can be to buy a house only to realize that it doesn’t meet all your important needs. I suggest having a list of all important details when you start searching. This will ensure that you don’t get distracted by an attractive offer and stick to what truly matters.
Beefing up your down payment fund
Today many lenders offer opportunities to choose between 5%, 10%, and 20% down payments. Every option has its advantages, as say experts cited by Forbes. You might also be able to negotiate a bigger down payment, and I suggest you try to do that.
The simple truth is that the more money you pay up front, the less you’ll waste on mortgage interest rates in the future. Personally, I believe it’s better to learn how to budget and save money. Then spend it on your kids’ college fund instead of mortgage payments. Building up your down payment fund is one of the most important things to do before purchasing a home because you should start it at least a year in advance.
Finding a home inspector you can trust
You can find hundreds of devastating stories about how someone bought a home only to learn that it has mold, asbestos, faulty plumbing, etc. These problems cost so much to fix that you might be better off looking for a new home to buy right away. That’s why finding an inspector, or a team of such professionals to examine every millimeter of the property is vital.
I’ve been through several house buying deals throughout my life and I can honestly say they are always stressful. However, doing these things will make it less so. If you have any other ideas on this subject, I would greatly appreciate if you share them in the comments.