We know how tough it can be when you are buying a home, especially if you are a first time home buyer. But that’s where having a good real estate agent comes in handy.
And when it comes to buying, there are certain things that you want to make sure to do before you buy your home. This will prepare you to qualify for the best rates and get the best deals out there as well as make the entire process work smoother.
So let’s jump right into it!
Check Your Credit Score
Your credit score is one of the most important factors. You want to know what it is so that you can try and improve it. You can learn how to improve your credit score which will help you get a better rate on your loan.
Get Pre-Approved By A Lender First
Most buyers make the mistake of contacting a real estate agent first, and then try and go to the lender. The problem with this is that if you aren’t qualified for a loan, you won’t be able to know how much you can qualify for.
Know The Expenses Of Buying A Home
There are a lot of expenses that go into the cost of a home such as taxes, property insurance, the mortgage, repairs, etc.
Work With A Skilled Agent
Make sure that you are working with a skilled agent that knows the Fresno/Clovis area. It can make a huge difference if you are trying to work with a “friend” who lives in Visalia.
You might be doing your friend a favor by using him or her, but you are doing yourself no favors at all.
Buy What You Are Comfortable Paying
I know this seems obvious, but you will be surprised how many people buy way too much house and then regret it later. You have to remember that a house isn’t perfect.
There will be repairs and fixes to do along the way. You will have to have extra money for those issues that may arise.
Use A Reputable Home Inspector
Find a home inspector that is a part of the American Society of Home Inspectors, or someone your real estate agent knows and trusts.
You want someone who knows what he or she is doing and is not motivated to miss issues to encourage a sale.
It is also advisable to find your inspector if you do not know your real estate agent well. The last thing you need is a real estate agent recommending you use their favorite inspector because he is not that thorough.
While most real estate agents are honest people, there are always a few bad apples in any industry you need to be on the lookout for.
Be Sure To Understand The HOA
Many times when, if you choose a home to live in that has a gated community, there are homeowner association (HOA) fees involved.
They are basically a set of rules that must be followed to maintain the “curb appeal” of all properties in the community. A fee is always included, but it is worth it if you don’t want to deal with messy neighbors.
Just make sure you fully understand the rules and ask for a copy of the HOA rules because many of them can be extremely strict and you don’t want to buy your home then find out you can’t plan your favorite Italian Cypress tree in your front yard because your HOA doesn’t allow it!
Don’t Do Anything To Affect Your Financial Situation
One of the biggest mistakes we see is people going and taking out car loans right before they are ready to buy a new house. Don’t take out any loans period!
This will affect your debt-to-income ratio on your loan application and cause you to qualify possibly for lesser of a house.
Conclusion
I hope these tips give you a better understanding of what NOT to do before purchasing a home. It will save you a lot of heartache in the process!
Happy home hunting!
Let us know if we can help. You can call us at 559-825-1823.