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Lately, the hubby and I have been talking about becoming homeowners. There was a perfect house for us a few weeks ago which made me wish we were out of debt and that we had already started the process of looking for a home. We ended up doing quite a bit of research after we saw our perfect home come and go. I thought I would share with you all what we learned so that when we decide it is time to buy a home we are ready.
The first thing people suggest to stalk the market. Follow any of the houses you are interested in that you would buy and see if the price goes up and down. That way when you do buy something in that area you will know how much you can bargain. At the same time think about your budget and how much you can afford. Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.
Next, you will have to find a loan company. If you have a regular job that is great but if you are your own boss self-employed loans are at your fingertips as well.
Once you are pre-qualified for a loan you will need to find the right real estate agent. I feel it is best to find someone that you are referred to by a friend. Make sure to also google the real estate agents name to see if there are any reviews so you can make sure that you are making the right decision.
Once you have all that squared away you will need to find your perfect home and make an offer. A few things I will be checking are:
- How good the water pressure is.
- How long the water takes to get hot.
- The grades that schools have in the areas we plan on moving.
- The crime rate.
- Since I have kids I will be checking to see if there are sex offenders in the area.
- Turn lights off and on to check out the electricity.
- Check the kitchen appliances to see if they work.
- Check for parks, places to eat and where to buy groceries.
- Check for mold.
- I am sure I will add more to this list as I go but this is what I have so far.
After all that I plan on getting an inspector to check the house out. I don’t recommend getting someone that someone close to the seller recommends. I plan on finding my own inspector because I just want to make sure the whole deal is an honest one. Then once that is done it will be time to get our loan, get the house appraised and close the sale! When we do buy our first you I will share the whole experience with you all! Have you bought a home? What was your experience?