• 3 Important Things to Do Before You Buy Your First Home

Buying your very first home is an exciting experience. It’s your chance to take a step onto the property ladder and start living the American dream. The only problem is, successfully purchasing the perfect property isn’t always as simple as it seems. After all, this is likely to be one of the biggest purchases you’re ever going to make.

Before you jump into the world of homeownership, it’s important to make sure that you’re properly prepared. Not only can planning ahead improve your chances of getting the mortgage you need, but it can also make it easier for you to move into your new home too.

So, how can you get started?

1.     Learn About the Home Buying Process

When you’re first thinking about buying a home in North Carolina, it’s important to learn as much as you can about the home loan process. For instance, the more you know about fees, mortgage expenses, and so on, the more you’ll be able to decide with certainty whether owning a home is right for you. For instance, did you know that buying a home is up to 35% cheaper than renting one?

On top of that, when you’re finished paying for your property at the end of your mortgage term, you have an impressive peace of real estate in your asset folder.

2.     Evaluate the Property You Want to Buy

While property sellers do have to tell you the truth about the home you’re looking at, it’s worth noting that real estate agents will do whatever they can to make you want to hand over your money. That’s why it’s important to educate yourself as much as possible before you put down the deposit.

Ask the agent how long the property has been on the market. For instance, if it’s been around for a long time with no offers, then this could be a sign that it’s not priced well. When you’re moving into a new space like North Carolina, it’s a good idea to look at the average cost of homes in your chosen neighborhood. This will stop you from overspending.

3.     Make Sure You Have the Right Finances

There are various financial considerations you’ll need to consider before you can purchase a home. For instance, while it’s possible to purchase a property without making a down payment, you’ll end up with smaller mortgage repayments, a better rate, and more options if you can put around 20% of the total cost down as a deposit.

As well as saving for the down payment, you should also be looking at how you can get your finances in shape so that it’s easier to qualify for a mortgage at the best possible rates. For instance, check and monitor your credit, and make sure that you pay all of your bills on time.

Buying Your New Property

While it’s tempting to get ahead of yourself day-dreaming about all the things you’re going to do after you move into your new house, remember that it’s important to be prepared. The more time you take to educate yourself about homeownership, the less likely it is that you’ll make an expensive mistake when you invest in your first property.

This post was kindly written for us by Micheal Brennan over at Bellhops Moving