Looking for a new home, whether it’s your first time or you’re a seasoned veteran, can be a very exciting event in life. It can also be quite stressful, especially if you aren’t sure what you want out of a home. When you’re looking to buy a home, you wan to make sure that it’s not just a home that you love. You also want to ensure that it won’t elicit buyer’s remorse, whether it’s a bit too pricey or has certain features that wind up frustrating you. After all, it’s the largest and probably the most important investment that you will make in your life!
If you aren’t sure where to begin with your house hunting adventures, consult with these 5 quick tips below!
Nail Down a Budget (and Stick With It!) – Before you even think about heading over to a realtor’s website to look at the homes for sale, sit down and look at your income and expenses. What can you comfortably afford? Keep in mind that your monthly mortgage payments should be no more than 30% of your income. Determine your price range that matches your budget well and start looking! This helps prevent a lot of heartache in the future.
Keep Extra Costs In Mind – You might have enough money for monthly mortgage payments and a hefty down payment, but there will be other expenses that you will need to pay for as well! You will need to account for upfront closing and moving costs, property taxes, home insurance, and more. It’s also wise to keep some money back in the event that you need some money for improvements or repairs before you move in.
Keep Your Must-Haves Brief – Do you really need a granite countertop in order to function? Probably not. You do, however, need a certain amount of bedrooms and square footage in order to live comfortably, though. Keep these sorts of “must-haves” in mind when you begin looking for a house. Try to pare down the luxurious items (walk-in closets, spa showers, etc.) and think about how big your yard needs to be, how many bedrooms you need, and the location of the property. Keep a list of 3-5 must-haves so that you can recognize deal-breakers much more quickly.
Scope Out the Neighborhood – Found a home you love (and that you can afford)? Check out the neighborhood! Don’t just go after you get off work. Scope it out on a Saturday night, in the middle of the day, and at night as well. The idea is to learn about what the neighborhood is like during all times of the day. You can see what traffic is like or if there are any rowdy or noisy neighbors. Remember, you’ll won’t just have to love the home you buy; you’ll have to love the neighborhood, too!
Zero In On the Inspection – Now it’s time to get an inspection of your house-to-be. Inspections can help you identify red flags and potential issues that could become costly in your future home, so make sure that you pay special attention to the assessments that the professionals make. If at all possible, tag along for the inspection. You will gain quite a bit of insight regarding the building itself, allowing you to better protect yourself.
We hope that these tips will help you have a successful house hunt and that you will wind up finding the perfect home for you! Once you have that home, make sure that you protect it with the right policy. Talk to us here at Madison Mutual at 1-800-766-MMIC to get started right away!