Home Buying Guidelines by Richard Uzelac

It’s a great milestone when you decide to buy a house. It’s better to take caution first before deciding to purchase a house. It’s not easy to sell as it’s not easy to buy. What would you do if you had decided on a new home or become a first-time homeowner? Here are a few things that I could recommend to you as a real estate agent long before.

1 . You have to talk it out with your family.

Weigh the pros and cons with everyone, not just you, unless you’re going to be the only one staying in that house.

2. Build your credit score and save money

Not everyone can afford a house in an instant. Most of us would have to use a home lender to be able to buy a house. I know this is a great leap for your emotions as you start adulthood, or you may be a late bloomer that just left your mother’s house after 30 years. Haha. You might want to consider your expenses and “practice” for several months the mortgage payment you would need to pay before going to the actual purchase agreement. By then, you will not feel overwhelmed and your emotions crushed. Try this chase mortgage calculator. This will help you know how much your potential mortgage is per month. And it’s best to talk to a mortgage banker in person so you could ask questions like the qualification in applying for one, the interest rate, and or the annual percentage rate, the hidden fees. Talk to multiple lenders so you can achieve the best option for yourself and you could plan accordingly. And if you want to check your credit score you may sign up with Chase Credit Journey. It’s a free account which you don’t have to pay for any fees and you also are not required to have a chase account to be able to see your credit score. You could also reach out the 3 major credit reporting agencies: Equifax, Experian, and Transunion

3. Have a plan B

Know the state rules when purchasing a home – see the movie 99 homes. You don’t wanna Get in trouble like him. Get an experienced real estate agent or broker.

4. Decide when you’re ready to sell your old home

Moving into another place is exhausting not just to your body but emotionally as well. Get ready when will be the best time for turnaround and deal with whatever you have to deal with. They said that the best time to sell for families with kids is by the end of the school year or before the new school year starts.

5. Know everything about the house from top to bottom.

Make a list of questions that you want to ask in an open house or ask your agent. Ask any questions that you think are appropriate and most importantly, the structure of the house. If there’s any leakage or spillage in the pipes. Or is the heater working? These things are important, so you could talk about it with a contractor and get quoted for how much money you have to deal with in the house repair later. Get to know the neighborhood. You don’t wanna end up like those homeowners in “The Watchers” (see that in Netflix) ,familiarize the area of the house, local stores. Talk to the neighborhoods and see what it’s like. See it’s not easy to sell a house as it is to buy.If you find it at the end that you don’t like. Plus, real estate markets could go up and down so it’s not guaranteed that you will get a return on your investment all the time.

6. Get pre approved .

To be taken seriously for your home shopping, you will not forget to get a pre-approval letter from the bank. Most sellers will expect this before negotiating with you. A pre-approval requires you to get proof of your assets, like paystubs from your bank statement, and this should be the last three months, W2, or income tax returns for the last two years. And if you are self-employed, you might want to plan ahead because lenders will take a look at the last two years of your federal tax return, and most importantly your existing obligations such as your credit card and your dear old friend, the student loan.

7. Tick off your list

Safety concerns- You might need to be like Sherlock Holmes in inspecting the very small details of the exterior and interior of the house you’re looking at. Does it have a good area? – this might be a concerning topic as you think about reselling the residential property. In retrospect, you need to see what everyone wants, often which they would look into spaces around the corner where the sunlight gets through, not the ones that are at the end of the corner.

I guess that’s pretty much all. If you find this article please share it and explore my blogs about real estate- Richard Uzelac