Amerifirst Site Manager

Buying a home can be a precarious and emotionally draining process. From the legal mumbo-jumbo to dealing with multiple personalities, buying a home for even a seasoned professional can be challenging.

However, if this is the first time you’ve purchased a home, you may be facing a few additional challenges. Since you’ve never been down this path before, you may not be prepared for the possible twists and turns. Sure, you’ve done your homework and know the “process” but do you know and understand some of the pitfalls and possible surprises?

We are going to give away a few secrets of buying your first home…tidbits of information that people don’t tell you. Leading real estate network, HGTV reveals some of the 10 best kept home buying secrets:

• Don’t buy a new car (or any big item). Three to six months before purchasing your home, don’t go crazy with the credit cards because it will affect your credit profile which will impact your loan eligibility.
• Get pre-approved for your loan FIRST. Take the extra step and get pre-approved instead of simply being pre-qualified. The difference is that a borrower who is pre-approved is one who has gone through the financial process with the lender and presents himself as a more serious buyer. Should you find your dream house during your search you can swoop in immediately with a solid offer.
• Conduct a property survey. Avoid the common pitfalls of not knowing exactly where your property line is drawn. Remember stories of one neighbor cutting down a tree only to find out it’s on his neighbor’s property? Find out before you buy so you know what you are getting.
• Don’t try to time the market. The best time to buy a house is when you are ready. You’ll lose your mind trying to time the market.
• The nicest house on the block isn’t always the best choice. If you pay considerably more than everyone else your home’s appreciation has little mobility. Dig up some comparables to ensure your home has plenty of financial growing room.
• Consider more than your mortgage payment. Just being able to afford your mortgage payment is one of the most common first time home buyer pitfalls. Budget for property taxes, insurance and homeowner dues before saying “I do” to your new home.
• …and speaking of “I do.” Remember, you aren’t dating your home. Avoid getting overly emotional or “falling in love” with the home during the home buying process. Sometimes the purchase doesn’t work out. You don’t want to be set back from finding your home because you are hung up on another.
• Conduct a property inspection. Know exactly what you are buying—the good, the bad and the ugly. The last thing you want to discover is that your new home is in dire need of a new roof or complete plumbing or electrical system AFTER you’ve signed the paperwork and own the home. Hire a qualified property inspector to determine that you are buying a jewel and not a lemon.
• Take a scientific approach to making your offer. Don’t pull a random number out of a hat, design your bid based on what you can afford and what you believe the property is worth. Check out the neighborhood and see if the neighbors are putting on additions or new landscaping.
• Take everything into consideration. Be sure that this is the community for you and your family. Even if you don’t have children, evaluate the school district—a winning school district boosts home values. Check out your neighborhood during the day and later at night to ensure this is the right place for you

Above all, consult with your lender and real estate professional throughout the process. If you have questions, ask them! That’s why we are here! If you are ready to enter the home buying process, contact AmeriFirst today at 800-466-5626.

Source:
HGTV: 10 Best Kept Secrets for Buying a Home

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