8 Tips For Buying Your New Centennial Home
1) Don’t Buy If You Cannot Live There Long Term
This is a lesson that many people are now learning the hard way. Before the market crash people could buy a home and plan on moving in 2 years (or even less). You never know what the future may hold, you may have to live in your home for a very long time even if you want to move. So make sure that you like your home enough to be ok with being there at least 10 years.
2) Know Your Credit Before Thinking About Buying
If you think that buying a home may be in your future, then now is the time to get to know your credit score. You may have some work to do and fixing a credit score can easily take 6-12 months. Even if you have a good score, improving it can help you save money.
3) Distinguish Your Needs Versus Your Wants
You may have many home features you WANT, but many of these will drive up the price and could put the home out of your reach. Make sure you know what you NEED and plan on your wants being the icing on the cake.
4) Don’t Try and Time The Market
Nobody can predict the market, it is just too hard. Buy when the time is best for you and/or your family.
5) Attend A First Time Home Buyers Seminar
First time home buyer seminars can be very informative. At the very least they can tell you where to get all of the information you will need and how to get started. These classes offer more value than many people realize.
6) Know How Much You Can Afford
Figure out your monthly income and monthly expenses and then sit down with a mortgage broker. They will help you determine exactly what your costs will be to purchase a home, but don’t stop there. Plan on adding in the costs of home ownership into your new proposed budget as well to be as accurate as possible.
7) Find The Right Real Estate Agent
The right real estate agent can do many things for you. First they can help you find the best deal possible, they can negotiate the best price and they will always have your best interest in mind when working with you (it’s the law).
8) Get A Home Inspection
Home inspections have saved many potential home buyers from purchasing a nightmare home and are worth every penny. Home inspectors will uncover any issues with your potential purchase and tell you what could potentially be an issue in your new home.