Discussion Starter · #1 ·
Buying a house may seem like a hard task, and it may be the most expensive and emotionally hard thing you ever buy.
1. Learn what the important words are.
Many of us don't know what some of the terms for buying a home mean or even that they exist when we decide to move up the property ladder. Users may find it helpful to know the most important moving terms before making an offer. This can help the deal go quickly and without any problems.
Check out our glossary to learn the most important home-buying terms and what they mean. This will make each step of the process easier to understand.
2. Figure out how much it will cost to buy a home.
When you buy a home, you have to pay more than just the down payment, so it's important to think about all the costs when figuring out how much you can spend.
If you are a First-Time Buyer and you are renting a place that was already furnished, you will also need to think about how much it will cost to buy new furniture. On sites like Freecycle, you might be able to find free furniture in your area.
3. Sell before you buy.
It's always exciting to look for a new home, and now that there are so many online real estate agents, it can be tempting to look for your dream home even if your current home isn't on the market yet. Before you find a buyer for a property, you shouldn't fall in love with it. If you do, someone who already has the money could buy the house of your dreams from you.
It's almost always better to sell your home before you buy another one, but it can be hard to do. First-Time Buyers may find it easier to buy a home because they only have to deal with one transaction.
4. Get a mortgage agreement "in principle."
Before you buy a home, you should get an "agreement in principle." This is a letter from your lender telling you how much money they will lend you to buy a house. Having an "agreement in principle" may give you an advantage over other potential buyers, even though sellers would then know you are a serious buyer with the money you need, giving you the best chance of getting the homes you have made an offer on. Not only that but knowing how much a mortgage lender is willing to lend you will give you an idea of how much money you should set aside for your home invasion.
5. Look around your area
When you get to your new home for the first time after a long day of moving, the last thing you want to hear is loud music from the house next door until midnight. It's best to look at a possible home more than once and at different times of the day. A house that seemed like a dream at 10 a.m. might not be as nice in the evening.
Talk to people who live nearby as you walk around the area. Check out the nearby stores, cafes, and parks. Make sure that you will feel safe in your new home. Depending on how long you plan to live in your new home, you may also want to check out the schools in the area.