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We became first time home owners back in 2010 and I can’t begin to tell you just how much I love knowing my money is going toward something. That in the end it is going to something that will become mine. Renting is not a bad thing but for us, it just wasn’t worth it. We wanted to put our money into something that eventually we will make it back on or at the very least own free and clear after that final payment. When we were homebuying there were definitely things we didn’t know about or just didn’t think about. So, to help others that will be or maybe are now in the home buying situation I thought I would do a checklist of somethings you may need to remember.
- Decide how much you can spend!
- Know your credit score. That way you go in knowing where you stand and aren’t caught off guard.
- Get pre-approved. You definitely don’t want to go into home buying thinking you can buy X amount only to realize you are approved for a different amount.
- Find out what payments will be with insurance, taxes, PMI (if required), and the mortgage. It’s so easy to think oh the mortgage is this amount but when all the other fees are added in, it might be enough to make you uncomfortable. Using something like a mortgage insurance compare tool should help.
- Look at your finances, what is coming in, what other bills do you have (aside from the new home mortgage) and see if that changes the game any for you.
- Find a real estate agent that will work for you. Make sure they show you options and aren’t too pushy. Buying a house is stressful enough without a pushy agent.
- Know what you want in a house. That way when you are looking you can know early on which houses you want to look at in more detail and ones to cross off the list.
- Once you find the house you love, make an offer. I personally would go under what you are comfortable spending. The worst thing they can say is no, and then you can submit a new offer. You never know until you try if you can get a better deal than you hoped
- Before finalizing the offer (closing the deal), make sure to get an inspection. Include passing inspections in your offer so you aren’t stuck with a lemon.
- Once you have agreed on an offer, close and move into your new home.
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As a mom and woman who deals with bill paying this article Women and Money: Why Need To Take Control Now” really made some great points, not only for women (though it is geared that way) but for men as well. Making sure you have control of your finances is the first step in home buying. It was a proud day when we closed on our new home and I am sure it will be for you too.