Purchasing property can feel a little stressful. After all, you will need to find an attractive, spacious, comfortable home, and you must consider its crime rating, access to schools and public transport, potential resale value, and community.
However, before you think about the above, you must perform crucial actions to remove some of the hassle and stress from the process. Here are four steps to take before buying a house.
Step One: Research Real Estate Agents
Before you do anything, you must research the best real estate agents in your desired neighborhood. A professional, proactive, and experienced real estate agent will be worth every penny, especially if you are a first time homebuyer. After listening carefully to your wants and needs, they will help you narrow down the property search to ensure you find your dream home at a fast rate and to suit your budget. Also, as they will know the ins and outs of a town or city, they can answer all your questions, ease your worries, help you overcome hurdles, and navigate the buying process without hassle or stress.
Step Two: Identify the Best Mortgage Rate
If you have never bought a house, it is natural to feel overwhelmed at the mere thought of researching mortgage rates. Yet, the process doesn’t need to feel complicated. All you must do is contact various potential lenders to learn more about the best mortgage rates to match your financial history.
However, you must thoroughly read through a lender’s costs to ensure you are 100% happy. Also, don’t feel afraid to negotiate to potentially lower your mortgage rates and save a substantial sum throughout the years. Remember, different lenders will have different rates, which is why it pays to shop around.
Step Three: Create a Realistic Budget
Moving properties is often an expensive process, especially if you buy a new home before the end of a lease or are struggling to sell your existing property. Creating a realistic budget will ensure you have the money to cover various costs, such as paying for two mortgages, finalizing a lease, organizing movers, or buying furniture for your new home.
Also, ensure you can pay for a mortgage without stress each month by calculating your monthly expenses. Compare your earnings with your fixed and variable outgoings, such as:
- A mortgage payment
- Student debt
- Car payments and general maintenance
- Insurance fees
- Debt repayments
- Retirement savings
Step Four: Look Beyond the Cosmetic Details
Many people make the mistake of focusing on a property’s cosmetic details during a house viewing. Your ability to look beyond the superficial could stop you from overlooking a home with excellent potential. Also, you might discover a gem that others might disregard. Don’t rule out a property because it has a broken door, an unattractive garden, or dusty surfaces. Focus on the features that matter, such as high ceilings, large windows, up-to-date plumbing and electrics, and an attractive exterior.