Beautiful home for saleBuying a house is a perhaps one of the biggest things you will pursue this year. The least you’d want is to make a wrong decision because this can instantly turn your dreams into regret. Before you head to buying right away, read this guide and save yourself from trouble.

Do not skip research

Some homebuyers are eager to have a house right away that they neglect research, which is a huge no-no. You should never skip this crucial part because doing so allows you to know your options. Remember to include property taxes and insurance costs as well when you do your research.

Know your needs

Do not focus merely on wants, but more importantly, you should consider your needs. According to a survey by HSH.com, only 20% of 2,000 US homebuyers had no regrets with their home. It turned out the most common complaints of the other 80% were a house that’s too small, not enough storage, a noisy neighborhood, and high maintenance costs. You can avoid regrets like these when you consider your needs and future plans when choosing a property.

Set a budget

Never set a budget that’s far beyond your means. Most lenders would agree that your house should not be three times more than your yearly income if making only a 20% down payment.

Improve your credit score

There’s no better way to get prequalified for a home loan faster than to have a good credit standing. Prmishoreline.com explains that a bad credit score does not only make it difficult to find a lender, but it would also require you to pay bigger down payments.

Apply for a mortgage

Have your financing ready before checking out properties. Explore your options and find a home loan program that fits your means.

Choose a house

It’s easy to pick a house if you will just consider the design and layout. However, choosing a property involves finding the right location, size, neighborhood, and price. Choose wisely, take your time, and don’t miss home inspection.

Get the home appraised

Know the real value of the property when you get it appraised. This could save you thousands of dollars. Through it, you would also know if you’re being duped or not.

Prepare all paperwork

You will be surprised to know that there’s too much paperwork to prepare when buying a property. Your lender and a title company might work together to help you handle this task.

Make the deal

Have all paperwork signed and return this to the lender. It will only take a few days for your loan to become effective. Also, have some cash ready for closing costs.

Buying a home only becomes complicated when you neglect research and planning. Save yourself a lot of troubles when you follow this home-buying guide.

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