It is not always easy to buy a home, even if you are a veteran at it and this is your fifth house. It is especially hard when you are a first time buyer, there are many hurdles to overcome and I want to share with you some tips and tricks that you can go about getting that dream house of yours.
So you’ve established yourself a family and are going out there to get that first house, the number one question many people ask is do you buy the first house you like? That really depends on your budget, how big you want the house to be, what the schools are like, and of course the biggest factor is location. Another factor you need to consider is the condition of the house. If you have the money, resources, and skills you could always get a house to flip. Having a contractor like Roofing USA on your side can help you make these renovations happen faster as well.
Keep it below 10…
Do your research first before calling an agent to show you around, the internet is your friend, use it. When you finally narrow down to the homes that you would like to see, I recommend you keep it below 10 houses. Maybe 5 houses just to make sure, be sure to eat some carbs before you head out. You’re wondering why can’t you just see 30 houses at once? and why the heck am I making you eat carbs? The reason being is that studies shows that when you eat carbs, your memory improves dramatically and keeping it under 10 houses a day would not overload your brain. You don’t want to visit a house and then forget about it the next day would you? especially if it was a really good house.
Do you even qualify?
This is from personal experience, I was so dead set on getting a house and started looking everywhere until I found this one house I liked. I was working with my agent and we started to negotiate the price back and forth with the other party. We finally agreed to a price and then when I went to the bank to ask for a mortgage, I found out that I was not qualified for the loan because my evil debt-ratios were so high. What’s the lesson? qualify for a mortgage first before doing anything else so you don’t waste anybody else’s time. Do your research first, I recommend using Emortgage Calculator to find out what rates are out there and where’s the best place to apply.
It can be stressful…
Nobody said that buying a house is like buying a video game, far from it. Always be prepared because it can be a very emotional experience and you really don’t want to mix your emotions with your decisions because it can get out of hand. For example, your agent might not communicate well with you or the seller is a very hard person to deal with. It can also be stressful waiting for an acceptance, you will have all these questions going through your head about what if the seller rejects? What if he/she counter offer with an amount you can’t afford? What if the seller decides to go with another offer instead?
The solution to dealing with this kind of stress is try not to think about it by engaging in an activity, play a video game, go to the gym. Most importantly, keep in mind that it’s the seller’s loss if you get rejected because you are not obligated to that house, you can ALWAYS get another house so don’t stress it.
This article was recently featured in the following Carnivals:
- Carnival of Financial Camaraderie
- Yakezie Carnival November 13, 2011