Arbor Financial Group Marketing Engines, Inc.

Mortgage Home Buying Tips

Read this before you buy a home

Buying a new home is one of the most exciting things you'll ever experience. However, it's probably also going to be pretty stressful. After all, home buying is a huge procurement and it's perfectly normal to worry about getting it right. By following a few tips, though, you'll be able to get through it with your sanity intact and your wallet in good shape.

Consider All The Expenses

Buying a home is not a child's play. You need to consider expenditure of all types. That means 'all' of them - not just the principal, interest, taxes and insurance. Think about your utilities, your cost of commuting, what you're likely to have to do in terms of maintenance and upkeep over the length of time that you own the house, and then decide if you can afford home buying.

Make a Checklist

You're probably never going to find the perfect house because buying a home that's 100% error -free doesn't exist. Sorry, but that's just the way it is - most of the time, what you want isn't going to merge with the reality of what you can afford, so make a checklist for new home buying. Include your "must haves; also your would be good to haves," and your "could live without it if I had these things."

Think About the Long Term

Before you initiate towards home buying process, do realize these questions in mind? Do you have kids? Do you plan to have them in future? Will you be looking after elderly relatives? Are you planning on only being in the home for a few years, and if that's the case, will you be able to sell easily? For buying a home, it's a must that you delve into these queries and come out with a solution.

Consider the Neighborhood

If you have kids, and the neighborhood is comprised mainly of singles, or elderly people, you might be less than happy in that neighborhood. Also, be wary of buying a home in a neighborhood full of renters - a few bad tenants, or bad landlords, and the quality of the neighborhood can drop quickly, along with your property values. So, do check all these factors prior to new home buying.

Look at the "Bones" of the House

Don't be put off by things like ugly wallpaper or bad paint choices while getting involved in the home buying process. Things like that are easily fixed. Instead, look at the basic structure of the house. Is it solid? How's the wiring? What are the plumbing requirements? It's easy to get caught up in a beautifully staged home, too, so look for the little things - are there enough electrical outlets? You get the idea.

Check Out the Contracts

If you're buying into a housing development, make sure that you obtain, and read, a copy of the homeowner's association contract before you make your decision of new home buying. A homeowner's association can have a lot of control over how you're able to use your property. For instance, if you have a second home, and you're planning to rent out your home in the development while you're occupying your second home, make sure that your homeowner's association permits renting in the home buying process details. Of course, there are other little things, like the types of trees and shrubs you'll be permitted to have on your lot, what types of lighting you'll be able to have in your yard, and other things too insignificant to mention. But make sure you read every single word before you commit to new home buying, because you will be legally bound by the HOA contract.

Also, make sure to read your mortgage agreement before signing 'buying a home deal'. This is the biggest buy you're going to make, so you want to be sure that you understand the terms. If you don't, ask your lender to clarify, and keep on asking questions until you get the answers you need to grasp the home buying process.

Don't Forget the Basics in New Home Buying Process

You've, no doubt, heard all this before, but some things deserve repetition - make sure your credit is good, don't buy more house than you can afford, and keep a fund aside for emergencies. Try to obtain as much knowledge as you can get before buying a home and talking to an agent.