One of the most exciting times in your life will be buying a home. Buying a home is a status of stability and achievement. Here are five things you should consider before you consider making a significant investment in a real estate property.
Is Buying a Home Worth It?
If you plan on purchasing a home located in a major city, buying a home may be cheaper than renting. Although there is no right or wrong answer, there may be one situation that's more favorable than another. You will have to weigh the pros and cons of each situation before you make your final decision.
Check Your Credit
When you complete an application to buy a home or fill out an application to get approved for a loan to buy a home, your credit is reviewed by the lender. Your credit score is the determining factor of the amount of money you can afford for a home, and the interest rate you'll qualify for.
Beware of Homes That Need Substantial Repairs
Homes that require a lot of repairs and maintenance are known as fixer-uppers. Some people are fond of these type of homes because they have the opportunity to reside in a neighborhood they may not be able to afford otherwise. Fixer-uppers are inexpensive, but you’ll have to invest in expensive renovations.
A good step to take before you begin the home buying process is to obtain a pre-approval letter. You may have your dream home figured out, but the pre-approval letter will give you a general idea of where you stand financially.
The home buying process can be a long and daunting task, but handling these few items before you begin the process can be a significant help.
Top 10 Things You Need to Know Before You Buy a Home, lifehacker.com
6 must-do's before buying a home, bankrate.com