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You are about to buy your first home and embark on one of life’s most exciting journeys. Congratulations, as it’s a happy time that you should look forward to but it’s also a time of learning and re-assessing where you stand financially. You want the journey to be smooth so there are some things you should absolutely know before signing the contract.
Things To Remember When Buying A Home
Buy For The Life You Want To Have, Not The Life You Are Living
Buying a home is a huge step so buying an apartment because it suits your current situation means that, in five or ten years, when you are looking to expand you will have to uproot and move again. Equally, this means that your financial situation can be more difficult to swing if, for example, a pandemic hits and you are forced into getting a home equity loan to try and keep your finances together. Plan ahead, get the bigger place with a garden, and if you do need a guide on a home equity loan, check out the top lender with the best rate options that you can pay back over a set timeframe that fits your budget.
Use Personal Recommendations For Your Realtor
This one goes without saying but you do not want to use an agent who is going to rinse you dry and leave you sopping with a massive bill at the end of the day so do your research and find a few personal recommendations. Failing that, Google business reviews are generally a reliable reflection because they require user engagement. Typically, you can trust the reviews more if they come from credible sources, and not just anyone with a Gmail account can submit a review on Google Maps. It will help you to understand what makes a review reliable in the first place before you commence your specific search so that you can be as efficient as possible.
This Is A Contract And There Is Room For Negotiation
There are a few things that allow for wiggle room in the purchase and sale of a house and everything, technically speaking, is up for negotiation. Everyone has the story of how they were able to bump X amount off of the purchase price only to find out that Y was a problem – it happens everywhere, so make sure you conduct your own reviews with professionals you trust so you know what you are buying.
Think About The Commitment You Are Making
Much like with a romantic relationship, a lot of work goes into your home, and you need to be prepared for the commitment that you are making when buying a home. In addition to understanding the steps towards home ownership, you need to understand the risks. You also need an exit strategy should everything go south – and that is not us being pessimistic.
What if you have to move home to look after a parent for an extended period of time and you have bills and a mortgage to pay? Do you have a friend who can come and stay and look after your home in the meantime? Is the home suitable for subletting? Thinking about these things in advance is an excellent way of making sure you are ready for the long haul and not just in-lust with the property.