Are you in the market to buy a house? This is a major investment, so you can’t afford to make a mistake. You should have a house-hunting checklist to guide you in both your search and purchase
Things to know before buying a new house
Before you do anything else, you need to get the following tasks out of the way first:
- Figure out your finances. This means calculating your monthly income and obligations.
- Find out your credit score.
- Determine what you can afford for a down payment and for a mortgage.
- See which lender has the best interest rate and get pre-approved for mortgage.
- Establish what you require in a house in terms of the following:
- – Location
- – Type of residence
- – Size
- – Number of bedrooms and bathrooms
- – Amenitiesx
- Contact an agent that is familiar with your preferred neighborhood. Get a lawyer to review the contract with that agent.
Now that you have an agent, you can concentrate on shopping for houses. Keep in mind to carefully review the MLS (multiple listing service) printout or email he or she will send you. At times, the information included in it isn’t completely accurate.
How to inspect a home the right way
In checking out homes, what are the details you should thoroughly investigate?
- Roof – Roof issues can bring a lot of additional problems and repairs can be expensive.
- Sewer and septic system – This is another area that needs to be working perfectly. If it’s an older home, make sure that every part is in good condition, repaired or replaced accordingly.
- Property boundaries – To avoid facing disputes or taking costly corrective measures later on, you might want to obtain a survey before completing the purchase.
- Square footage – Verify that the property is the size it was advertised.
- Recent repairs and new construction – What was the reason for them? Often, they’re meant to provide a quick fix or hide an old problem. Make sure that it was all done on the up and up with the right permits and with good results.
- Pools and other extras – Find out if they’re in good condition, if they comply with codes and standards, and if their installment has been properly approved by pertinent regulatory boards.
It’s important, of course, to check for water damage and mold, especially if the seller disclosed that there had been a fire or a flood.
If this is your first time buying a new house, the other things you might want to check out in relation to the location of the house are the presence of good schools nearby, freeway noise, air traffic noise, crime statistics, sex offenders living in the vicinity, zoning changes, and potential hazards (earthquake, wildfires, floods, etc.).
Once you’ve made your choice, you then need to focus on documents. Make time to review with your lawyer the Real Estate Transfer Disclosure Statement, the title report, the commitment for title insurance, the home warranty policy, the county assessors’ records, and the home inspection report.
Remember that you have to check and verify things to avoid buying something that is unsatisfactory. This guide will help you do that.
Contact a Golden Eagle Representative to help you get started on your house buying journey today!