Home buying is a tricky process, though it can yield wonderful results. Getting from the searching to the buying phase isn’t easy, as unless you build a house yourself, you’re unlikely to find everything you ever wanted in an already constructed home. But many first time home buyers are under the impression that once the decision to buy has been made, the tough part is over. Not by a long shot. Suba Iyer, writer for Deseret News and a recent first time home buyer herself, realized there’s more to home searching than finding a pretty facade with a comfortable floor plan, and there’s a lot more to home buying than swiping a credit card and signing on the bottom line.
Look Into The Future
First, home buyers should think long term. Purchasing a home is not like signing a rental lease, knowing if it doesn’t work out you can just move at the end of the lease. Home buying is fairly permanent, with the common advice being to only buy if you plan on being in the area at least five years. A few points for home buyers to consider:
• When will you have kids (or more of them)?
• Do you anticipate needing to resell in the future?
• Will you need to take care of elderly or ailing relatives?
• What are schools in the area like?
• Are there busy streets or other dangers for children nearby?
Some of these questions might affect your decision of where to buy a house, and some of them might affect its future resell value. Sure, you don’t plan on having kids right away, but a lot of people do have kids, and will it be difficult to resell the home if it’s in an area not conducive to child rearing?
Have A “Make It Or Break It” List
You will find in your home searching process that there are some things you absolutely cannot live without, some things you really want but don’t need, and some things that would be nice but not necessary to have. Iyer suggested making a checklist of those things you must have or must avoid, printing it off, and taking a copy with you to each house you visit. Some ideas might be number of bedrooms, number of bathrooms, storage space in the kitchen, backyard size, location of the master bedroom, size of garage, and placement of the washer and dryer.
Research All Possible Options For Funding
Did you know that cash on hand or loans are not the only way for paying for a house? During her home buying process, Iyer found that there are many more funding sources, including grants and discounts. She said, “I always thought the income limit for qualifying for these types of funding would be very low, but I was pleasantly surprised by the generous income limit on many of the options.” For instance, she found there are grants available for teachers, farmers, and law enforcement officials. There are also grants based on “the area of the potential house, whether it’s in a rural area, high poverty area, etc.” So don’t limit yourself to one option for your mortgage payment.
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