5 home buying facts you need to know

Jim_SamsonAccording to a recent study I dug up, the average American is expected to move over 11 times in his or her lifetime. And we can expect at least a couple of those moves to include the purchase of a home for many.

Buying a home will be one of the biggest financial commitments you ever make, so you have to make sure you get it right if you don’t want to waste thousands and thousands of dollars.

So here are the 5 things you definitively need to know about buying a home and how to put yourself in the best situation…

1. Get the right realtor

The single most important and beneficial thing you can do as a prospective homebuyer is to enlist the help of a good realtor. Keep in mind that in most cases, the seller of the home will be the one paying the commission to the realtor, who gets a cut of the sale price.

But the main task is finding a realtor with experience who will be looking out for your interests.

Don’t rush into this – ask around, look up reviews online, and sit down with more than realtor in order to decide which one is right for you.

2. Buy for more than just today

When buying a home, it’s very easy to think about your life right now rather than the life you’ll have over the next decade. That’s a trap many people fall into, but one that you’ll avoid.

When you’re looking for a new home, think about things like whether or not you plan on having kids. That way you won’t end up buying a 2-bedroom home for today and then end up needing a 4-bedroom home in 3 or 4 years.

Consider life 5, 10, and 15 years from now.

3. Find the REAL price

New homebuyers often fixate on the purchase price of the home, but that’s a mistake. Instead, you need to identify the actual price of everything included:

  • Purchase price,
  • HOA fees,
  • Insurance costs,
  • Real estate taxes, and
  • Even things like any renovations you intent on making or maintenance fees for swimming pools and things like that.

Make sure you know the entire story about what you’re purchasing.

4. A contract is involved

Having a contract to sign means it can be negotiated. Don’t just sign a “standard” home buying contract just because that’s what most people do. If you want to discuss the inspection, discuss it. If you want to alter the timing of this or that, go ahead and negotiate.

Of course, all of this is much easier with a good realtor, but know that you have the right to negotiate, no matter what.

5. You don’t HAVE to buy right now

A huge mistake homebuyers make is thinking that they have to buy a home right now. That clearly gives the seller the advantage. But you DO NOT have to buy right now, or by a certain age, or anytime.

Understand that you can walk away if the deal isn’t right for you. You may want to buy right now, but you don’t have to.

When you know all 5 of the above aspects of buying a home, the vital decision and action of buying a home will be one you look back on very fondly.

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