So you wake up one day and decide that you’re tired of paying rent and it’s time to buy a home. You immediately go on-line, do a quick search and then find yourself bombarded by multiple agents, lenders and anyone else that can benefit from your home buying decision. It’s easy to see how you can become overwhelmed and rush out purchase a home and then wake up the next day wondering what in the world did I just do! Don’t get me wrong, buying a home is a fantastic investment. In the long term I don’t think there’s a safer investment. Owning your own home instills a sense of pride, helps bond a family together and helps you feel like a part of the community which you live. That being said here’s a few tips to help you make the best of your home buying experience so you don’t wake up with buyer’s remorse.
- Establish a budget: Do not depend on what the lender states you can afford. Trust me the lender will not be making the payment
- Save some money: Life will throw you a curve ball and there’s nothing more important than having funds to handle the situation when it arrives
- Use a Realtor/Agent: Don’t go it alone. You will never come out ahead. Besides the seller incurs the cost of the agent!
- Get Fully Approved: Don’t rely on being prequalified. You will be setting yourself up for surprises, emotional stress, and possibly the disappointment of not closing on your new home.
- Review Your Credit: Rates and Terms are impacted by your credit scores. Don’t wait till the last minute to address credit issues.