The thrill of moving into a gorgeous new home is typically tempered by the long road you’ve had to travel to reach the point where the keys are in your hand.
This journey will be far less arduous if you know all the stopping points along the way, and plan to pass through them efficiently. To that end, here’s a look at the foundational things you’ll have to get right, and why they need to be prioritized.
Financial Health and Pre-Approval
Rather than rushing ahead and scouring the listings for your perfect property, you need to have a comprehensive overview of where you stand from a financial perspective.
To do this:
- Check your credit score. Higher scores can grease the wheels of approval.
- Assess your debt-to-income ratio (DTI). Lenders often prefer DTIs below 36%.
- Save for a down payment. Typically, a 20% deposit avoids the need for private mortgage insurance (PMI).
It’s sensible to get pre-approved for a mortgage next. This shows sellers you’re serious and ready to buy. There are plenty of platforms out there that provide problem-free home buying courtesy of quick loan approval, so don’t settle for any lender that’s slow off the mark in this regard.
Neighborhood Research
Understanding the neighborhood can be as crucial as the house itself. This is a tried and tested process for avoiding future disappointment post-move, so should not be skipped in all the excitement.
As part of this you should:
- Investigate school districts if you have kids or plan to.
- Check local crime rates for safety insights.
- Look into public transportation and commute times.
If possible, you’ll want to visit prospective neighborhoods in person, and gauge the vibe at different times of day. Weekday mornings can reveal rush hour dynamics, while weekends will show off any community vibes.
Factor amenities too, including the likes of grocery stores, parks, and hospitals. If they’re all within easy reach, that’s a good sign. And of course you can tailor your search to any specific requirements or unique hobbies you have.
Structural Integrity and Inspection Must-Haves
While bricks and mortar might seem endlessly durable, the reality is that you need expert insights into whether a property is in good shape before making an offer to buy it.
To avoid taking risks you must:
- Hire a certified home inspector to examine foundations, roofs, plumbing, and electrical systems.
- Look for signs of water damage or mold in basements and attics.
- Assess the condition of HVAC systems.
An inspection can reveal hidden issues like faulty wiring or termite damage. It’s also a way to negotiate repair costs with sellers. You’ll be able to justify offering less, or arranging for remedial work pre-closing, as a result.
Legal Documentation Checklist
Securing a home involves more than just a handshake. Proper legal documentation sidesteps a laundry list of potential missteps.
It’s your responsibility to:
- Review the title report to confirm there are no liens or disputes.
- Check for any homeowner association (HOA) rules if applicable, and remember to adhere to them as you go forward with the move.
- Ensure all property disclosures are provided by the seller.
Working with a real estate attorney is the simplest way to prevent problems arising. It’s another example of how expert guidance is the ideal way to alleviate doubts.
Initial Home Maintenance Tasks
Once you’ve got the keys, it’s time to tackle some initial home maintenance. Given that annual costs for this top $6,000 on average, you’ll need a bit of budgetary wiggle room.
In this context you can:
- Change all the locks to ensure security.
- Replace HVAC filters for optimal air quality.
- Test smoke and carbon monoxide detectors.
The sooner you sort out minor maintenance bugbears, the more confidence you can have in being capable of avoiding unexpected repair bills in months or years to come.
The Bottom Line
While your specific experience of buying a new home will almost certainly come with its own set of unique challenges, these checklists are a good starting point for most people. Follow them and you’ll find that the door to your dream slice of real estate will be flung open with fewer of the usual stumbling blocks.
Image Source: Pexels
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