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<p>Buying a home is quite different from buying a car. While both are big investments that require planning, research, and experience, the real estate market is a lot more complicated than the automobile industry. With lots of luck and proper preparation, you should be able to make the right pick of your dream home and get everything set up for you and your family.&nbsp;</p><p>As a first-time homeowner, there are lots of things to consider before even paying down for a home. These would help you make the right pick and in years to come, you would cherish that decision.&nbsp;</p><h2><strong>Questions to Ask Before Considering Buying a Home</strong><img src="https://media.istockphoto.com/photos/magnifier-and-question-mark-on-purple-background-picture-id1263395015?b=1&amp;k=20&amp;m=1263395015&amp;s=170667a&amp;w=0&amp;h=RgUdvAZruvOZrR4ooRwxi16JgQrpgXCjK34rJXBEHEQ="></h2><p>&nbsp;</p><h3><strong>Can you afford the home you want?&nbsp;</strong></h3><p>So you already have your dream home in mind but before you start daydreaming about how to set up the decor, you need to take a serious look at your finances. Homes whether small or big would cost a lot for an average buyer. You need to prep yourself for the expenses that come not only with the purchase but also maintaining your new home.&nbsp;</p><p>Before considering purchasing a home, you should have a good amount of money saved up in an emergency savings account. This should not only account for up to 6 months of living expenses but also the cost of purchasing the home.&nbsp;</p><p>When you decide to become a homeowner, upfront costs of purchase like down payment and closing costs would require immediate cash. You need to have these costs already saved up before making your move.&nbsp;</p><p>If you're looking to finance your purchase using a home loan, you will need a great credit score. A good credit score would get you a loan from most lenders, however, a great credit score would help you pay less in interest rates. You can request free copies of your credit report from the three credit bureaus - Equifax, Experian, and TransUnion.&nbsp;</p><p>Before you start the purchasing process, you can boost your credit score by paying your bills on time, keeping your credit card balances at an all-time low, and keeping your credit cards open.&nbsp;</p><p>&nbsp;</p><h3><strong>Which type of home is best for you?&nbsp;</strong></h3><p>When shopping for a home, you will come across several types of residential property. You will find a condo, a duplex, a townhouse, a multi-family building, and a traditional single-family home. There are pros and cons to each option which include factors like maintenance and availability of space.&nbsp;</p><p>You could also save on your purchase price by opting for a fixer-upper. These refer to homes in need of repairs thereby being sold for way less than their actual market value. It is important to know that not all fixer-upper homes are worth buying. Some may save you the extra costs while others would burn through your bankroll as you try to convert it into your dream home.&nbsp;</p><p>&nbsp;</p><h3><strong>Which specific features do you want?&nbsp;</strong></h3><p>When making your decision, you should consider special features like extra space, a residential garage, lawn, porch, balcony, a spaced kitchen and rooms, a swimming pool (you could build one with extra space), and a nice neighborhood. You might not need all, but they would help you pick a more comfortable environment to stay.&nbsp;</p><h3><br><strong>How much mortgage can you get?&nbsp;</strong></h3><p>If you can't afford to buy the home yourself, you will be looking towards a lender for some extra cash. If you've already set your budget and you've checked your finances, you would know how much you need to balance up.&nbsp;</p><p>Your next step should be to contact lenders to know how much you're good for. Lenders take your credit score, current debt, monthly income, and current employment status into account before offering you loans. Depending on your history, you may be eligible for just what you need.</p><h2><strong>First-Time Home Buyer Tips</strong></h2><p><img src="https://media.istockphoto.com/photos/real-estate-concept-choose-house-to-buy-picture-id1282624945?b=1&amp;k=20&amp;m=1282624945&amp;s=170667a&amp;w=0&amp;h=jtk7kVTK5XPuQ-CRncChevjoXzxf-4omVBBcL6FOnzo="><br>&nbsp;</p><h4><strong>1. Get Financed&nbsp;</strong></h4><p>If you can't afford to buy a home on your own, this is the most important step to take before shopping for a home. You may have your sights set on a home worth $300,000, however, lenders may think that you can only manage a loan of $200,000. This leaves you $100,000 short of your dream home. As a first-time buyer, you're entitled to some privileges along with mortgage discounts. Below are the popular financing options to consider</p><p><strong>Mortgage Options</strong> - There are several mortgage options available for first-time buyers and they offer varying down payments.&nbsp; Conventional mortgages would require as little as a 3% down payment from first-time home buyers.&nbsp;</p><p><strong>Government Loans -&nbsp;</strong>Federal Housing Administration (FHA) loans require a bit more down payment at 3.5%. If you're planning on purchasing your home in a rural area, you could opt for the U.S Department of Agriculture (USDA) loans, and they require no down payment. Current and veteran military officers can opt for loans from the Department of Veteran Affairs or VA loans - these require no down payment.&nbsp;</p><p><strong>First-Time Buyer Assistance Programs</strong> - As said earlier, being a first-time homebuyer comes with some privileges. Many states in the USA offer financial assistance in making down payments and closing costs. They could also help with improving the property for eligible first-time buyers.&nbsp;</p><p><strong>Get a preapproval letter&nbsp;</strong>- Some home sellers and real estate agents would request to see a preapproval letter before taking you seriously. This would also give you an edge over other home shoppers without it.&nbsp;</p><h4><strong>2. Pick a home</strong></h4><p>With your budget set and your finances in order, it is time to search for a home. You already know what you're looking for or maybe you don't. You can start your search by checking listings online. Also, you can drive around neighborhoods looking for for-sale signs. Better still, you can reach out to your colleagues, family, or friends for references.&nbsp;</p><p>If you don't have enough time on your hands to pick, you could always get a real estate agent to scour the market for you.&nbsp;</p><p>The best way to get a reliable real estate agent is by asking for referrals from other recent home buyers. You should also review the resume of the options that seem best and interview them before finally picking an option. Your preferred real estate agent should have enough experience in the market and be able to explain how they plan to help you find your dream home.</p><h4><br><strong>3. Stick to your budget&nbsp;</strong></h4><p>When shopping for a home, you will come across numerous options that will be close to or way out of your budget. Taking a look at these homes, you would consider rethinking your stand and possibly spending more. While this might make sense in some cases, it won't be the wisest decision.&nbsp;</p><p>Before you start shopping for a home, you should have evaluated your finances, how much you're willing to spend, and how you are limited to. Taking up more expenses than you can manage would cut short your living expenses making it harder to live in your new home.&nbsp;</p><p>Another thing to watch out for is your mortgage. If you're looking to spend not more than $300,000 on your new home, you might be offered $400,000 by your lender. This might sound generous but you shouldn't go for more than you can afford. Remember you would be paying back your loan in several years so you should go with something you can repay easily.&nbsp;</p><p>When you start shopping, focus on properties that are below your price limit. If they're not up to your taste, then you can look upward.</p><h4><strong>4. Have the Home Inspected</strong></h4><p>This should be pretty much obvious but you might be tempted to save costs and have the home inspected yourself. Or worse, you might get one of your friends or family members to check it out. There is no one more qualified to inspect your home than a professional inspector.&nbsp;</p><p>You should have a trained professional check for things like molds, radon, and pests. The inspector should also test places such as the roof and crawl spaces. It is recommended that you attend the inspection to help you get a better understanding of the home. During the inspection, you can ask questions and decide if you would want to settle for that home.&nbsp;</p><h4><strong>5. Check Many Homes</strong></h4><p>If you're looking to buy a car, you would have to check many dealerships and settle for the one with the best price and best service. The same goes with shopping for homes. Sure it would be tedious to check out so many options, but it would be worth it in the long run.&nbsp;</p><h4><strong>6. Close the deal&nbsp;</strong></h4><p>If the inspection goes well and you're able to negotiate a good deal with the seller, you should move to close the deal.&nbsp; This would involve signing a lot of paperwork and having the home appraised. You should also do a title search on the property. This helps to confirm its authenticity and confirm that no other person than the seller has a claim to the house.</p><p>There are a bunch of other things that could be involved but they vary from state to state and would also depend on your mortgage company. Luckily, the hardest part has already been done.&nbsp;</p><h4><strong>7. Be Ready To Move to the Next One</strong></h4><p>So you've negotiated with the seller and you've inspected the home. However, you noticed something was off. Maybe the plumbing's got a big issue, the home is prone to mold or pests, or the available space could be too small for your kids to play in.&nbsp;</p><p>Even with all these red flags, you may be tempted to close the deal due to the awe-inspiring design and the affordable price. You might also have little time on your hands to move in. Unfortunately, going for a home with so many red flags just becomes of the price or beauty would cost you in the long run. Home maintenance would eat into your paycheck from time to time.</p><p>You should be ready to walk out on a deal at any time because there is always something better out there that would suit your needs.</p><h4><strong>8. Watch Out for After-Purchase Expenses&nbsp;</strong></h4><p>Not every home is perfect. If you aren't building your home from scratch, there are chances that you would have to make a lot of changes in your new home. This includes fixing a new water heater, repairing the air conditioning system, and replacing the roof.</p><p>Regardless of how you want to go about it, making these changes could cost a lot. The best way to go about these expenses is to include them in your budget before you buy the home. During the inspection, you can get a good estimate of what needs to be fixed or replaced and how much it would cost.</p><h4><strong>9. Get Your New Home Insured</strong></h4><p>With a large amount of money you’re going to spend on getting your new home, you will want to ensure that it remains in perfect condition throughout your stay. Getting your home insured is a must for every homeowner.&nbsp;</p><p>Homeowner insurance would protect your home from perils and fix things that get stolen or damaged. Some homeowner insurance policies would also cover events like falls and home accidents. Your lender may ask you to get homeowner insurance before finalizing the purchase. While this would incur extra expenses on your part, it would give you maximum protection.&nbsp;</p><p>Homeowner insurance would protect you from damages done to your home. It will pay for the replacement or repairs of damaged items to your home structure or to your belongings. It will cover events like fire, theft, and vandalism.&nbsp;</p><p>Some homeowner insurance policies cover lawsuits from people that get injured on your property. If a guest or neighbor gets injured in your home and you're sued, your homeowner insurance policy would cover your legal fees. It will also pay for the medical bills of the injured person.&nbsp;</p><p>A standard homeowner insurance policy will cover only the structure of your home. You will have to get additional coverage if you want liability insurance (protection from lawsuits) and to cover other structures not attached to your main home building but still part of your property.&nbsp;&nbsp;</p>

<p>In this guide are tips on how to prepare to buy a home, what to expect in the real estate market, and the buying process itself.</p>

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