Did you know that home values have increased in the United States by over 8%? Due to the pandemic, people are investing more into their homes to make them as profitable as they can. Meaning, if you’re looking to buy, there’s no better time than now.
However, if you’re unsure how to get the process rolling, don’t worry; with this guide, you can find out! From organizing your financials to hiring a realtor, you can learn the important steps of buying a home.
Now, are you ready to get started? Here’s a quick look at a checklist for buying a new home:
The first thing you want to look at when you’re buying a home is the financials of the transaction. After all, you first have to put down a deposit before applying for a loan or agreeing to a mortgage.
Most couples take two to four years to save up. Here’s why: the deposit is usually 20% of the total price; however, you’re free to put more down if you want.
In fact, it’s highly encouraged there are even advantages to giving a higher deposit, such as lower mortgage payments and better loans. Plus, if you get a better loan, you may be able to save thousands in the process. So while you may have to spend more upfront, you’ll certainly get the opportunity to save in the long run.
However, the deposit is not your only upfront expense. You’ll also need to spend at least 5% of the overall price on miscellaneous fees and tasks such as:
- Solicitor fees
- Title searches
- Pest and property inspections
- Home insurance
- Mortgage insurance
- Transfer of title
Look around at the location; after all, the location you live in will have a noticeable difference in your mental and physical health. So ask yourself these questions about your potential new property:
- What are the property values like?
- What are the crime rates?
- How far am I from the closet hospital, grocery store, school, etc.?
- Is it noisy?
- What’s the soundscore?
- Does it have a good walk score?
- Is there a community park, playground, or natural reserve around?
If you’ve found yourself getting excited about the answers, then more than likely found the right location for you and your family. However, if you’re hesitant about how these answers may inflict your day-to-day life, then you probably haven’t found the right location, which is okay; just keep looking.
Hire a Realtor
Hiring a realtor is the next logical step to occurring your new home. After all, a realtor in Dayton Oh can help you prepare offers, counteroffers and work through difficult points that might be hard to navigate on your own.
They also suggest available homes in your preferred location, as well as give you VIP access to houses that aren’t quite listed yet. That way, you get to see every available house, so you know your options.
Once you choose a house, your realtor will likely refer you to a mortgage broker to iron out all the details of your payment plan. That way, you move in right away.
Complete this Checklist for Buying a New Home Today
Buying a new home tends to be difficult, but it doesn’t have to be. If you look into your financials first and decide on the best location, you can find a property that suits you in no time. Plus, with the help of a realtor, you can get the best price for your newfound home in days.
So what are you waiting for? Go find your dream home today!
Now, if the checklist for buying a new home helped you, visit our website. We talk about how to be money savvy and give tips on the latest money-saving hacks. See you there!