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Thinking about purchasing a new home? Need a home buying checklist or home buying tips?
You've come to the right place! FindLaw has got you covered.
Buying a home can be a monumental step towards living out the American dream for most. But, the process can also be daunting, to say the least. In order to help offer some guidance and tips on how to ease the process, here are FindLaw's top 5 tips to buying a home:
Home Buying Tip # 1: Make sure you are financially ready to afford a down payment and mortgage payments on a new home. If you don't have a stable job, or if your income fluctuates dramatically, maybe right now isn't the best time to be putting down a huge chunk of change on a down payment.
Home Buying Tip # 2: If you're confident you are financially ready to buy a home, research is vital to making sure you buy the home of your dreams. Researching neighborhoods should be a priority, and it's important to make sure you know what the crime rates are in the neighborhood and what schools are nearby if you plan on starting a family.
Home Buying Tip # 3: You should be prepared to shop around for a mortgage deal so that you can get the best bang for your buck. Figure out what mortgage terms you can afford and what mortgage terms you can get from lenders. And, remember to read the fine print!
Home Buying Tip # 4: Ask for an independent inspection of your dream home. Sure, the exterior and interior may look clean and freshly painted, but there may be other problems that lurk beneath and are more difficult to detect with a naked eye. Structural defects and pests can be hidden flaws that can end up costing buyers.
Home Buying Tip # 5: Spend some time thinking about what you should offer when you're sure you want to purchase a home. Figuring out how much you can afford and taking into account the seller's position (for example, do they have multiple offers already?) can help you get into a better bargaining position.
This home buying checklist of home buying tips is definitely not exhaustive. And, if you are entering into a more complex home purchase or property purchase, consulting an attorney may be advisable.