Being informed is important when making big financial decisions, and there are few financial decisions bigger than buying a home. Once you have your credit score in a good place and you are pre-approved for a mortgage – here are four additional things to do before buying a home.
1. The neighborhood
Take a walk and drive around your new neighborhood. Do this a few times, at different times and days of the week. Go a few blocks in every direction and see what there is to see. How do the other homes look? Are lawns well maintained? If not, are you okay with that? If there are messy yards – can you live with that? What is the average age of the people you notice? Do you see children or pets? If you see anything that makes you uneasy, reconsider buying a house there. You should also take a look at crime ratings, sites like sell my house for cash Tampa FL, and median home prices for the neighborhood. Some other costs can be determined with a real estate calculator. Finally, you may also want to look at the wider picture and consider what cities might have the best outlook for the future. For example, houses for sale in Chesapeake VA are probably going to appreciate over time, as the whole city offers a high quality of life.
2. Determine your budget
3. Age of house
A factor to consider when buying a house is the age of the property. An older home will certainly have its certain charm and appeal, however, it may need more upgrades, repairs, and improvements. If you are interested in an older home, be sure you have the time and funds for renovation projects. An older home does come with some red flags. Be sure to check the roof and windows. These are the two things that should be made a priority. Any roof that is older than 10-15 years will need replacement sooner than later. Older windows mean a drafty home in winter and a sweltering home in summer.
4. Expect the unexpected
The little repairs add up. Make room in your budget for unexpected expenses. The floors need to be refinished, garbage disposal is broken, or your washing machine is not working; these types of things happen all the time. Now that you are the homeowner, there is no landlord to call, the repairs are coming out of your wallet so be prepared.