4 Facts You Need To Know Before Buying A Single Family House
Buying a single-family home is a big step. People can spend years saving for that big down payment, but there are a few more facts that you need to know beyond the down payment before your dream of homeownership can come true.
Your credit score matters.
The first step in any home buying process should be examining your credit score. Look for errors, request that old information be deleted, and pay down credit your cards. Talk to a mortgage professional about where your score should be to qualify for their loan programs and what items, if any, stick out like red flags.
Your real estate agent is on Team You.
You need to hire an agent with experience, but also one that you 'click' with. If you have an agent that keeps insisting that you see 4-bedroom homes in the country, when you specifically stated that you wanted a 2-bedroom condo in the city, you need to have a serious talk. Your agent should be your guide through the home buying process who gives opinions when asked and steers you away from big mistakes. Their sole goal is to get you into a house that you love and can afford.
The home inspection is important.
Depending on what part of the country you live in, home inspections cost a few hundred dollars. Do not be fooled, however. This is the most important thing you will spend during your house hunt. Even if you have a friend/uncle/co-worker that knows about houses, get an inspection.
Home inspectors are neutral, third parties. Their sole job is to tell you about the home's major mechanical systems — heat, electrical, plumbing — as well as the foundation and roof. They can also recommend that you get additional inspections for radon, mold, and pests.
Be sure to finish strong.
It can be tempting to let your guard down while you wait 30 days or more for the closing but don't. You not only need to maintain your good credit, but you also need to not add any new credit lines to your report. This is not the time to add a bigger car payment or buy new furniture. Lenders have been known to pull credit reports one last time on the day of closing.
Likewise, do not quit your job. If you need to make a lateral move within the same company, that's fine. Try to avoid changing companies or career fields while you are waiting for closing. Banks do not like change.
Knowing these facts will help you finish strong and fulfill your dream of homeownership.
To learn more, reach out to a real estate agent that can help you find single-family homes for sale.
