Home ownership comes with many decisions that can affect the value and size of the home you choose, both during the shopping process and after you own it, related to regular maintenance and upkeep. But when you are just starting out shopping for a new home, although it is new to you, you need to take some precautions to make sure you get your money's worth. Here are some items you will need to consider, when you plan to buy a new house.
Before you begin shopping for a new home it is a good idea to know how much you can afford even before you apply for a mortgage. A mortgage broker will qualify you based on your income and credit, but you should look at your own needs to make sure you don't overextend yourself beyond what you are comfortable paying for.
Look at all your monthly financial obligations, being sure to include groceries, entertainment, eating out, and extra money for savings or emergencies. Your mortgage broker will qualify you based on your loans showing on your credit, but won't account for how much you spend on boating trips each summer or account for money you put into your vacation savings account each month. However, your mortgage broker will pre-qualify you for a maximum mortgage amount to give you a full spending limit to help you begin your home search.
Another great help for you, when you buy a new home, is a professional real estate agent. A realtor will be your agent to help you through the process of searching for the right home and negotiating its purchase. Your realtor can also help you with buying a new home with specific functions, such as negotiating in the landscaping or upgrading the air conditioner to more adequately fit the size of the home. If you are working with a builder to build a new home, your realtor can help you in negotiating the purchase price with added changes to the home's blueprint and layout to accommodate your needs in a home.
A Professional Inspection
Whenever you buy a home, whether existing or newly built, you should always hire a professional inspection before you close on the purchase. An inspector is a neutral third party that checks the home's systems and components for their condition and submits their findings to you.
A new home may still need an inspection to find anything the builder missed and to make sure it can be corrected for you. This allows you to use the builder's warranty to correct any problems right away, so that you can move into your new home.