Top Tips To Know Before Buying Your Dream Home
Even though we are wedding and event experts, we love to get tips and advice from other experts to share with our clients because they often are going through a lot of large milestones right after getting married, such as buying a home!
Buying a home is an exciting experience, and the process can be fun but it’s a good idea to have a checklist of needs and wants when going into the process so that you can compare homes as you look. It may sound easy, but there’s a lot that goes into the home buying process, and it’s essential to know everything before jumping right in.
Expenses and Fees
There are a lot of costs and fees that come with buying a home. Aside from the monthly mortgage, there’s a handful of fees you will pay before calling the house yours.
Before looking at buying a home, you should prepare yourself for the following:
- Closings Costs
- Real Estate Agent Commission
- Property Tax
While some of these will be one-time fees, such as closing costs, others like insurance and utilities will be monthly bills added to your current expenses. Be sure to prepare yourself and your savings account so that the process is a little less stressful.
Know What You’re Comfortable Spending
You may get approved for a loan that is far more than what you expect or are comfortable with. Don’t feel as though just because you have the credit to spend more, you have to. Deciding a suitable range that works for you and your income will prove to be beneficial in the long run.
Buying a home in the lower end of your budget leaves room for necessary repairs or possible renovations you may want. Knowing what you’re comfortable spending will allow you to live comfortably and enjoy your home, instead of stressing about the mortgage each month.
Fixer-upper or Move-in Ready?
Maybe you’ve just gotten married; you and your partner are ready to take on the world of homeownership by tackling a fixer-upper together. Or perhaps you’ve already owned a house, but you’re looking for your forever home that’s move-in ready. There are pros and cons of buying a home of either type, and it’s important to know what you can handle financially and mentally.
Buying a fixer-upper is a lot of work. Depending on the age of the home and how well it was taken care of, you may need to complete a multitude of projects for it to be habitable again. Fixer-uppers can be great for first-time homeowners because it’s a good investment. The homes are typically on the cheaper side of the price range, which leaves plenty of room in your budget to modernize and update the space.
Updates such as a kitchen remodel will provide you with an increased value of your home. Be sure to look into the cost of a kitchen remodel, before you begin to ensure you’re within budget. Living through a renovation such as this can become complicated, but worth it in the long run. Assessing situations such as this will be beneficial in deciding what you want for your new home.
There are obvious benefits to buying a home that is move-in ready. While it may be more expensive than a fixer-upper, you’re able to move right in, and everything is up to date. After the excitement of your new home passes, you will potentially live in it for years. Be sure that it’s exactly what you want and need for your family and lifestyle.
Look for Water Damage
A home that has been cared for and adequately built will keep water in its place. Any moisture from the outdoors should not find a way inside, and pipes should not leak. Buying a home with undisclosed water damage can create a mess for you down the road.
When viewing a home, check for signs of water damage on the ceiling, walls, and near any plumbing. Don’t be afraid to ask any questions, and have an inspector thoroughly check any areas you may have concerns about.
Envision the Bigger Picture
Not all homeowners in the seller’s market are going to stage their home to look picture perfect. You may go into viewing the house and see all of their belongings and clutter. They may not paint their walls a neutral color to help you look past the fact that they chose purple walls with maroon carpet.
You must envision the bigger picture. With each home you look at, try to see yourself in the house with your family. Many individuals miss out on a great home because they can’t see past a bad paint job or dislike the decor. Ultimately, it’s about the functionality of the house and its location based on what will work best for you.
Know the Value of Your New Home
Homes can increase and decrease in value over time. Based on a variety of factors such as area, age of the house, additions, and upgrades, your home could be a gold mine for an increased profit in the future.
No matter what you decide, it’s essential to go into the process of buying a home informed and prepared. Covering all your bases will assist you in finding your perfect home.
I hope this was helpful and thank you to our friends at Home Advisor for giving us these tips! If you’d like some more tips on how to make your house a home after marriage, check out my blog post here!