Buying a new home is not an easy feat - the entire process requires a lot of time, effort and patience. While buying a new home essentially starts with browsing through different listings on the market, there are several things that you need to carefully consider before beginning your search for a new home.
It can be pretty exciting to finally make that first step towards buying your first ever home. After months (or years) of renting, you have finally made the decision to have your very own home and may be ready to start browsing through different listings online. Before anything else, though, here are three things you need to ask yourself before looking at listings:
1. Am I Financially (and Emotionally) Ready?
Purchasing a home is likely going to be your biggest purchase in your entire life, which is why you need to prepare yourself financially and emotionally. According to Realtor.com, aside from having a good credit score, you also need to have enough money to pay for the down payment and closing costs.
As previously reported here on Realty Today, one can easily save up for the down payment of their dream home by making several lifestyle changes. Taking on additional side jobs can also add to your savings.
2. Do I Have an Agent I Can Rely on?
The aforementioned publication notes that one needs a good real estate agent to guide you through the entire process because buying a new home is never an easy task. Ask your family and friends if they know a good agent to refer to you or research online about reviews on a particular agent or company.
3. Do I Have a Fallback Option in Case I Default on My Payments?
While you never want to think of the worst-case scenario, which is defaulting on your monthly mortgage payments, you still need to prepare and plan ahead for things that are beyond your control. You need to think of these things before you even browse through listings and carefully weigh your options and see if you have enough means to pay for your mortgage in case you lose your job, etc.