85 percent of young adults expect to own a home at some point during their lifetimes. Buying a new home is an exciting and significant life event–especially if it is your first home! However, at times it can be an overwhelming and stressful experience. There are many i’s to dot and t’s to cross after all. Knowing what to expect and what steps you need to take to make sure the purchase of your first home is successful can make the whole process much less stressful.
Buying a house is a big financial responsibility. It isn’t something you just spontaneously decide to do. It requires careful, long-term planning. Determine your income, how much of it you are putting into savings, and how you are spending the rest. Also, check your credit score. A good credit score can mean lower monthly payments on your mortgage, so it could be well worth it to take the time to improve your credit if need be. Determine how much you can afford to spend on a home. Keep in mind you will have to pay for things such as interest, property taxes, and insurance, in addition to the mortgage. Consider spending no more than 28 percent of your income on your home per month. You need money to cover other living expenses after all.
Decide how much you are willing to put down for a down payment. Experts suggest putting down 20 percent. If you do not have 20 percent equity in your home, you can be charged for private mortgage insurance from the bank. You can avoid this cost if you put at least 20 percent down.
When you are looking at a house, also take time to check out the neighborhood. Make sure that you feel safe in your neighborhood, and make sure that your home is located near amenities that are important to you.
Hire someone to inspect the house before your close on it. You need to be aware of anything that isn’t in good condition. Be sure to hire a thorough inspector who will look at every aspect of the home. A good inspector should check the foundation, doors and windows, the roof, the attic, the basement, the crawl space, plumbing, the kitchen, electrical units, and the heating and cooling systems. In addition, they should inspect all walls, floors, and ceilings for things such as cracks and stains. If the inspector does find problems with the home you want, try negotiating for a lower price.
Now that you’ve purchased your home, it’s time for the fun part, moving in!
If your home is not quite move-in-ready, there may be some maintenance you need to take care of. Change locks and apply a fresh coat of paint to the walls. Also, have the mechanical equipment, such as the heating and cooling systems, cleaned and serviced right away.
Moving can involve a lot of stress, and, quite frankly, at times it can be a bit tiresome. Hire some help to help the process go more quickly. Companies such as Box-n-Go Storage can make moving a lot easier. This LA company, for example, provides cheap storage units that you can either use to move your belonging from one place to another or that you can use to store your belongings in for a little while until you are ready to move them.
Consider hiring movers. While this might cost a bit more than just moving on your own, hiring professionals can make the process go much more quickly and smoothly. This will reduce both the physical and mental stress put on you.
Set a chunk of money aside for emergencies. If something unexpected comes up, such as a broken water heater, you’ll want to have the money set aside to fix it. Sometimes the state collects property taxes, sometimes the city, and sometimes both. Know what your situation is so you can plan ahead accordingly.
If you think you’ve found the perfect place and you don’t plan to move again, consider hiring an attorney to help you with estate planning. Patrick Watts, a leading real estate lawyer in South Carolina, helps clients to manage their property holdings and can help create a plan for managing your estate in the future.
Moving to a new home is exciting. Plan ahead to avoid stressors and to make the most of your moving experience.
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