When the time comes in your life to move on and settle into a new home with your family, you may feel a little bit overwhelmed about the prospect of purchasing a new home. This can be especially daunting if you are a first-time buyer. The key to winning this challenge, however, is in knowledge and research. By spending some time looking into what’s necessary to purchase a home, understanding what’s involved, and maybe even getting some assistance, you should be able to navigate the process successfully. Whether it’s your first home or a larger one to suit the needs of raising a family, here’s what to consider when buying a new home.
Table of Contents
Location
If there’s one thing that’s often drilled into your head when searching for a new home, it’s the phrase, “location, location, location.” Location of the new home is crucial for a number of reasons. To begin with, a good location will usually involve a safe neighborhood (and understanding how that neighborhood might evolve over the next five to ten years), access to public transportation, grocery stores, and other types of shopping. The quality of schools and types of schools also matter, as does the current/projected cost of living in the area. There are many other factors as well, including acreage or property size that might make a location ideal for your home.
Size
When you’re looking for a house, you might be tempted to buy something that’s a little bit bigger or has more space than you currently need. While this might seem like a sound decision on the surface, it’s not really a good move. Bigger spaces require more upkeep, often have higher utility bills, have different airflow/circulation requirements, and may just be too large for your family if you aren’t in need of the space. They also tend to cost more, so factoring these metrics into your search can keep you from mistakenly buying more space than you’ll need for now.
Price
Size and location are but two pieces in the home-buying process. Pricing in narrowing down a good price are going to be something that you constantly discuss as you leverage getting into your new home. There are many considerations that go into the price question. Square footage comparisons, comparable market values, additional closing costs, appraisals, and inspection results all matter when it comes to negotiating a price. Be sure to do the leg work and get everything in order as you price out a new home. When all else fails, ask for help from a mortgage broker and do plenty of research/due diligence.
Securing Funds
Securing the funds with which to purchase your home as well as figuring out your mortgage, along with any other details is also crucial to buying a new home. If you’re living in the DC area (or simply looking to relocate), finding a broker to help you determine and secure funding for the ideal Washington, DC mortgage should be your number one goal. A reputable mortgage broker can help you through the entire process from gathering all of your material, assessing what you can afford, finding the right lender, figuring out down payment, narrowing down a monthly payment, fee management, and ultimately finding an underwriter for your mortgage. Since being able to pay for your home is so vital, having some help in the form of a mortgage broker will be beneficial as you get yourself into a new home today.
Home Inspection
Home inspections are one of the final, most essential parts of the home buying process. Why? Because they can help you spot any potential issues with your home that should be addressed prior to purchasing it. It enhances safety, notifies you of any unnecessary/illegal additions to the home, and ultimately protects you from potential problems. It can also help you with negotiating a better mortgage rate, not to mention for insurance purposes. Doing the home inspection is an integral step that should not be skipped when you’re buying a new home.
