Becoming a homebuyer is one of the most rewarding experiences you may have, but it isn’t one of the simplest processes. A wide variety of aspects come into play from when you start your initial search, to the first time you step through the threshold of your new home. That’s why we always suggest knowing key aspects to the process before you make the call to a Home Financing Consultant. On Align Credit Union’s YouTube channel, our Senior Vice President of Business Development, Judy Dodier, takes Members through the entire homebuying process in our Homebuying Expert Series. From looking at prospective homes, to closing the deal, Judy teaches several tricks of the trade.
Listed below, are 5 recommended steps from our Homebuying Expert Series regarding looking for, inspecting, and owning your new home:
- Look for homes after being pre-approved. It can be an emotional experience when you walk into a prospective home. You may automatically start thinking where you can place your furniture, or what color paint you want to put on the walls. If you start doing that, and you have only been pre-qualified, you might be disappointed to discover, down the line, that your financial institution won’t be able to lend you for the amount of money you need to buy the home. If you get pre-approved, you’ll have a better idea of the homes that are in your budget, so there is a smaller chance of disappointment.
- Getting a home inspection is a must-have. It’s critical that you know what you’re buying. That’s why you need to hire a home inspector. That way, you’ll know if there was a short cut taken during construction, if you have an old roof, or if there is lead paint in the house. This way, if there are large costs to fix certain parts of the home, you can lower your offer during the renegotiation.
- Hire a 3rd party to inspect the home. While you may feel comfortable sticking with family members for the home inspection process, but if they are not a professional home inspector, then you should hire an independent person to do the job. That way, you’ll be able to receive a correct, non-biased evaluation of your home.
- Understand the responsibilities of home ownership. The most obvious and largest responsibility, when being a homeowner, is paying your monthly mortgage payment. Getting behind on a mortgage payment can happen quickly and can be devastating. You miss one, then you miss the second, then third, and soon it can be too large to make up. That’s why it’s essential to stay on top of them. Maintenance and upkeep are other important, and costly, tasks when you own your home.
- Appreciate the benefits of owning a home. Owning a piece of real estate helps your wealth and portfolio. With your own home, you have your own personal space. Lastly, and most importantly, owning a home makes you part of your community.
For more tips, head over to our YouTube Channel to watch our entire Homebuying Expert Series. Our Home Financing Consultants are also available to take your call, answer your questions, and get you on your path to homeownership. Call (800) 942-9575 to speak to them today.