Rules to Follow When Buying a New Home

Buying a new home is exciting, and is one of the biggest life decisions you’ll make. Of course, this will have a great impact on your personal and financial life for the long term.  

Keep in mind some mortgage payments take decades, the good things are that if you follow these rules, you can grow your chances of being happier with your new home.

Don’t Buy More Than You Can Comfortably Afford

Usually, people stretch to buy a home, some borrow too much money, and others accept loans that are too long, meaning the excessive amount of money paid every month may impact their financial goals.

Make sure you don’t end every month with little to no money. To avoid that take your time and see how much can fit into your budget, then get a mortgage that keeps your payments acceptable to your wallet.

And of course, take the other housing costs into account, the payments don’t end when you purchase a home, property taxes, insurance and maintenance should also be paid.

Before You Start Looking Get Mortgage Pre-Approved

Finding a home, you love only to have a seller not accept your offer is awful, so don’t waste your time looking at homes that are too expensive.

Once you get a mortgage pre-approved, you’ll save your and your seller’s time.

Getting it pre-approved doesn’t guarantee approval, but your mortgage lender will know the specific details about your financial situation. And if all goes well, and your finances haven’t changed, you should get the loan you were pre-approved for.

Also, your lender will provide you with a pre-approval letter, which will help you with sellers, to show them you are a serious buyer.

Focus on Features You Can’t Change

Don’t focus on the little features that can be easily modified, things like paint colour or an outdated kitchen. For some people, these things can be deal-breakers, when in reality the aesthetic features can be easily changed.

Instead, prioritize the fixed factors. Find a home that is in the perfect location, neither too far from work nor too far from school for the kids. Check for square footage, is it perfect for you and your family? Or check the yard size, something big enough for the pets.

Make sure you are comfortable with all those factors. After all, you are buying the house of your dreams, and it should be perfect.