Over 701,000 houses were sold in the United States this year. If you’re looking into buying a home, you may be a little overwhelmed. The market is unpredictable, and you may not be sure how much money you need to save up before house hunting.
Fear not, first time home buyer. There are a few rules for buying a house that you should follow before even calling a realtor. In this article, we’ll break down the most important rules for the home buying process.
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Rules For Buying A House
The process of buying a house differs from buyer to buyer. So there aren’t many hard and fast rules! Choose a realtor you like, choose a house you like.
However, you should approach home buying with a practical mindset. So here are the three important rules for buying your first home.
Save a Down Payment First
Save up for a down payment before looking at houses. That way, not only will you be able to better stick to a budget while house hunting, but you’ll feel more comfortable in the process.
If you find a home that you love and want to commit to immediately, you’ll be able to offer that down payment in a flash. This can give you some confidence when buying. There’s little chance you’ll get into a bidding war with another buyer when you have funds at the ready.
Plan Long Term
Think practically about how long you will stay in the home. Try to plan to be in the home for a minimum of five years.
Think of your home as an investment. If you take care of it, the price will likely appreciate. Plus, buying and selling real estate is a hassle!
Minimizing the amount of times you move will save you money and prevent a headache. If you enter the process planning to settle down for many years, you will have better luck in the end.
If you’re looking for a painless buyer though, know that we buy houses for cash!
Budget For Home Maintenance Now
Plan to put aside about 1-2% of the home’s overall value to dedicate to maintenance. In order to make sure the value of your home appreciates, treat home maintenance like a job.
Don’t be afraid to call in professionals as well. Though you may be handy, keeping up a home is not always DIY-friendly. Find professional handymen and repairmen in your area before your move.
Plan your new budget before the move, factoring in the price of maintenance. Prevent any surprise expenses later on.
Go Confidently Into Home Buying
We hope that these rules for buying a house help you feel more confident going into the buying process. Buying your first home can seem intimidating, but the most important step is budgeting wisely! You are more than ready to invest in your future.
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