3 Things You Should Know When Buying a New Home

The excitement of buying a new home is undeniable. You probably can’t wait to start looking at houses and attending scheduled showings and open house events to get a better look. However, you don’t want to jump the gun and proceed to buy a home without asking yourself and your realtor some important questions and getting solid answers. You need to know more than whether the home has enough space for your family or that it has great curb appeal.

But what do you need to know? Here are three things you should know when buying a new home.

1. Buy a Home With Your Future Plans in Mind

To a certain degree, only you can know this based on your family’s future goals. Do you and your spouse plan to spend the next five, 10, or 20 years in the home? Do you plan to have more children and will you eventually need more space to expand? Will an aging parent eventually come to live with your family? Would you like to rent out a room or a finished basement to a tenant to earn passive income?

Experts recommend that you buy for tomorrow and not today, so you have a lot of thinking ahead to do before investing in a home. Avoid letting your emotions overwhelm you when you see the wraparound deck or the assortment of backyard water features. If you act out of emotion, you might end up losing thousands of dollars if you need to sell to upgrade in a few short years or need to carve out additional space with renovations and building.

2. Keep an Open Mind About the Timeline

One of the first things you need to know about buying a home is that it usually takes a significant amount of time to find, buy, close, and move. However, in an unpredictable world, things can move with lightning speed, depending on how quickly you find the perfect home, the seller’s deadlines, and what you need to do to leave your apartment on good terms or sell your current home.

Here is a typical timeline future home buyers face:

• Start building strong credit as early as possible but at least five years in advance of a home purchase.
• Save as much money for your down payment as possible, starting at least three years before looking for a home.
• Get pre-qualified for a mortgage loan as soon as you’re ready to start your home search officially.

3. Know What’s Wrong With the House and How to Make Corrections

Hire a home inspector to ensure the home is safe regarding groundwater and leaking issues, the foundation, carbon monoxide, and smoke detection. As long as the inspector gives the all-clear as far as the home’s safety at the time of purchase, you can and should invest in smart smoke detection, smart fire alarms, water leak detectors, and smart carbon monoxide detectors to protect your family from any unforeseen issues once buy and close on your new home.

Get Started Finding the Right Home for Your Family

It’s understandable to feel exhilarated when launching a search for a new home, but it’s just as important to maintain your curiosity. Don’t be afraid to ask your real estate agent tough questions about the property, or ask them to ask the homeowner or their realtor to make sure your home has what you want and is secure. Once you’ve gone through the timeline, thought about your family’s future needs, and done an inspection focusing on preventing unsafe situations like carbon monoxide leaks, you should be ready to buy.

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