One of the biggest milestones of life is buying your first home! However, the rewarding experience of purchasing a home can also be quite difficult and extensive. To make sure you get the best value for a home you find desirable, VA Home Loans has created a list of do’s and don’ts to make the process as easy as possible.
An overwhelmed home buyer tends to make more mistakes when they are too focused on the idea of buying. Even if you have enough funds, it is not always the best decision to settle for a home that you are not positive about. Because currently buying a home in the Boise metropolitan area has become too expensive for the average consumer, there are still some financial advantages to renting a home. Owning your home comes with external responsibilities and expenses such as major utility bill costs, costly and untimely maintenance, and property taxes. If you are not prepared to take on these responsibilities, buying a home may not be the best option for you.
Like purchasing clothes at the store or certain groceries, it is not smart to reach for a price that doesn’t make you comfortable. Using a home valuation calculator will help you budget for your future so you don’t make a purchase that will hurt you in the long run. Especially in an exploding housing market, reaching for a price that isn’t feasible for you is one of the biggest mistakes first-time homebuyers make. When looking for a property, make sure to factor in location, the environment of the neighborhood, and your attachment to the property.
Don’t Ignore the Market
Ignoring the housing market in the area you want to buy is one of the biggest mistakes a new home buyer can make. If the housing market is skyrocketing, it may not be the right time to buy a home because deposits and interest rates could be higher. If the market is just too expensive, it is beneficial to look into the rental market. However, rental rates often rely on the market too. Although purchasing a home in a competitive market is not always a deal-breaker, it is crucial to learn the market before you make your decision.
Don’t Let Emotions Take Advantage
Because the home buying process is so extensive, it is easy to let emotions get the best of you. Every home you tour will have its disadvantages so being too picky or too relaxed with your choice can affect your future. Don’t risk passing up a logical choice or making a premature jump into an uninformed choice.
Find an Agent
Finding a real estate agent when buying a home is best when you need a little help throughout the process. Similar to selling a home, agents have a lot more connections that will speed up the search. To ensure you purchase your desired home at an advantageous price, hire your own agent!
Accounting for other expenses is pivotal during the home buying process. Finding a mortgage calculator will help you budget your housing expenses, and if you hire an agent for your search they will likely help you calculate your monthly costs. It’s a great way to project a long-term budget based on your current salary, but it doesn’t factor in the other expenses that come with owning a home such as utilities, regular maintenance, and home improvements. VA Home Loans can not stress the importance of budgeting for the future.
Receive a Professional Home Inspection
Professional home inspections are a small investment but often see a large return. Although the house you are closing in on may look good externally, there could still be underlying issues within. A home inspector will inform you of current and future repairs that may need to be done. This will allow you to budget for the future so you know exactly what improvements are due in the near future and what issues require immediate maintenance.
Home Loan Specialists
VA Home Loans specializes in home loans for service members. Whether you are a first-time homebuyer or not, if you qualify, you can use the benefits earned through your military service to get a loan for $0 down. If you have questions about the world of VA Home Loans, contact us for a consultation to determine if a VA Home Loan is right for you and your family.