With the economy on an upswing if you don’t current own a home then it’s time to start thinking about it. Interest rates are at historic lows, and the housing inventory is starting to grow, which means the upward pressure on pricing is beginning to wane. Even with all of these positives there is a lot to consider when buying home, and many factors that most people fail to think about ahead of time.
It’s not only about finding the right house, it’s also about finding the right loan officer. Finding a reputable loan officer is key to finding a competitive interest rate and low closing fees. Though it’s not all about money, it’s also important that you have someone who processes your mortgage loan on a timely basis. There can be costly penalties, or the deal could even fall through if everything isn’t completed in a timely fashion.
Home insurance is another important aspect of the home buying process that most people often fail to consider. Homeowners insurance can be very expensive, and there are many options to choose from. In order to make your choices that much simpler, find a reputable website that allows you to calculate new home quotes in order to make the best decision possible. Don’t only go for the cheapest rates you can find but search out a company that offers reliable customer service and has positive reviews online.
Utility bills are quite expensive, and it’s the last thought on any potential homeowners mind. The truth is that your gas, electricity, water, and cable bills could end up being a large portion of your monthly housing payment. I’ve known people that weren’t able to get the home they wanted due to the large utility payments that accompany it. Ask the previous homeowners about their currently monthly bills, if they are interested in selling their property you most likely won’t have any issues getting this information. You may even find out about other types of expenses that you didn’t consider like a home security system or a homeowners association fee.
Maintaining the inside of a home and keeping it clean is one thing, but don’t forget about the outside of the house as well. The outside of the house is what bears the brunt of the year round weather. There will come a time when you will need to replace the roof, windows, siding, and the deck/patio. These expenses often outweigh anything that needs replacing inside the home.
Hopefully this article has enlightened you to the other types of expenses that can incur when buying a new home.
