There is nothing quite like purchasing your first property. If you have finally taken the plunge to purchase your own house, you should know that there are key issues you must address to make your buying experience easier and more enjoyable. From purchasing the right home insurance in Renton, WA to understanding crucial terms, here are just a few things you should know.
Do’s and Don’ts for First-Time Home Buyers
Do make sure you understand crucial terms.
Ensure you know the industry terms such as APR (annual percentage rate), closing costs, and your term length. Ask the professionals to walk you through the process and do not be afraid to ask questions if you’re unsure.
Do be prepared to act quickly and walk away if necessary.
If you put an offer down and then find out that the house has a deal-breaker, like a compromised foundation, don’t be afraid to work away. Similarly, if a house feels right, don’t wait too long to make a decision. Although it may seem to strange to act quickly on something that is the biggest purchase of your life, houses don’t tend to hang around long on the market. Ensure you have a checklist of what you want and what you need so that you’re only viewing houses that fit what you’re looking for.
Don’t underestimate your monthly costs.
Even after you find a mortgage with interest rates to meet your budget, there are other costs to factor in, such as utilities, new furniture, and home improvement. Closing costs may range from 1% to 5% of the purchase price, and you should be prepared for these costs, as well as anything unexpected.
Don’t forget to protect it.
As a new homeowner, you will need homeowners insurance to safeguard your new investment. This protects your property and belongings from damage such as fire, theft, and natural disasters as well as providing valuable liability coverage.