What You Need To Know Before Buying A Home – The material contained in this article is for general information only and does not constitute professional advice. LANDMARK Home Warranty does not claim to be a subject matter expert with respect to this material and you should conduct your own research and/or seek the advice of an appropriately qualified professional regarding your specific situation before taking action. LANDMARK HOME WARRANTY IS NOT RESPONSIBLE AND EXCLUSIVELY DISCLAIMS ALL LIABILITY FOR YOUR USE OF ANY AND ALL INFORMATION CONTAINED HEREIN.
If you are thinking about buying a home, you know that this can be an exciting time in your life! You have so many choices and choices to make. Buying a home can be one of the biggest expenses of your life, so it can be a little overwhelming and a little scary! Before you continue your search for the perfect home, read these three things you need to know before buying a home:
What You Need To Know Before Buying A Home
Unless you’re building your own home, it’s unlikely to realize every dream on your home “wish list.” You will have to prioritize what you need and what you want in your home. This looks different for every homeowner. For example, if you work from home, you will want a home with a home office. If you have kids and they don’t want to share a bedroom, you’ll want to buy a room that gives everyone room. Here you can complete Landmark’s worksheet about your needs for your new home.
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When you think about what you want and need in your home, you should think about what other people want and need in their home. If you were to sell the house in the future, you will need to consider the resale value of any potential home. However, be sure to consider all possible factors that can affect resale value. Sometimes, you may not pay attention to a factor because it does not directly affect you. For example, if you do not have kids, you may not consider the school district in the house. However, families who may be moving into your home will want to live within the confines of highly ranked and highly rated schools. In fact, Trulia reports that 4% of homeowners regret not buying a home with better schools nearby. It may be worth adding factors like this to your wish list now to boost your resale value later.
When thinking about what you want and need in your home, it’s also a good idea to think about what you can easily change. 34% of homeowners who have regrets about their home say they regret not buying a bigger home. Once purchased (without major remodeling), you cannot increase the size of your home, or change where it is located – 8% of buyers regret choosing a home with a longer commute. If you are considering a home that meets all your requirements but doesn’t have a large kitchen, but you like the kitchen layout of another home, even though it lacks some other requirements, go with the first one! Remodeling a kitchen is so much easier!
A home is not just a way to exchange rent for a mortgage. A home is a huge commitment and if the timing is wrong, it can be a big mistake! Before you start looking for a home, get pre-approved for a mortgage. If your credit score and debt are not ideal, you may want to consider paying off some of your debt, improving your credit score, and saving more money before buying a home.
When you get pre-approved for a mortgage, it’s important to know that it’s not necessarily the price you should pay for the home you should buy. Often, pre-approval rates are much higher than what you can actually afford, so be sure to look at your budget and figure out how much you can spend a month so you can see the right price range for a home.
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It’s also important to remember that home ownership is more than just monthly mortgage payments. Your monthly payment is divided into 3-4 parts, depending on the mortgage you get for your new home. Part of this is paying off the principal on the house (the money you borrowed) and the interest (a percentage of the money you borrowed that you owe the lender as a borrowing fee). The rest includes paying property taxes on the home each year, and mortgage insurance if your down payment is less than 20% of the home’s purchase price. Not to mention, owning a home isn’t just about paying the monthly payments, it’s also about paying for the upkeep and maintenance of the home, which makes us…
Ensuring you can afford to buy a home also depends on how ready you are to own a home. You can no longer call your landlord when something stops working. Instead, you have to pay to fix something broken. You are also responsible for the upkeep and maintenance of the home. When you’re looking for a house, it’s important to factor these costs into your house buying budget. Most homeowners spend 1-4% of their home’s value each year on repairs and maintenance.
That’s why it pays to pay close attention to the interior and exterior details when looking at different homes. All homes will have problems, even new ones. When touring potential homes, keep an eye out for items that may be in disrepair. These items become your responsibility once you buy the home. Spots on the ceiling, cracks in the walls, or damaged wood can mean that the current homeowner hasn’t taken care of the house…and it can mean a big outlay for the new homeowner, too.
Most sales contracts state that the offer is conditional on a home inspection. Before agreeing to buy a home, buyers can ask the seller to repair (or replace) items found during the home inspection. Unfortunately, home inspections don’t always tell the whole story. The furnace’s heat exchanger may have cracks from which carbon dioxide can leak into the air. While home inspectors can look at parts of the furnace, it’s nearly impossible to find cracks in the heat exchanger without a contractor’s tools—something inspectors don’t have.
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When you’re buying your first home, keep in mind that there may actually be things that need repairs that aren’t included in your home inspection. A home is an investment, and that includes being prepared for unexpected costs when you need to repair parts of your home that won’t last.
Not only that, but remember that things wear out over time. While your home may be in excellent condition when you buy it, wear and tear and normal life can cause appliances to stop working. For those home systems and appliances that continue to work after normal wear and tear, a home warranty can reduce unexpected costs, limiting the cost of a full repair or replacement from thousands of dollars to under $100.
With a Landmark Home Warranty, new homeowners can have peace of mind knowing that when a home’s systems or appliances fail, they won’t be left with huge repair bills they may not be able to afford. A home warranty protects a homeowner’s budget as well as their systems and appliances. That’s why so many real estate deals offer home warranties to new buyers! If you are interested in purchasing a home warranty plan for your home, or you are a real estate agent looking to purchase a home warranty for your clients, please visit /order/
Looking to buy or sell a home? Are you a real estate professional looking for helpful resources to educate your clients? These articles will help you through the process of buying or selling a home.
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First impressions are everything – at least when it comes to selling a home. According to the National Association of Realtors, 63% of homebuyers visit after seeing a home they like online. What They’ll See Caroline Wilkes, owner of Caroline Wilkes Interiors, says a home’s exterior — including the front entrance, yard, driveway and walkway — should serve as a snapshot of what’s about to happen when a potential buyer walks into your home. Home
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