Advice for New Home Buyers in the US

It takes thought and planning when you're buying a house. A home may snag your eye when you're on a drive or your dream cottage may pop up online. It could be the house for you. If you want to own it, you need to make sure you are prepared. Take some advice as a new home buyer in the US to get the house that is everything you want it to be.

Get Your Finances in Order

Many people have misconceptions about buying a house. They think they'll get a loan from the bank without any costs that come out of their pocket. They'll have the next thirty years to pay it off. Think again. You'll need to have substantial savings tucked away. The last thing you want is to take another loan to make your down payment. Plan on putting down at least 20 percent of the purchase price of the home. Inspection fees can run at least $500. While it may be optional, you may discover the house has too many problems for you. You'll also need to put money down when you make your official offer for your home. Make sure you don't completely drain your savings to buy your home. You should always have a cushion for repairs or other unexpected bills.

Do Your Homework When Getting a Mortgage

Your mortgage involves more planning. Make sure you consider all your options. If you look online, you will be able to get instant offers from several lenders. You should also check in with the bank where you have an account. Check with any other competing banks. They may dangle a promotion that is too hard to resist. Federal credit unions often have excellent interest rates as well.

Shop Around for Homes of Interest

You may have an idea of what you like best in a home. As you search for listings, only look at houses that match your priorities. If you are a veteran, consider a VA approved homes list. Special loan programs offer homes to veterans for a lower price that will put more money in your pocket. Ask for a showing of several homes that interest you. Pictures are not enough to make such an important decision.

Get Ready to Haggle

When a homeowner sells a home, the asking price usually isn't the bottom line. Don't be afraid to put in a low offer. In most cases, there will be some room to negotiate. Even if you don't get the lowest price you give for an offer, you should be able to shave off something from the asking price. Make a list of any concerns you have about the house. If improvements are necessary, the owner may reduce the price more for you rather than lay out the money for repairs before the sale.

Pay Close Attention at the Final Walk-Through

You will have a final walk-through a few days before your closing. Make a close inspection of every room in the home, the exterior, and the property. This is your opportunity to raise any issues that you see. Raise them with your real estate agent. You shouldn't sign on the dotted line unless you are completely satisfied. The homeowner may have to make some concessions before you sign the final paperwork.

Establish a Budget After You Purchase Your Home

Make a list of all the expenses you will have as a homeowner. This will include your mortgage payment, annual expenses like your water bill, your heat and electricity, and money for improvements. Your budget should also include money that is set aside to prepare you for the unexpected. You'll still need to tack on your regular expenses, such as groceries and transportation on top of the costs involved in owning a home.

Preparation is key for a successful house hunting experience. Make sure you have all your ducks in a row as you get ready to take the plunge. While it may be easy to be impulsive when you see the home that makes your heart beat faster, planning will ensure the process goes smoothly. When all is said and done, you will walk through the door of your new home with the key to happiness in your hand.