Buying a house is one of the most exciting and rewarding things you will ever do. It’s even more exciting if you can buy that house for less than what it would cost to rent. Visit https://www.greihousebuyers.com/we-buy-houses-oregon/ to learn more.
And yet, making good decisions about buying a home does not happen overnight. That said, there are plenty of steps that you can take to ensure that your purchase goes smoothly and seamlessly from start to finish.
Get Pre-Approved for a Mortgage
Before you start looking at houses, get pre-approved for a mortgage. A mortgage pre-approval is a key first step in the home buying process. In fact, many sellers will not sell their house without first securing an approved buyer. Pre-approval shows your commitment to the purchase and can help speed up the home buying process.
A mortgage pre-approval typically entails your completing some paperwork at a bank or lender’s office and then checking credit scores and determining how much you can borrow based on your income, assets and debts.
Get Your Ratios Right
The second thing you have to do when purchasing a house is to figure out how much you can afford. If your budget is likely to change, be sure that you are realistic about your estimates. Once you know what you can afford, look for homes that fit within that budget.
Once a home has been selected, it’s time to find out how much your monthly payments will be. This will give you an idea of whether the home fits within your price range and if it’s worth it to move forward with the purchase. After all, if the monthly cost of owning a home exceeds the value of the home itself, then buying could be a bad idea.
Use a Home Inspection
Before you make an offer on a house, have a professional home inspector come out and do a thorough inspection of the home. By performing a home inspection, you will get an idea of whether problems exist that may affect the value of the property and could affect your ability to make monthly payments.
Problems uncovered by the home inspector may include issues with electrical wiring or plumbing systems–or perhaps structural problems or even foundation problems. Inspections could also uncover asbestos or troubling indications of asbestos exposure during previous renovations in areas where it may not be obvious.
If you find that the home has major structural or foundation issues, or if you feel strongly that asbestos is present in the home, it might be worth considering a different property. If not, you can still make an offer on the home and be prepared to purchase.