Looking for your dream home is both exciting and stressful. You want the perfect home with all the modern amenities, but you may have to make some compromises when it comes to the bottom line. A beautiful home isn’t always without its problems, so keep reading to learn what you need to know.
Falling In Love With A Home
It’s not good to fall in love with a home the first time you see it. The stainless steel appliances, granite counter tops, and large master bedroom walk-in closet may gain your attention and distract you from some important issues. The small stain on the bedroom ceiling may indicate a leak related to roof damage, and the heating system may be old and need replacing. Overlooked maintenance issues will end up costing you money. Don’t make hasty decisions if you have any doubts. Hire a home inspector to go through the house and give you a report before you consider making an offer.
If you still love the home after the inspection and can get the closing price dropped for any costly needed repair, make your offer.
Finding The Right Home
The right home doesn’t have any of your deal-breakers, which may be no central air-conditioning, single bathroom, small yard, tiny kitchen, and insufficient storage. Your perfect home has attractive curb appeal and a nice yard. Walk-in closet, large bathrooms, home office, and modern kitchen may be important to you as well. When you find the right home, you won’t be discouraged by minor flaws, and repainting the rooms to personalize it will be fun. You’ll know it’s the right house because you start planning how you will decorate it almost immediately. Additionally, this is a house you want more than any other you have seen. You want it, and you can afford it. That’s a winning combination.
Financing Your Home
Even though the home you want is in your price range, it’s important to find the kind of loan that you need to best meet your financial goals. You may have a large down payment or be looking for a loan that allows flexibility. The two most common mortgage loans are the fixed rate and the adjustable rate mortgage (ARM). With the fixed-rate mortgage, your interest and monthly payments will remain the same for the life of the loan. This is a very popular choice because there are no changes when there are increases in the national interest rate. The adjustable-rate mortgage offers a fixed interest rate for a set number of years. After the fixed-rate time expires, the interest is adjusted annually. The annual change is based on a treasury bill formula and can increase your monthly payment considerably. This mortgage works well if you plan to sell before the interest-rate changes.
It may be love at first sight when you see the home you ultimately purchase but don’t walk into the sale with your eyes closed. Have a home inspection, and negotiate the price where possible.