Deciding to Buy
Are you thinking of buying a home in Warner Robins? You’re in the right place.
A house is one of the most significant purchases you’ll make. With enough preparation, you just might get the home of your dreams. Here are a couple of tips that will get you closer to homeownership.
- Check your credit score
Your credit score is key to your mortgage pre-approval. It also helps gauge how much interest lenders will charge you. The better your credit score, the higher your chances of having to pay a lower mortgage interest rate.
Start by requesting for a credit report your bank or from the major credit reporting agencies: Equifax, TransUnion, and Experian. You can get these the report for free once a year from these institutions. With your report in hand, you can check and resolve any issues and errors you found.
Examine your credit report if there are any overdue accounts. Remember: the better your credit score, the lower your mortgage interest rate. Pay outstanding debts and refrain from using your credit card/s to boost your credit score and improve your debt-to-income ratio (preferably 36
- Budget wisely
Buying a home and carrying a mortgage will put great demands on your budget. Before you shop for a home, get your finances in order. Save up for a down payment and allocate enough funds for monthly utilities and needs.
Loan programs have different down payment requirements. The widely accepted rate is 20 percent, but some require as little as three percent or
none at all. It would help if you already know what kind of loan you want to get so you can save accordingly.
Another thing that would help you create a budget for your real estate purchase is to determine what kind of house you can afford. You can do a preliminary search of market offerings, considering all your must-haves in a home. This includes the location, amenities, and the like. By doing so,
you can get a better picture of how much you need to save.
- Find a local real estate agent
When you work with an experienced real estate agent, you unlock a lot of doors and access a wealth of resources. These can help you get your dream home in Warner Robins.
Don’t hire the first realtor you come across. It is best to vet a number of potential candidates through an interview in order to find the one that’s most compatible to you and what you’re looking for. Be clear about your needs and wants, your goals, and your budget so your real estate agent can help you find the home that fits your preferences.
- Don’t forget to get a home inspection
Sellers have disclosure obligations which lets buyers know about property defects and any known issues. What’s disclosed, however, depends from state to state. In Georgia, sellers are not required to fill out a disclosure form but are mandated to inform buyers about known material defects.
What about the unknown issues?
To err on the side of caution, we always advise buyers to not skip on the home inspection. It helps you make sure the house you’re buying is safe and in good condition. Moreover, issues uncovered by a home inspection can give you leverage in the negotiating table. Possible scenarios include
the seller offering to shoulder repair costs or even a lower selling price.
Don’t just hire any property inspector. If you are buying land, find one that specializes in that field. But what if you are looking at new houses for sale in Warner Robins, GA? Surely it’s in great condition? We don’t know for sure, so get the expert opinion of a home inspector especially if it’s your first time to buy a home.
- Do a final walkthrough
Before the closing, visit the house you’re buying and do a final walkthrough to make sure things are in proper order. Take your real estate agent with you, and for added peace of mind, a home inspector, to check if all issues and repairs were properly addressed.
You need to check that repairs agreed upon after home inspection were made. Note down and take pictures of anything that wasn’t addressed properly. Check faucets, drains, and electrical outlets if they are working properly. Additionally, keep your eye out on new problems that might have appeared suddenly, such as mold.
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What to do when buying a house?
- Buying a home is a challenging yet fulfilling process. If you’ve decided that you want to become a homeowner, it’s important to understand the home buying process and what you need to do to ensure you’re getting the right home that matches your budget, as well as your needs and preferences. To help you get started, we have listed some of the most crucial steps in buying a home. From pre-approval to the final walk-through, always try to be objective and to be cautious in order to avoid mistakes that can be costly down the road. It also pays to work with an experienced Realtor who can help you in making well-informed decisions.