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7 Questions Every First-Time Home Buyer Should Ask

Buying a home is one of the biggest investments a person makes in his life and a risky one as that. After all, you are going to invest a large portion of your hard earned money. Buying your first home in Orange County, California is an amazing experience, but it can be frustrating too. Here are 7 Questions Every First-Time Home Buyer Should Ask.

Being a first-time homebuyer, you may feel excited, emotional, and anxious all at the same time. However, making the right decision is important at that time. So, If you’re in the market for the first time and looking to buy a property, you must answer the following questions to understand whether you should go ahead to buy a home or not.

How Do Your Finances Look?

As soon as you get engaged in the home buying process, your financial condition is open to everyone. When you sign contracts, mortgage companies, banks, and realtors go through your finances; be sure that you possess the ability to buy a home. Consequently, it is advisable to take a long, hard look now before you find your dream home.

Below are some of the factors that financial institutions look at before approving a purchase.

Your Income: Do you have fixed salary for every month or does it vary? Financial institution usually gives more preference to a person who has a regular income as it advocates his/her ability to pay the mortgage on time.

Your Employment History: It is another major factor, financial institute looks at. Banks prefer that a home buyer have a working relationship with at least two years with the same company.

Your Debt: Too much debt is a red flag for you. If you have already acquired loans for a car, education, you’re more likely to get rejected.

Late Payments: Have you ever made late payment or delinquencies for any of your debt? If yes, the bank will not be able to take chance again.

Your Savings: It is another major factor financial institutes look at before approving a home purchase.

How Much Are You Comfortable Paying Per Month?

Always consider it in advance that you are able to pay back for your loan on regular basis or not. When you opt a mortgage company for a loan, they go through your financial history and lend you a pre-approval for a certain amount of money. This is the maximum money they feel comfortable loaning you. That amount may look attractive to you, but always keep in mind high price range also comes with a high monthly payment. To pay this amount you may have to cut down your many spendings that might be necessary for your daily needs. So, always look at how much money you can spend each month on your different expenses.

Do You Prefer Any Particular City?

You can remodel your complete house; from your kitchen to living room to garden. But, once you have made a wrong decision while choosing a city, it may become very difficult to change it. Consequently, it is necessary to have a solid idea, where you would like to be. Ask yourself if you would be happy in the city you are going to choose. Each area has its pros and cons so always make decisions wisely.

Thinking to buy a new property but unable to make the right decision? Ask yourself these questions to make a smart real estate investment. Click To Tweet

What Kind Of House Should You Live In?

It’s the harsh reality of the real estate market that no home will ever be completely perfect for you. Every property comes with some fixed compromises. When you will start looking property listings, you find many homes in your desired price range and location. But, when you will actually visit them, you will find that they all require some fixing up. Therefore, always take stock of the things the are your must haves before looking at potential properties. When you sit with a real estate agent, consider this factor as it will give you the right idea of where to start your search.

It’s the harsh reality of the real estate market that no home will ever be completely perfect for you. Every property comes with some fixed compromises. When you will start looking property listings, you find many homes in your desired price range and location. But, when you will actually visit them, you will find that they all require some fixing up. Therefore, always take stock of the things the are your must haves before looking at potential properties. When you sit with a real estate agent, consider this factor as it will give you the right idea of where to start your search.

Are There Any Things You’d Like To Stay Away From?

It is important to keep to eye on things around the property you’re looking to purchase, since any thing bad around it may affect your life, especially those things, which you can’t alter later on like highly-trafficked road, a specific neighborhood that you want to stay away from, etc. Always consider these things before you get ready to buy a property.

How Much Maintenance Can You Afford?

Yes, we all do it, before purchasing a home, we picture ourselves embracing the fun in the backyard of the house, enjoying the peace and quiet in a newly purchased home. However, in addition to all these positive thoughts, it is also a lot you need to keep in good condition. Be honest with yourself about how much maintenance you can afford. A big lawn of your house is a good feature, but you also understand that it comes with lots of grass that need to be cared for.

How do you want to use the property?

Your short answer to this question would be – to live in it. However, in a near future, you may want to use your property to build equity or for renting. In short, knowing exactly how you’re going to use your property can help to focus your final property search. So, always look at various things before planning to buy a house.

Buying a home is not as easy as it might seem, most of the people find themselves unable to find the right property as per their requirements. Unless you have right answers to all of the questions above, this is not the right time to buy a property.

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