Buying your first house?

[ashelyqin]

Buying a home is considered the most important financial decision a couple will make in their lifetime, and for those considering making the leap into homeownership for the first time, the process can seem positively daunting. Here’s a quick primer about the questions you should be asking yourself if you’re thinking about buying a home.The Size? Who’s going to live in your future home? It seems like a redundant question, but knowing how much space you really need will help you. The number of bedrooms and bathrooms is a major factor in the price of a home.? Single-family homes are self-explanatory and are what most people imagine when they think of a house. A multi-family home has at least one separate unit. Owners of multi-family homes usually rent out the other unit and use that money to help pay the mortgage.The Agent? Picking a real estate agent is one of the most important parts of buying a home because most of the potential home information comes from the agent. ? You want an agent that’s familiar with the type of home you’re looking for, as well as the neighborhoods you’re looking in. ? Be aware that if you see a home you like and call the agent listed for the property, that agent is going to be representing the buyer, not you. ? Ask your agent about his or her own experience, and find out if they are on the Multiple Listing Service, as they would be able to find homes listed on the network, regardless of who is representing the buyer. ? Look for an agent who is a designated Realtor, as he or she belongs to the National Association of Realtors, an organization that is strict about policing their members.The Neighborhood? Many neighborhoods are defined by the things you can do in them, so finding one that has a lot of activities you’re already interested in is a good fit. How close are the local shops, restaurants and parks?? What are the neighbors like? Do they all know each other or is most of the street private? Are they the same age as you?? The municipality you live in affects what kind of services you get. Does your neighborhood have a dedicated police presence? How far away is the nearest fire station? Who is responsible for maintaining the sidewalks in front of your house? How often are the streets plowed in the winter? ? Find out if the home is in an area charged with an extra tax, such as a special district or in a village inside a township.? If you have kids or plan to in the near future, getting information about your area’s schools is essential. Even if you don’t have any kids, keep one eye on your district, because you’ll be paying their taxes regardless.The Mortgage? The recent housing crisis taught many people not to buy a house they cannot afford, but thankfully the Internet has many mortgage and income calculators to help you figure it out. There are several available at Interest.com. ? Your interest rate is determined by your regular income, credit history, size of the down payment and how long the term of your loan is. A fixed-rate will keep your interest the same for the life of the mortgage, while adjustable-rate mortgage may give you an initial lower rate, but the bank can change it after a certain period of time.? Save up enough money to make a significant down payment on the house, as it will help lower your eventual mortgage payments. A down payment of 20 percent or more of the purchase price of the house is preferred, but there are ways to buy a house with a smaller down payment.? Be careful not to underestimate your monthly expenses. In addition to the mortgage, you’re required to pay for home insurance, utilities and property taxes. If you want, figure in expenses for cable, phone, Internet and car use. While we’re at it, you might as well budget for expenses big and small, from buying regular household items to major home improvement projects or repairs. The Home? Ask when the last time the roof has been replaced. What about the furnace? Water heater? These are all big-ticket items with a limited lifespan, so learning how old these items is important as it’s expensive to replace them.? If the seller is including any appliances like the dishwasher, stove or refrigerator, find out how old they are as well.? Furnished or not, the basement is an important room to check out. Is there dampness down there? Are there cracks in the foundation? Are the walls bowing? Answering yes to any of these questions speaks to the long-term health of the house.? Look at all windows and ceilings carefully for evidence of leaks or drafts.? Make sure you have a home inspection prior to finalizing the sale, because they will spot these problems fairly quickly.Mark Ciemcioch is a freelance writer living in Tonawanda. galajurken online