Getting ready to buy a home can be a stressful situation. Keep in mind that both the seller and the buyer have a process to follow to ensure a successful transaction. Always follow the direction and instructions of your realtor. If they are a good realtor they will know the ins and outs of how to make a successful buy. Also, remember what you should and should not do during the home buying process. Do’s and don’ts when buying a home? Don’t change jobs and do get pre-approved are just two of the do’s and don’ts when buying a home.
Let’s take a look below at the specific do’s and don’ts when buying a home.
When you are looking into buying or selling a home there is a process that should be followed. The expectation for a home buyer is that nothing changes in their life regarding anything related to finances. Keep your debt to income ratio at a positive percentage. Let’s review what you should do when you are buying a house.
- Get pre-approved – getting pre-approved by your bank allows you the freedom to know what you can afford when buying a home. Staying within the price range is key in case you have repairs to make after the home buying is completed.
- Check your credit report – checking your credit report in advance will let you know what you can and cannot afford. The bank will only approve you for a certain amount based on your income and credit score. They will want to make sure you are not a financial liability.
- Keep paying down debt – the more you can pay down your credit cards and debt the better you look as a home buying candidate. It shows that you are financially responsible and able to afford the debt.
- Expect a final credit check – the lender will want to check your credit report to make sure that no new purchases were made and your debt has not grown during the home buying process.
- Get a home inspection – making sure that you have a reputable home inspection company will protect your investment as it informs you of any potential repairs.
- Use a professional realtor – find the right realtor for you. Always make sure you hire a successful and professional realtor.
Just like there are do’s for home buying there are also don’ts for home buying. Always make sure that you are following the guidance of your realtor. Let’s review the don’ts that should be followed when buying a house.
- Never change jobs – changing jobs during the middle of the home buying process can put your purchase in jeopardy. Changing jobs can also show some financial instability as your new income is not guaranteed as it is very new.
- No new purchases – adding new purchases to your debt can seriously hinder your home buying process. Consult your bank before you look to make a major purchase during the home buying process. Be as transparent with the bank as possible. New purchases can include furniture, cars, or other large ticket items.
- Don’t apply for new credit – applying for new credit adds a red flag to your lender as you take on more debt possibilities.
- Don’t skip the home inspection – skipping the home inspection could cause you to miss some important details regarding the home. Finding out after you have purchased the home that you have major repairs is not good. Missing the home inspection could cost you a lot.
Other Recommended Maintenance
Now that you are an expert regarding the do’s and don’ts of home buying, consider hiring a realtor. Finding a reputable and talented real estate agent is likely the most important decision in making sure your home buying experience goes as planned. Be sure to read up on why it is important to hire a realtor when buying a home.
Having established a relationship with a reputable realtor is important. There are many processes during the home buying process and they can help guide you through it. Understanding what to expect before, during, and after a home inspection is key. If you aren’t aware of how a home inspection works, you will want to read up and be as involved with the process as possible. After all, you are the one buying the house, not your realtor.
Lastly, one of the major areas inspected by your home inspection team is the roof. Keep in mind that when you are buying a home the roof needs to be in great shape. There are various types of roofs that you could come across when buying a home. Knowing the differences between a metal roof and a shingled roof could save you some time and money. Always read up on the areas of a home inspection that you might not understand.
When Do I Call A Professional
Knowing what your do’s and don’ts when buying a home can help you hire the right buying team moving forward. Always hire the realtor that is going to be with you from beginning to end and not waiver on the time allotted to your needs. When buying a home, not only do you need a reputable realtor, but you need a quality home inspection team. The goal here is that you protect your investment. If you are buying a home, that is because you love the home, but also do not want to waste money. Your local home inspection team and reputable realtor can help ensure that you do not waste money.
The bottom line here is that the buyer and realtor work together for a common goal. Buying a home is a long and arduous process. Typically, you can close on a house within 30 days, however, there are some cases that pop up and delay your closing. Be sure that you and your realtor have hired the right home inspection team. Always use the most reputable home inspection team in the local area. If you want to ensure a successful home buying process, having the realtor and home inspection teamwork together is vital. Reach out to Colorado Inspection Team for your home inspection needs in Castle Rock, CO.