By Julie DeLong, A-1 Freeman Moving Group
Are You Prepared Financially?
Homeownership comes with greater financial responsibility than renting. Not only are you responsible for the mortgage, taxes, and insurance of your home, you are also responsible for any repairs that should arise. Typically, while renting, your landlord is responsible for all needed repairs. There are also added utility fees such as garbage and water and if you are planning to buy a home located within a subdivision that has a Homeowner Association, you will have to pay HOA fees. All these financial responsibilities can take a big bite out of your wallet each month. One of the best ways to financially prepare for homeownership is to get out of debt. Before your big purchase, make sure that you are holding minimal debt. Another way to prepare financially is to save up an emergency fund because you never know when the hot water heater is going to give out and taking cold showers is not that fun.
Get Pre-Approved for a Home Loan
Take the time to compare at least 3 loan companies and understand your options in financing. Choose the one that works best for your financial position and get pre-approved. When you get pre-approved for a home loan, you can know what price range is comfortable for you. Also, pre-approved clients have an advantage when working with real estate agents because it shows that you are ready to buy and have begun the mortgage process. You also put yourself in a favorable position with the seller because they will be more willing to accept an offer from someone that is already pre-approved than risk accepting an offer from someone that might not get approved for a home loan.
Understand the Closing Process and What Comes Next
So, you have picked out your dream home and you are ready to move forward. Do you have your down payment saved up? What about the closing fees? Are there any repairs to be made or remodeling that needs to take place? It's a lot to think about but understanding the closing procedures and what comes next will give you the peace of mind to move forward. The closing process consists of tons of paperwork, giving your mortgage company your down payment and paying all the fees associated with closing the sale. Once the sale has been finalized and you are officially a homeowner, it's time for some serious hard work. If your home needs repairs done or you are wanting to remodel or paint, it is best you do it before you move in. Spilling paint on your new sofa would just be heartbreaking. After repairs and remodeling, you will be all set for move-in day.
Consider Hiring a Professional Moving Company
Buying a new home is exhausting and moving from one home to another is even more exhausting. Consider hiring a professional moving company to make your life a little easier. Remember that you will be packing, unpacking, disassembling, assembling, loading and unloading. It's a big task that can easily be remedied by hiring others to do it for you. It's time for you to get on with living the good life of being a new homeowner. Kick back and celebrate.
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