There are many things you should think about going into the home buying process. From budgets to wish lists, there is plenty of things you should be thinking about but never do. Let’s take a look at six more things homebuyers don’t think about but should.
Asking for HOA Contracts Before Making a Decision
So you have found the perfect home. The only thing you would like to do to the home is to add a privacy fence for your German Sheppard puppy. The thing most homebuyers don’t think about is whether changes like a privacy fence are allowed according to the Homeowner’s Association (HOA). Before deciding on a home, ask to see a copy of the HOA contract so you can see what is allowed but more importantly what isn’t. If you are buying a home that is part of an HOA, it is essential to read the contract before you do anything else.
Grants and Other Funding
Just like anything else in the buying process, it is important to research all of your options before settling on one thing. When researching mortgages, do not forget to look into alternative funding sources like grants. You may think grants are for low-income households but there are specific grants make for different professions like teachers, farmers, police officers, and nurses. There are also area-specific grants. Do your research for grants and alternative funding options you may be eligible for.
Read the Contract Before Signing
A house is one of the largest purchases you will ever make so make sure to spend the time reading every word of the contract. If you do not understand the terms of the contract, ask your mortgage broker or real estate agent for help. If they don’t explain the terms clearly, you need to find someone else to do business with.
Learn About the Demographics
As an investor, it is important for you to know what kind of neighborhood you are buying into. If you are living between two rental properties, it could drive your property values down if the properties aren’t taken care of properly. If the neighborhood is full of college kids, how will you feel raising a family there?
Buying for the View is a Bad Idea
You just bought a beautiful new construction home only to find out the wetlands behind the home are being converted next year into a new strip mall. If you buy a home for the view, don’t get attached. Things can change quite rapidly. Buy a home for the house, not the view.
All the Old Advice is True
People will tell you to have an emergency fund, save for a 20 percent down payment, get your credit in shape, and not buy more than you can afford. While it is easy to brush off this advice, take it to heart. You will need to do all of these things in order to buy your perfect home. Well, that and calling Simply Referable.
What First Time Homebuyers Should Think About with Simply Referable
There are any number of obscure and strange real estate laws in Maryland. The small team of realtors at Simply Referable will be happy to help guide you through the thicket. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.