50 Quick Tips On Buying A Home: A Guide To Help You With The Process

Name: Reland Homes Group - Tips On Buying A Home
Address: 5100 Westheimer #200, Houston, TX, 77056, USA
Telephone: 281-450-3236
Price range: Affordable
Rating: 5

Houston Real Estate

July 15, 2021

Buying a home is one of the most important financial investments you will make in your life. It can be stressful, confusing and time consuming but with these 50 quick tips on buying a home, you’ll find that it’s not so difficult after all.

We have compiled this list of tips on buying a home to help you with the process.

Good Credit Score

Kicking off at no. 1 on the list of tips on buying a home is a good credit score. Always make sure that your credit score is in good standing – A low credit score will affect where you are able to live, so it’s important to know what yours is before applying for a mortgage.

Budgeting

Know your budget from the start- It may seem obvious but many people don’t actually know how much they can afford until they’ve done all their research about different homes and neighborhoods in their area.

You need to be realistic about what you can afford and work to keep your budget in mind as you tour different homes.

Don't Overcommit

Never stretch yourself too thin when it comes to home buying, because if anything goes wrong with the sale of your current house or things change for any reason – like a job loss – then you will be in a difficult situation. Don’t overcommit is our no. 3 on the list of tips on buying a home.

Affordability

Know what you can afford when you’re out looking for a home is no. 4 on the list of tips on buying a home. It’s easy to get caught up in the excitement of finding your dream house and want it now, but be sure that what you can afford is still within your budget before signing any documents..

Define Clear Roles

If you are considering buying a home with family or friends then make sure that everyone knows their responsibilities and what their percentage of the costs will be. Clear roles come in at no. 5 on the list of tips on buying a home are

Tips on Buying a Home - Good Planning

A home is the biggest financial commitment that most people make, so it’s important to have a good plan in place before you start shopping for one and this is no. 6 on the list of tips on buying a home.

Know What You're Looking For

Be sure to know what kind of home you are looking for before starting the process so that your search is more focused and efficient. Make a list of must haves, such as number of bedrooms/ bathrooms, area or neighborhood preference, etc., and then prioritize what’s most important to you.

Furnishings

When figuring out how much space in your home you will need, be sure to include the furniture that is coming with it when considering square footage and possible upgrades such as additions or renovations. You’ll also want to factor in whether you will need to rent a storage unit or make plans for disposing of old furniture. Furnishings comes in at no. 8 on the list of tips on buying a home.

Space Requirements

When buying your first home, you’ll want to take all the things into consideration that will affect your decision in the long-run, like how much space you may need now and what kind of space you will need in the future.

For instance, if you are still single and living with your parents at age 30, then an apartment might be a good option for now but when you get married and have children it may not work anymore. The same can be said about changes in jobs or careers that could affect how much room is needed for different purposes.

Location

No. 10 on the list of tips on buying a home – Location is another important factor when it comes to buying your first home, and one that can be much more difficult to gauge without doing some research beforehand because often the best neighborhoods do not come with affordable housing options. For example, if you want to live in a specific city like Boston, you may need to find a suburb that will work for your budget and commute.

Future Plans

If the area where you live now is not set up in such a way that it could accommodate changes in your life then consider moving to an area with more space or more amenities that you’ll need.

The Neighborhood

One of the most important points to consider when buying your first home is what kind of neighborhood you want to live in and how it will fit into your life at that time.

Bringing Your Family

When buying your first home is no. 13 on the list of tips on buying a home, it is important to consider whether you will be living alone or with family members and what kind of space they need too. If you have children for instance then the size of rooms and the number of bedrooms will matter more than if you live alone.

Updates

When looking for your first home, you may be considering its price and how much the updates will cost but don’t forget to factor in what kind of upgrades or renovations it needs too so that they’re already taken care of by the time you move in. The process of updating a home can be time-consuming and expensive, so it’s better to do them in advance.

Financing

No. 15 on the list of tips on buying a home is Financing which is very important. In order for the purchase of your first home to go smoothly you’ll want to plan ahead with what kind of financing options are available including whether there will be enough equity in your home to allow you to withdraw money with a cash-out refinance.

Downsizing

If you’re moving from living at home or an apartment into buying your first house, be sure not to get carried away and buy too much space for the needs of one person as that will likely lead to financial problems down the line.

The Process

Buying your first home is one of the most important and expensive decisions you will make in life so it’s crucial that you understand every step of process before making any final commitments, such as signing a contract or putting an offer down on a home. This makes the process no. 17 on the list of tips on buying a home.

Sales Agreement

In order to buy your first home, you will need to sign a sales agreement that is basically the contract between buyer and seller which outlines everything that was agreed upon in regards to price, property condition, date of closing, financing terms etc. It may feel like an overwhelming amount of information to process but it’s crucial that you understand as much as possible before signing on the dotted line.

Contingencies

A contingency is something that must happen before the sales agreement becomes final and binding, like checking to see if there are any liens or other legal problems associated with the property you’re buying for example. These contingencies may vary depending on your state but they all have one thing in common which is that they will delay the date of closing on your home.

Lenders

Coming in at no. 20 on the list of tips on buying a home is a lender, which is essentially the person or entity who provides money for buying property such as land, buildings, or homes with mortgages and so they will be one of the parties that needs to sign off at closing in order to let all of the paperwork be processed.

The Mortgage

A mortgage, also known as a “home loan” or “housing loan,” is basically an agreement between you and the lender to provide money for buying or refinancing property such as land, a home, or a building.

Mortgage Rates

The rates of interest which you are charged on your mortgage will depend in large part upon the type of loan that you take out and how much money it is for as well as other factors such as where the property is located, what kind of property it is, and the credit score of the borrower.

The Closing

The closing as no. 23 on the list of tips on buying a home is an important one. Once you have signed your sales agreement with all contingencies met, then closing can finally happen which means that there will be more paperwork to fill out in order for everything to go through including an appraisal inspection, title search, final walk-through, and other matters.

One of the most stressful parts of buying your first home is going through the closing process, which can feel very intimidating because you have to put all kinds of trust in someone else’s hands and sign off on everything that they tell you without fully understanding what it means.

Closing Costs

Don’t forget to factor in the closing costs when you’re doing your calculations for how much money you can afford. Closing costs vary from place to place and are usually not included with the down payment, so be sure that they don’t create an unnecessary budget strain on you.

The Title

When you buy property such as land or buildings then you are the “Title” holder which means that your name will be recorded in public records with the government. This is crucial to show proof of ownership but don’t forget about the people who have a mortgage or other liens on the property because they will also be recorded as part of the title. Therefore “Title” is extremely important at no. 25 on the list of tips on buying a home.

Title Insurance

Title insurance comes in at no. 26 on the list of tips on buying a home which basically protects you from people or entities who may have claims to your property such as if they hold the mortgage, are owed money by the seller for some reason, or had an earlier claim to ownership which was not recorded with government records.

Escrow

An escrow is basically something that you put money into which will be “held for safekeeping” until it’s needed, like to pay taxes or insurance etc. In real estate transactions, an escrow account can also be set up by the lender and is used to make payments for your property taxes, homeowners insurance premiums etc.

Escrow Account

An escrow account as no. 28 on the list of tips on buying a home is basically something that you put money into which will be “held for safekeeping” until it’s needed, like to pay taxes or insurance etc. In real estate transactions, an escrow account can also be set up by the lender and is used to make payments for your property taxes, homeowners insurance premiums etc.

Land Contract

A land contract basically protects both parties in case something goes wrong with the sale of property (such as where you default by not paying) which can happen if there’s no title holder. This way, the seller keeps their property and can sue you in court for what’s owed them.

Settlement

Our no. 30 on the list of tips on buying a home – The settlement is basically when all parties involved meet to finalize paperwork including buyer, seller, lender etc who will sign off on it with each other which means that then the deal is done and over with.

Settlement Statement

When you close the deal on your new home then one of the last things that have to happen is for a settlement statement to be filled out and signed by all parties involved including buyer, seller, lender, title representative etc. This document will outline how much money each person gets from what’s owed them as well as the date of settlement.

Closing the Old Place

The first thing that needs to be done is for you to close up any outlying business at your old place such as utilities, rent etc so that there are no outstanding debts hanging around waiting for payment when it comes time to pay off your mortgage and this is no. 32 on the list of tips on buying a home.

Moving Day

The day that you’ll be moving into your new home is one of the most exciting days in a person’s life and it needs to be treated with care. There are going to be lots of things happening on this day like closing up the old place, packing up all your belongings, transporting them over, unpacking what can’t go into storage and then finally getting to enjoy your new home. This comes in no. 33 on the list of tips on buying a home.

Storage

Storage at no. 34 on the list of tips on buying a home is when you’re moving somewhere else and can’t take all your belongings with you so they get put in storage temporarily until the new place has been set up for living there. If it’s just temporary then this could be done from one week to six months or more depending on what you’re storing.

Storage Unit

A storage unit is basically when you need to store your belongings in the meantime until you can move them into your new home and then this will be either for temporary or long-term use depending on how much stuff needs to be stored and how long you need it stored for.

Storage Unit Size

Storage units come in many sizes and the size you choose to rent will depend on how much stuff that needs storing, who’s helping you with your move (i.e., family members or professional movers) and of course what kind of budget you have.

Storage Unit Security

A storage unit is an unsecured place where your belongings are stored and this means that there’s always the chance of break-ins, burglaries or other kinds of thefts so it pays to take some precautions by taking measures such as installing security cameras and making sure all your valuable goods are locked up inside. Hence Storage unit security is important at no. 37 on the list of tips on buying a home.

Storage Unit Insurance

Storage unit insurance is always something that you should take into consideration before moving everything in because if there’s any kind of damage while it’s being stored then the company will pay for repairs or replacement costs to what gets damaged. This makes it to no.38 on the list of tips on buying a home.

Moving Day Timeline

The day before moving always starts with packing up all your belongings so that they’re ready to load into the transport vehicle which will be done in two or more trips and then it’s off to the old place where you’ll do some last-minute tidying (i.e., cleaning up the place, getting rid of any trash or garbage) and then it’s off to your new home for some more packing with a few other finishing touches before moving day arrives.

Moving Day Timeline Part Two

On moving day there will be many steps that need to be done and timing is important because not everything can happen at the same time. For example, packing up all your belongings will be happening before closing down the old place so that you don’t have to go back again later on in order for this work to get finished.

Transporting Your Belongings

When it comes to transporting your belongings at no. 41 on the list of tips on buying a home, there are many ways in which this can be done and some of the most popular ones include professional movers, family members or DIY.

Professional Movers

Professional movers will always provide you with quality service but they’re expensive for what they’re offering so it’s important to compare the prices of different companies for yourself before deciding.

Family Movers

Family movers will always be willing to help you but they’re only free if you have family members who are able and happy to do this work, which is not always possible is our no. 43 on the list of tips on buying a home.

DIY Movers

DIY movers is the cheapest option when it comes to transporting your belongings but that doesn’t make them any less of an option because they can be just as efficient and reliable, so choose whatever best suits you!

Packing

No. 45 on the list of tips on buying a home is packing which is always a major part of moving, whether it’s just across town or all the way to another country because without packing everything up then you won’t be able to transport anything.

Packing Supplies

Packing supplies are very important when it comes to transporting your belongings because without them you won’t be able to safely move anything which means it’s important that you have the right kind of packing materials for your needs.

How To Pack

When packing up everything into boxes there are many things to consider and one of the most important ones is what items will go into which box so that you don’t end up with too much in one or vice versa.

Boxes, Labels and Tape

Boxes come without labels and this means they’re basically just containers for holding things but it’s important to know what should go into each box before packing them up so that you don’t end up with too much in one or vice versa.

Labels and Tapes

No. 49 on the list of tips on buying a home are Labels have two purposes: they identify what it is to be stored inside the box (i.e., clothes, dishes) and also which room the items are going into when unpacking.

Use a Realtor

No. 50 on the list of tips on buying a home which can help you and guide you through the steps of buying a home. Good realtors will assist you in making the right decision to suit your needs of acquiring a home you want.

Join Many Buyers & Sellers

We hope that these 50 tips on buying a home. Buying or selling your house can be an overwhelming process, but we’re here to help! From understanding the different loan types to deciding on whether you should rent or purchase, our team of experts are ready and waiting to partner with you through every step in this process. Contact us today for more information about how we can help make buying a home as easy and seamless as possible.