Source: Freepik
Purchasing a home is an exciting yet stressful process. The ever-changing real estate market has put a strain on new home buyers. If you’re considering purchasing a residential property, here are four things you should do to ensure a smooth process and healthy living:
- Explore Mortgage Options
There is a range of mortgage options available, each with its own eligibility criteria and down payment. Four common options are:
Conventional Mortgages: These are not approved by the government but are pretty common among first-time buyers. The down payment starts from as little as 3%.
FHA Loans: These are ensured by the Federal Housing Administration (FDA), with the down payment starting from 3.5%.
USDA Loans: Guaranteed by the U.S. Department of Agriculture, they are reserved for rural home buyers and have no down payment.
VA Loans: The Department of Veterans Affairs offers VA loans to current military members and veterans.
Once you have determined which loan you’re eligible for, consider the mortgage term. You can choose between a 15-year and 30-year mortgage term. Many cities and countries have buyers’ assistance programs to help first-time buyers.
- Find a Real Estate Agent
Finding a home on your own can be difficult. A real estate agent has in-depth knowledge of the market conditions. They have access to premium listings and connections with home sellers and can help you get a much better price.
A realtor would take your demands and considerations before looking for a property. They can also prepare the necessary paperwork to avoid any errors or delays. From shortlisting houses to handling negotiations, having a dedicated realtor by your side can streamline every step.
- Conduct an Asbestos Inspection
Conducting a home inspection before closing the deal can prove to be invaluable. While most people inspect for pests and mold, asbestos is often overlooked. Asbestos is a mineral fiber that is added to construction materials for heat insulation and fire resistance. It can be found in:
- Textured paint.
- Ceiling joints.
- Vinyl floor tiles.
- Cement sheets.
- Stone-top pads.
Asbestos can break down into microscopic fibers and can remain airborne for days. It can settle deep into the lungs and cause serious health issues, including lung cancer and mesothelioma. Pre purchase asbestos building inspections can save you and your loved ones from life-altering diseases.
- Consider Home Insurance
Home insurance is a safety net that can save you thousands of dollars in the future. It covers the cost of repair or replacement of your belongings, such as electronics and furniture. Here are five things included in a home insurance package:
- Dwelling coverage.
- Personal property coverage.
- Personal liability coverage.
- Guest medical protection.
If you’re purchasing a property for the first time, insurance will provide financial protection. Contact different insurance providers and compare their fees and the features covered in the policy.
Final Thoughts
Purchasing your dream home can be overwhelming. By researching mortgage options, collaborating with a real estate agent, and conducting inspections, you can bring your dreams to life.
