How to find easily your first home as a family?
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Most families want to own a home where they can put roots down and create new memories. Families often want the freedom of customizing the property and making it a place that is specific to their taste and lifestyle. If you’re planning on becoming a homeowner for the first time, there are a few important steps to take to begin the process with your family.
Determine what you can afford
One of the first steps that you’ll need to take before you begin searching for your dream home is to calculate what your family can afford with your next home. Many factors influence how much you can afford to borrow while still having extra wiggle room in your budget. Most financial advisors agree that homeowners shouldn’t spend more than 28 percent of their gross income. It’s also important to have less than 36 percent of debt to avoid becoming financially strained after purchasing the home. Work together as a family to calculate your debt and add up every type of income that is earned.
Ask your family why they want to buy a house
Although most people become homeowners, it’s essential to ask your family why they want to buy a house to ensure it’s the right time in everyone’s life. Your spouse and kids may be ready to settle down and avoid renting. Your spouse may also want to save money on taxes by owning a home. You may be craving stability or will improve your financial statement. Understanding why everyone is ready to buy a house will allow you to avoid taking it lightly. If your family doesn’t understand why they want to invest in real estate, then it can cause everyone to regret the decision in the future due to the responsibilities and costs involved with homeownership.
Many buyers make the mistake of failing to get pre-approved before they begin searching for the home they want to buy. Unfortunately, sellers won’t take your family seriously if you aren’t already approved for a loan and have the necessary finances. You can also risk losing the house to another buyer that is already approved. Make it a point to find a lender, which will also allow your family to know how much money you have to spend before making an offer.
Make a list of everyone’s wants and needs
Knowing what your spouse and children want in your next house is crucial to ensure you buy a property that accommodates the size of your family and your lifestyle. Your kids may want to have a pool in the backyard or a home theater, which are added luxuries that are not necessarily deal-breakers. Needs can include a certain number of rooms in the home or a large backyard for pets that you own. Sit down together to make a list of everyone’s wants and needs to make it easier to narrow down the top choices. It’s also want to provide the list to your real estate agent to ensure they understand what you’re looking for as they begin to present different options to you.
Ensure that everyone is willing to compromise on certain features that can be changed once you move into the house. Your family can make it their own in a variety of ways. Jeff Stewart from HomesInMeridian.com says that instead of paying to completely remodel a room, you can make more affordable changes such as painting walls or cabinets, updating hardware, and adding in a few new decor pieces. The unique touches will make the house your own and can allow it to feel like a home that is specific to your family’s personal style.
Choose where you want to live
Choosing where your family wants to live is one of the most important parts of buying a new home. Although you can make changes to the house, you won’t be able to change where it’s located. Consider how much time you’ll spend on the road during your commute or the time it takes to drop off the kids at schools in the local area. The house’s proximity to nearby restaurants, hospitals, and parks should also be taken into account. The property should also be in a good school district to ensure that it increases in value over time, and your kids can obtain a better education.
Consider visiting the neighborhood or city at different times of the day to determine if it’s safe. There may be more crime or noise at night, which can affect your quality of life. Have everyone take a close look at the neighboring homes to determine if they’re maintained well is also necessary because it will influence the value of the property that is purchased.
Hire a real estate agent
Many people make the mistake of attempting to purchase a house without the help of a professional to save costs. In most cases, the seller is responsible for paying the real estate agent’s commission, which means not having to worry about spending extra money on their services. Look for an agent that has several years of experience in the industry and can provide you with references. Bring your family along to meet with the agent in advance to ensure you all can evaluate their professionalism. An agent will not only expose you to more listings on the market but can also help you to negotiate a lower offer with the seller.
Make an offer
Once everyone agrees on the house that you want to buy, you can move forward with making an offer. The real estate agent can assist you with offering an amount that is below the asking price without turning off the seller. During this time, an adult in the family can also schedule an inspection of the house to determine if any underlying issues are present. The inspection will give you an idea of the overall condition of the house and if it’s been maintained well.
Prepare for closing
Once your offer is accepted, you can begin to prepare for closing on the home. Communicate to your spouse and kids that they need to avoid using their credit cards or accumulating more debt, which can put your pre-approved loan at risk if your debt-to-ratio amount changes. Take this time to clear the contingencies and review title reports.
By knowing the right steps to take when it comes to finding your first home as a family, it can be an easier process that allows you to work as a team. You can understand what is required to become a homeowner and find a property that accommodates everyone’s needs.