Looking to buy a new home right away? Congratulations! You’re among the lucky few who are actually looking to buy rather than sell in the current economic climate, and that may tilt in your favor, as home prices go lower and lower. Even though your next home may be cheaper than it was five years ago, follow these eight tips to make sure you save even more.
Buy a house you can afford. If there’s anything that this downturn has taught us, it is to live within our means. Buying a really expensive house by racking up extra credit might be appealing, but it can turn out to be more expensive in the long run. With some companies still laying off employees, you do not want to be out of a job and paying for a house that is beyond your means. As a rule of thumb, do NOT buy a house that is more than two and a half times your annual salary.
Get professional help. We get it. The Internet’s made the home search even more easier. However, instructions on wikihow still can not replace the insight of a professional agent. You might end up paying the person, however, do not forget that they’re trained to do what they’re supposed to do: find the right house for you. And a lot of them are very good at it.
Keep a check on your credit score. Many people require a mortgage to buy a house, so make sure that your credit history is not dotted with red pen here and there. Do not make risky decisions and ensure that your credit card bills are one hundred percent correct. You do not want to end up paying a higher interest rate based on just that.