Today's Top Five List


Introduction:

House buying is not entirely about the purchase price of the home, but has many other components that are vital to consider. Over one billion people look on the Internet searching about homes trying to not go in over their heads and end up losing that American dream, but want to know specifics. These tips will help you with your homework even before you drive around the communities you desire to live in forever or at least as long as you desire.

Income

The history of income over the past year will help you determine, somewhat, what you have to spend on a home. It is a mistake for home buyers to run to the real estate offices before an honest look is done to really and honestly review last years income. No need to take a trip to the bank for a loan just yet either. Apply your information before you begin hunting for a home to buy.

Last Years Financial Record

Just as important is the outgo of expenses by examining last years financial record. This includes what you have been spending on rent the last 12 months. If you have not been renting for 1 year, customize your figures to come to a yearly amount. By that I mean if you rented for 6 months, double that figure to come to a yearly amount. Include any amounts of money that go toward any utilities or services you are calculating in your home buying efforts.

Incidentals

One of the biggest mistakes home buyers make is not including insurances. The figure should incorporate mortgage insurance, which will be required if you have a loan on the money you will borrow. A lending institution will not lend you money if you do not take out this insurance which is required for the life of the loan. Call your present insurance agent to make a realistic list of this fee you will pay each month, twice a year or yearly. Ask about a pre payment clause that allows you to pay the loan in full should you have a windfall of funds. While you have them on the phone, ask about cost of home insurance for your valuables that you have summarized. This is called homeowners personal insurance which covers appliances and all the contents of the home.

Utilities

Your house buying tip includes listing all utilites you will be using in a home. It won't be precise since you have not picked out which house you can afford yet, so estimate as best you are able. Don't forget garbage pick up, snow removal and the cable you won't live without. The usual electric, gas, water, sewer, telephone and computer access can be acquired by calling those providers for an accurate estimate for the number of bedrooms or estimate square foot home you are considering. Estimates are given without a fee, so take advantage of all the help you can get to choose the right house for you. Your work will be well worth the time you spend in preparing now.

Extras That Are Not Extras

Home maintenance expenses are necessary to consider in buying a home to keep it safe, comfortable and in good repair. Landscaping and all outside visual needs have to be considered with a time line you expect to accomplish them. One year it might be sod and another trees and shrubs dividing the outlay of money over time. All taxes on an area vary. As you get closer to your selection of the location of your home you want to buy, seek out the school tax structure and property tax before you get disappointed. You might want a corner lot, however the taxes are too steep so settling for a cul de sac property is a good compromise.

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Comments

  • snowfence 2/19/2011

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    Great tips! Yes, there really is a lot to consider when buying a home. H5!

  • Traqqer 2/6/2011

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    All excellent tips! It's tragic that many people buy homes irrespondibly without doing their own math first...It's not that hard...so, it's probably just an irresponsible nature on the part of many buyers.

  • ListMaker 2/6/2011

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    Excellent advice for home buyers. I still hold my real estate license and will pass along your list to my friends in the business for their clients. well done.

  • jseven 2/5/2011

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    This is so good and should be a featured article. I like the extra extras; it's so true!

  • clewand550 2/5/2011

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    Excellent list of tips for buying a house. H5.

  • hummingbirdee 2/5/2011

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    There are a lot of things to consider when purchasing a home. This well done list covers it all.

  • BonnieDossKnight 2/5/2011

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    You covered some of the finer points a purchaser should consider before signing the "dotted line". HI5

  • bossypants 2/5/2011

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    Wise advice for thinking it all through when buying a home. It's the biggest purchase in most people's lives and worthy of careful consideration!

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