Buying a New Home? 5 Things to Consider Before the Purchase

Buying a new home can be both intimidating and exciting, especially since it’s one of the biggest purchases you’ll make in your life. It pays, therefore, not to jump in without careful thought and questions.

The Type of Mortgage

A common mortgage lasts for 30 years, but that isn’t the only option you have. Depending on your budget, you may choose among varying policies that differ by length, down payment, or government assistance.

Credit

Check your credit before you get too far into the process, and handle any errors or disputes on your account. You’ll also not want any surprises, so avoid opening new accounts until you’re secure in your finances.

Good Home Warranties

While they aren’t required, home warranties tend to be inexpensive and come in handy when you aren’t sure you can cover repair or losses for those fixtures. Not all warranty plans are the same, though, so shop around as you deliberate.

Post-Purchase Fees

Once you’re in your home, will you have enough to cover closing costs? What about needing to furnish the place? Be sure to budget carefully for these in the event the prices fluctuate.

The Neighborhood

Where the house is can matter a lot more than you might expect. Besides the common concerns over crime and safety rates, you’ll want to know about the traffic, nearby amenities, and helpful businesses to determine if the area is a good fit. No
matter where your chosen home is, this purchase is no small deal, so picking well matters.

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