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9 Questions to ask before buying a home

9 Questions To Ask Before Buying Your First Home

The following article points out several key questions you should ask when buying your first home.

Buying a home is a big decision whether you’re buying a home in Charlotte, NC or a nearby city.  Also consider your general job outlook and stability over the next 5 to 10 years.  And, if you have a partner or spouse, do you both have a back up plan if one or the other of you is out of work for a period of time.  Lots to consider.  But, if you decide to buy – happy house hunting!

While the dream of home ownership may have taken a beating during the recent recession, a majority of Americans still say that buying a house is in their life plan.

And with good reason: home ownership is a key part of many individuals’ long-term financial strategies, plays an important role in improving the health of the economy, and can provide much-needed space for growing families.

But if the recent collapse of the housing market made one thing clear, it’s that home ownership is not for everyone. It’s a significant, long-term commitment that requires strong financial standing and the right timing.

We spoke with Merrill Edge Financial Solutions Advisor Wesley Gunter and Trulia real estate expert MichaelCorbett to get a sense of what first-time home buyers should consider before taking on a mortgage. They recommend that prospective buyers ask themselves the following questions:

1. Why do you want to purchase a home?
2. What can you reasonably afford?
3. Have you factored in all the hidden costs?
4. What kinds of loans do you qualify for?
5. What will your life look like in five years?
6. Are you ready to stay put for the next few years?
7. What kind of neighborhood do you want?
8. Are you working with the right realtor?
9. Is the rest of your financial house in order?

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Buying Your First Home? 5 Things To Do Now

Have a plan when buying your first home – that’s the moral of this story – and take all the time ‘you need’!

This article points out several important tips but 1 in particular stands out.  Number 3 says ‘Find a no-pressure agent’.  And I agree 100%.   When an agent has your interest in mind, there will be no ‘pressure’.  As a matter of fact, many times I find myself encouraging home buyers to take their time to make sure they are making an offer on the house they ‘really’ want.

Buyers typically ‘know’ when they’ve found just the right house!

It’s never too soon to start planning ahead if you hope to buy your first home within the next year.

That’s the key message that real estate and mortgage brokers say prospective first-time homebuyers should take away from any preliminary thoughts or discussions about buying.

1. Find out how much you can borrow
2. Decide where you want to live
3. Find a no-pressure agent
4. Tap hidden housing market
5. Research homes online