There are three important things to look at when you purchase a new home:
- The affordability of the home
- The actual home
- The location & surrounding areas
1. Money & financing: Before you start your search think about how much you could afford. Take a look at six things to make sure you are doing it correctly.
- Look at payment calculators to estimate your monthly payments: https://www.ibmsecu.org/resources/calculators
- Look at how much you can put towards a down payment on your home
- Apply for a preapproval to know what purchase price to target: http://mortgage.ibmsecu.org/
- Know your credit score because that is what gives you the best loan rate. We’ll provide your credit score in our pre-approval process.
- Understand the different types of loans available
- Know your insurance options – to protect your biggest investment
The home buying process can be the most fun you ever had. People enjoy the experience of imagining themselves at different locations – a way to dream. There is a lot of work that goes into making this experience fun. At IBMSECU we have a team with a lot of expertise. Give us a call and we will get you started on the right path.
You search for a home online, you see a listing in a magazine, or you happen to be driving by when you spot the place you like. Here are some things that you should be doing to make sure that you indeed are getting the best you can get.
2. Checking out the home: Drive around the neighborhood to see how the home looks compared to others. Look at the outside – does the home you want either have curb appeal to attract you in or the potential for you to make it attractive?
Here is an initial checklist of things that to observe & score:
- Condition of driveway & garage (if any)
- Outside: roof, exterior, including the condition of doors & windows
- Inside: Condition of paint, carpet, & flooring
- Bathroom & kitchen – counters, cabinets, faucets, appearance
- Rooms: size, lighting, & appearance
- Condition of major appliances
- Condition of heating and air-conditioning systems
If things look good and you are seriously interested, once you sign the sales contract it is always a good idea to have a professional home inspection done. It will ensure the structural condition of the home, including the roof, electrical, plumbing, and HVAC, which are areas in which someone without expertise may be unable to detect problems. We have attached a longer list of items that are typically checked by home inspection professionals.
3. Location matters: Drive around the area to get a feel for how things are. Be sure to check out the proximity to the school, shopping, and other convenience services. You should even check out the traffic from the home to specific locations at different times of the day – you could do this online without actually being there.