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Few experiences in life compete from unbridled joy from finally holding jingling keys to your own home. But, like all the experienced owner knows, this excitement turns very quickly if you have not done your due diligence. To make sure that your dream home does not reveal a nightmare - and make sure you make sure you set a healthy profit when you decide to sell for years on the road, we have compiled everything you need to know On the purchase process of a house here. So read and good luck! And for more good money advice, do not miss these25 best wealth construction advice!

Before you start discussing the advantages and disadvantages of crown molding and choosing flooring samples, get your ducks in a row with pre-approval. Getting a pre-approval of your bank is easy - In many cases, this can even be done online - and have a pre-approval letter in hand can significantly speed up the process when you start applying to your mortgage.

"It is absolutely essential to obtain a pre-approval well before seeking funding, even before you start looking," says Suzan Eraslan, an authorized real estate seller with Bohemia Realty Group in Manhattan. "What you can afford to allow you depends entirely on the amount of funding you will get - do not want to fall in love with a $ 500,000 place, make it an offer and find out that you can only get only 300 $ 000 funding. "Start getting your financial life in order now by discovering the25 Life Change Lessons Super-Successful Men!

A mortgage, a bit like a dog, a wedding or a neck tattoo, is a major commitment, and not one that should be taken lightly. Although a mortgage can save you money on a monthly basis over the rental, there is an important initial investment, the payment of the decline to the costs of costs. If you are not sure to love the area where you buy, do you plan to have a family or consider changing career, buying a house can now be a more expensive proposal that is worth the trouble at the end. Make this relationship a guard by incorporating the20 things she always wants you said In your vocabulary now!

Whether you have recently paid your student loan debt or feel the burden of these malicious credit card purchases that you have made in college, your credit score can have a major impact on your financial future. For those looking to buy a house, a bad credit score can make it difficult to get a mortgage, while a healthy score can keep your interest rates low. Even before you think about buying a house, ask your credit score in a healthy beach, generally considered anywhere north of 700-by paying debt or increasing your income with them.20 lucrative skill ideas.

While the idea of ​​finding the ideal place without any useless intermediary can seem attractive, the navigation on which the purchase process may be more delicious than you think. "One of the main errors of first time that the first time buyers are trying to go alone without agent to represent their side of the transaction. Buyers who are used for rental markets where the costs of broker are the standard in the habit of scouring the rental sites they will save money by not making the representation of buyers, but the buyer does not pay his agent - the seller does, "says Eraslan." Although you can buy absolutely a home without buyer agent, with all mobile workpieces, observe funding, inspections and evaluations and the management of the sales chronology, why do not you unload that to 'One else who has legally works in your best interest alone and at no cost for you. "

Although HGTV may seem like if the renovation money falls from the sky the second that you buy on a house, in reality, securing the financing of major renovations is generally not an integral part of the process of purchasing the purchase of houses. "All renovation costs will not be covered by your mortgage. If you are pre-approved for $ 500,000, but you will find a $ 250,000 fixer rod, the Bank will not only give additional $ 250,000 to pay Renovations, "says Eraslan." You will have to pay either pay for these pocket costs or subscribe to a short-term construction loan to pay for them. "

It's not because to spend together seems to be the next logical step of your relationship does not mean that the purchase of a house together would also be a logical choice. Your credit score, your income and your debt other than you can affect your ability to get a mortgage. Even worse, if you do not see your current lasting relationship, you could be sealed with the burden of a house that you can no longer allow you alone and litterious judicial procedures to divide assets.

Of course, your appliances of your potential home should not do or break your decision to buy a house, but that does not mean that you should not take into account their age and functionality. Some bad eggs in the group could cost you thousands or even tens of thousands of dollars to replace, and you live with a non-functional dishwasher or a Pirentrap dryer is not perfectly ideal, either.

Older homes can be charming, but they can also have maintenance problems that you are unlikely to meet a more recent home. Even if an older house has been well maintained, you should consider the costs of the line, such as padding ceilings, the repair of hardwood floors and the modernization of the house for maximum energy efficiency. "I recommend obtaining a thorough inspection made before moving on to the contract," says Eraslan of those who are interested in older homes. "The inspector can assess the speed with which things like roof, plumbing and wiring have been replaced and judging by the type of material, how many times life is on these materials."

If the Haggling idea violates you in a cold sweat, you may want to stir on your trading skills before buying. Although you can often get an agreement on a senior fixer or a house that has been on the market for more than a few months, in many places on demand, you will need to prepare for a return on the back of the price . When you discuss your upper limit for pricing with your real estate agent, be sure to leave a healing room for negotiations in case the seller receives several offers.

Foundation problems are both expensive and difficult to solve, foundation problems are a viable reason to walk from what seems to be a perfect home. Eraslan says that the foundation problems are a major problem that will only be facilitated anyone without deep pockets of repair - this is certainly not an area in which you want to test your DIY ability.

Thus, the mortgage calculator of your bank says that your lack of student loan debt, your healthy income and your low cost of living make you the ideal candidate for a mortgage at one million dollars, either great, right? Well, before starting to turn McMansions, consider variables that could make this home expensive harder to afford itself. If you are considering a career change, want to have children or other important expenses on the horizon, that the monthly payment can become fast without a license. When you look at houses, buy something slightly cheaper than you can afford and save this extra money for a rainy day.

Be part of an association of an original owner may seem to be a dream to the people concerned with poorly maintained properties of neighbors reducing the resale value of their home, but the treatment of an HOA is not a universally experience positive. Without only HoAs can mean that you can not paint your entry door or decorate for Halloween as you hope, they can also mean higher costs up.

"Owners 'owners' associations and posting boards can be very strict on finances," says Eraslan. "Although the bank can approve you for a loan to buy the house with just the bank's payment, the HOA may require you have two years of post-closing assets. This means that you must have the money to The bank pay your mortgage and whatever land taxes and the common fees associated with the home for two years, even if you have never won another one hundred income. "

If the house you plan had a serious price bump since the previous owner bought it, you'd better hope you also get major improvements. While a major price increase can often be a sign of a returned house, many competitive market sellers will also try to capitalize on unrenovated houses, which means you could have a healing room when it's 'acts to negotiate if you know the previous purchase. price and have appropriate compositions.

The floors of your home might not be the durable hardwood you were hoping. If the floor of the house in the house you plan to buy, it's a bit worse for wear, use it as a bargaining point when you talk about price. "Many people do not think about their soils, but most" hardwoods "are actually a thinner composite wood with a hardwood style finish that does not remove two to three discounts back," says Eraslan. "A good inspector will be able to tell you what kind of floor covering you and how many pendulums to take before being completely replaced."

Bad news, freelancers: Even if you have a decent income, it could be more difficult than you think it's a mortgage. Non-traditional revenues often have variable finances, pay higher taxes and may seem less likely to be able to offer a long-term mortgage to creditors. If you buy with a partner that is used full-time, put the mortgage on their behalf can be useful.

You do not need to be a rocket scientist to repair a fuzzy tap, but old pipes can mean a major renovation in the line. "The walls and even soils must be open or even demolished to replace the pipes," says Eraslan. Even worse, old pipes have the potential to contaminate your water with lead, which can lead to serious illness, behavioral problems and development delays in children.

Think about this house that you just made a tour would be perfect with some walls out? Before going out your checkbook, price on what you are considering essential renovations online. Sites like AngieSlist and Houzz have estimates of construction that can help you imagine what you really do to pay to own your dream home. "If you already know that you are not interested in dialer, it is essential to get professionals in the apartment to give you estimates about the cost of repairing or replacing the needs of the repair," says Eraslan. "Many buyers will calculate the cost of materials but do not take into account the work involved."

An unauthorized DIY renovation could mean a serious headache and a financial burden in the future. Unauthorized renovations can increase the risk of a home's structural damage, bring your owner's insurance policy, do you have a target for future prosecutions, and you may need to tear them at a cost important for you before selling. Avoid this monumental hassle by looking at previous license applications before buying.

Older homes can have a lot of character, but many of them also have lead paint. If your home was built before 1978, it is likely that there is a lead-based paint. Although well maintained lead paint does not have a big part of danger, if it meets or peel, it can easily become a danger for you and your family, and have it removed can cost tens of thousands of dollars. Before you buy, discover the amount of reduction over the years and consider the potential cost of hiring a professional encapsulation or lead reduction certified by the EPA.

So, you have found the perfect house in the ideal district, but it's $ 50,000 more than all other houses in the block-which gives? Many vendors working without real estate agents will represent their home too aggressively, even if the upgrades they have done do not necessarily deserve that the price hike. Do your research on comparable houses, even by turning similar size in the neighborhood, so you have a bargaining tool to bring the price to a more reasonable beach.

TheInternational Electrical Security Foundation Reports that electrical problems cause about 51,000 fires and more than $ 1.3 billion of damage every year. Before deciding to delete your hard-earned cash off a deposit, look for all the electrical upgrades to the room. Something as simple as the upgrade from 110 to 220 volts can cost a few thousand dollars, while ripping the wiring of the band and the tube and the replacement, it can cost thousands of additional people .

Unwanted guests are still a nuisance, but when they actually ate in your home, they are a threatening threat. If there is proofs of carpenter bees, bed bugs or termites in a house, you may want to pass; While four-legged people, like mice, are relatively easy to get rid of, bug infestations can cost thousands of dollars to remedy thousands of dollars and can leave your home with structural damage.

If you are asking for a mortgage, you'd better hope that your car is in advanced shape. What should with each other? Taking an extra debt when you try to buy a house might simply say that your dry loan offer. Taking on an additional debt during the original purchase process, a lender avoids you, forcing you to start the entire process over months or years in the line. Before looking at your sick bank account, make sure to know the25 best wealth construction advice ever!

Are you ready to have a little disordered the pursuit of the perfect house? If you are not willing to use a brush, make a demolition of DIY, or learn to install new devices, a house less than turnkey is not for you. "It's important to be honest with yourself on how you are practicing," says Eraslan. "The websites of the upper fixer and home renovation websites will give you the impression that you can eliminate this 1950s ugly pink bathroom tile and replace it with chic metro tiles in a week -End, but people who make these projects are professionals. "

Before giving a deposit, it is important to know where asbestos could hide in your home. Although non-disturbed asbestos does not necessarily be a major health risk, it could easily become one when renovating, especially if you do them yourself. Asbestos can hide everywhere in vinyl flooring at the insulation of popcorn ceilings, and this can cost thousands of dollars for securely withdrawing. Before thinking about buying, ask an inspector to assess the risk of asbestos from home and get a laboratory for testing potential asbestos-based materials to confirm.

Have a healthy clean value is excellent, but the money attached in investments is not as useful as money in hand when it comes to buying a house. Before making a major investment in a house, consider liquefy some of your assets - the chances that your local roofing business accepts Bitcoin, unfortunately, quite thin. Start on the path of a healthier financial future with the20 the most learned investment to do right now!

You should not turn off the purchase of a home simply because you have a busy travel schedule, but if you see you in the coming years, the rental could be a better option. "If you plan to move in the next or two years, the purchase may not make sense," says Eraslan. "The recovery of the sale, like the purchase, is much slower than the rental, so That you probably do not want to spend most of the time you live there, organizing houses open every Sunday. "

Although a boot home care can be cheaper, it could cost you more in the long run. If your family members, pets or collection ofStars wars Memories are likely to increase in the future, you can end up spending more than you wanted to buy and sell your sudden-too small house. "Americans tend to accumulate a lot of things, and it's always easier to find a big wing chair in a real estate sale to fill an empty corner than trying from Konmari all your life every few months," says Eraslan .

If a deposit on a house will mean out a loan at an exorbitant rate or eating Ramen on an air mattress for the next 30 years, home ownership may not be the best option for you right now. However, just because you are not diamond-pinky-ring-flush does not mean that you should not buy if you have the money for a deposit. "In most cases, the purchase offers many benefits of tax radiation, your monthly mortgage will generally be lower than renting on a house of the same size and you have the opportunity to return to your investment when You sell it, while the rent is just the money you will never come back, age, "says Eraslan. start enjoying a healthier financial life today by discovering the25 richest things still do!

You think you will see your dream home online and you will move the following week? Still think. ERASLAN recommends that buyers have no less than six months to search for a house to buy, although a year is often optimal: "It gives you time to meet a buyer agent, get a loan for a loan and to make a financial plan, and make a financial plan. If necessary, to correct any credit problem or adjust your expenses to save for a deposit and closing costs. "Start building a solid foundation for your financial future today with the 31 best ways to save for retirement !