Hai Trieu Luong

Hai Trieu Luong





1.] SAVING YOUR MONEY; Make sure you have a savings account on top of your down payment. Yes you can get a loan but that doesnt cover your closing costs, inspection fees and other costs. You might get ready to buy a home and find out you need 2,000 in cash for closing costs and you are short of it and miss out on your dream home. Be prepared.


2.] KNOW YOUR CREDIT SCORE; Your credit score is a big factor in buying a new home. Sometimes your credit doesn't reflect the home you've imagined owning. Be realistic to your wants before going home searching. Your credit score will also determine your loan term, approval, and interest rate. So manage debt before investing in the biggest purchase of your life.


3.] SEARCH FOR A TRUSTED REAL ESTATE AGENT; Having a real estate agent will save you a lot of time. They are also free of service to you. Most people dont know this but the seller is usually the one who pays the buyers agent. So take advantage of having a realtor by your side to help make the best choices for you and your new purchase. Let it be someone you trust that looks out for your best interest. They will have to understand your needs and envision your future home for you as well. 


4.] DONT MAXIMIZE YOUR LOAN AMOUNT; Yes, you are approved for a 300,000 dollar home but you have to keep in mind of your monthly payments. Is it smarter to buy a home at 250,000 instead?  Remember on top of rent that you will have homeowners insurance, flood insurance, HOA fees and other fees along with owning a home. If something breaks, you fix it. So make sure you can afford to keep saving money. Plus your monthly house payments may go up over time. Be prepared for a successful home owning experience by possibly choosing the lower loan end of your loan amount. 


5.] THINK ABOUT THE FUTURE; Many home owners are thinking of the present instead of the future. Is your job stable enough? Planning on having a family? Consider the idea of how effectively the house could sell in the future (if you ever need to sell it). 


6.] CHOOSE THE RIGHT NEIGHBORHOOD; Which ever neighborhood you choose to live in you should always go to the city website and look at statitics on crime and school education systems on order to make your choice. Your real estate agent wont be able to help make that decision so researching on your own will help make you and your family feel secure in where you choose to live. 


7.] ADDITIONAL COSTS TO BE AWARE OF; Buying a home doesnt just mean you simply buy the home and you're done. There are other costs that will add up quickly. -Property taxes - Utility bills - Homeowners insurance -Mortgage insurance - Regular and unexpected home maintenance.


8.] CHECKING HOMEOWNERS INSURANCE PRICES; Depending on where you buy your home, the price will vary. If you buy a home on the beach the insurance price can be pretty high. If you live in an area that is at risks of floods or even hurricanes you have to factor in those special insurance items. Reach out to a realtor to see if a home is in a high-risk zone.


9.] HOME INSPECTIONS; Making sure your potential new home gets inspected will help save you money in the long run. You dont want a worn down roof, polyethylene pipelines or lead based paint home without knowing what you are getting yourself into. You want to save yourself from leaky faucets, mold, or a bad septic system. That $200 you pay for the inspection will be worth it when you find out potentional problems (if there are any).


10.] DONT GET ATTACHED; When buying a home you have to know that anything can happen in the process and you might lose out on buying a home. You may put in an offer on a popular home and get out bid by someone willing to pay higher. Dont get discouraged because if the house is meant for you it will all work out smoothly. Buying a home is the biggest investment of your life so taking your time is the best way to go. 


Good luck on your home search and these are some helpful tips I think will benefit your experience in searching for your dream home.