Before purchasing a home there a numerous factors that should be considered. Take a look at 10 important things to considering when purchasing a home in Southern California.
1) Credit Is Everything
Good credit is necessary for buying a home in Souther California. Six months before applying for a home loan make sure that you do not run your credit or open any new accounts this could significantly lower your score. Additionally, better credit leads to a lower interest rate which will be a huge financial gain over the period of your loan.
2) Ger Pre-Approved
Being prequalified is the equivalent of having the right to apply, whereas being pre-approved your credit and financial history has already been approved, and you can move forward with the other steps in the purchasing processes. This saves you time, and any point deduction that could appear on your credit by being denied.
3)Know The Borders of Your Property
Its critical to evaluate the property you are interested. What part would belong to yourself, and what part is the neighbors. Is something that borders the property an eye sore, or something that needs to be removed. Its good to know what space is yours for any future modifications, and to avoid any future disputes with neighbors.
4) Know your Neighbors
When purchasing a home, you are purchasing a place near people you may live to for the rest of your life. Patrol the neighborhood during different hours of the day, evaluate your neighbors and any activity. Make sure you are living next to people and in an area that you are okay with. Often times people will purchase a home, and later find out that there next door neighbors have parties frequently, playing music until early in the morning, or there are illegal activities in the neighborhood.
5) Understand All of The Financial Responsibilities
What first time buyers need to understand are that there are many costs besides the mortgage that go into owning and maintaining a home. Often times there are association fees, property taxes, utilities, and repairs for your home. Make sure that you budget accordingly when making your purchase.
6) Size Isn’t Everything
It isn’t always best to buy the biggest and nicest home on the block. those types of homes are limiting in their audience, so in the case u decide to put your home on the market it may be harder to sell, and the high price you pay for it will leave very little room for any type of profit.
7) Don’t Try to Predict the Market
Trying to predict the housing market is impossible. If you try to wait for a perfect time to buy a house it will never happen. The market is constantly changing. When you are ready to buy financially, and you find the house you want, that is when it is the time.
8) Balance The Costs and Benefits
It’s important to stay emotionally balance when you are purchasing a home. You do not want to love a house so much you end up paying an outrageous price for. You would be better of liking a house a paying a fare price.
9) Check Everything on the Property
It’s critical to hire an inspector before purchasing a home. You need to know what is in working condition and any repairs you may need to make. Repairs vary greatly in cost, and you do not want to end up going under in your new purchase.
An opening Bid is important and two elements should go into the decision: What can you afford, and how much is the property worth. You want to make sure you do not over or underbid. That could lead to paying to high of a price, or ending up losing the property to someone who bids at its value.