Financial Considerations When Home Buying

Posted by on Wednesday, August 15th, 2012 at 11:21am.

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If you've got an Idaho house in mind, the Hughes Group is here help you. We want you to be in the house that's perfect for you and there is some care that must be taken to make that happen. Though your agent will walk you through every step of the process, there are some actions that only the home buyer can do, and must do smartly. Below we'll list a few tips that experts have found can help a home buyer find the perfect home, while making wise decisions along the way.

How Much Home to Buy

Don't rely on online calculators only when seeing what you can afford in an Idaho house, mortgage lenders should be your guides. They will know all the different factors involved in determining what you qualify for, which online calculators don't take into account. Federal home lending policies have tightened considerably, since the economy dropped, and it may be somewhat difficult to get a loan today, but you still won't want to assume that you should buy a home for exactly what you qualify for. Everyone's situation is different and it never hurts to have a bit of breathing room "just in case." Luckily, Hughes Group realtors will always want you to feel comfortable, never trying to rush or push you into anything. They don't just want to sell you one home, they want to be your real estate professional that you turn to again and again.

Inspect Homes You're Looking at 

interior_living_room11_sm_300_02Even if you trust the sellers, it is not mandatory, but highly recommended that you have a home inspection done on an Idaho house that you want to buy, as even the previous owners may not know of potential problems with the house. You will not want to have much more expenses in the home you're buying than you had expected and home inspections are definitely worth their price in ensuring you that the home is good in every way. You can make the closing of the home contingent on a good home inspection and protect yourself against any findings. Remember, home inspectors are working and paid for by the home buyer and your Realtor can suggest a great one, so you can feel comfortable that they will do a good job. Some home buyers also do additional testing for radon and lead paint to feel completely good with a house.

Know the Total Costs of a House

It's easy to get swept up by the emotions of buying a house. A Hughes Group agent recently said that one of the biggest things that buyers need to do is just take a deep breath and make calm, rational decisions. Are you really sure that a one car or detached garage isn't going to be a big hassle? What about the property taxes? Ask your Realtor to get a copy of last year's property taxes for the home. Perhaps most important, what will be the energy costs associated with the home? If you are thinking about making repairs or remodeling, you need to understand exactly how much that will cost as well. Finally, before buying a home you will need to have home insurance on your new Idaho house. Talk to your agent about the specifics of insuring the home, including discussing the need for flood insurance and other protections on your home.

An Idaho house is a great investment; you will be happiest in your home when it fits your needs very well. In today's market, where you sometimes have to move fast to get great buys on real estate, you have to know what to watch out for, and these and other problems can pop up at any time. At the Hughes Group, we'll always do our best to ensure your home buying is a success, so you can breathe easy.

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