Buying a home is not only incredibly stressful, but it is also very exciting. It means that a) you have a lot of money owed to the bank but also b) that there is something that belongs to you – (if you keep up with the payments of course 🙂 ) forever. You have something you can pass down to your children, or you can sell when the value goes up and make some money. Purchasing a home can be a good investment.
But as with most things, you’re going to have to work out at what cost. And it isn’t just financial.
Before
Before you start signing papers, you need to know what people are really talking about. Sure, saying you are ready for a mortgage and actually feeling like you can take on $1,000+ mortgage payment, is a whole different ball game. Mentally it can be a long process, waiting and worrying about if the money will go through, what happens if you lose your job? Make sure you have all the right insurance.
What about if you find something wrong with it just two weeks into living there and it is going to be expensive to fix? You need to have a real estate inspection professional in mind to book when the time comes.
Remember that it isn’t just the cost of the house itself, it’s the cost of the inspection, the taxes, the moving van and so much more. It quickly piles up and can easily be thousands of dollars.
During
The process of the movement of property from one person to another can be long and complicated. If there is a delay because the sellers have had an issue further up the chain, or have decided to change what is being offered inside the house, it can slow the process down. In most cases, once the process has started, it is pretty smooth sailing.
So try to relax if you can, and just make sure that you are signing, checking, reading, and sending everything back before the deadline. This is also the time you will have those inspections, ask for another viewing of the house, and start making a list of the people you’ll need to contact when you move to update your address.
After
Within hours of moving into your new home, you should make sure that you have all of the insurance policies to protect you, your home, your goods and your family should anything happen. Of course, the idea of leaving your family with a lot of debt if anything happens is horrible, so make sure you take care of it. Be sure to swap providers and arrange your internet, cable, and more (although many people book a technician for the day they arrive). You’ll also want to make sure that you call all of your utility companies to be sure the account gets switched over in your name.
It is a big decision, but like all big things, it comes with a lot of rewards like knowing that so long as you keep up with your payments, you will have security for life – and that is something you can never replace.