What You Should Know Before Buying a Home

Women over 50 making the decision of buying a home should do through careful planning. Homeownership maybe something on your list of goals. However, the timing must be right. 

Are you Financially Able

If you are currently renting a property you may feel that you are wasting money by paying someone else’s mortgage. However, there are many other expenses that come with homeownership. These include property taxes, homeowner’s insurance, and regular maintenance. You may also have an HOA (homeowner’s association) with a monthly fee of a few hundred dollars. If you are currently struggling to pay your rent, taking on a home and all that comes with it may cost you your home. 

Credit Score

In order to obtain the lowest interest rates and the best lenders, you must have an excellent credit score. You can buy a home with a lower score. Unfortunately, it will cost you much more. Acquiring a copy of your credit score and improving the number prior to buying your home is smart. Waiting a single year and reducing your current debt in the meantime will benefit you immensely. When you’re ready you’ll have access to a border range of mortgage loans.

What You Want

Before shopping around for a home it’s a good idea to have an idea of the type of property you want, a single-family dwelling or a condo. You should also list things you want the home to have such as the number of bedrooms and bathrooms and a fence in the backyard. 

Know the Value of Properties

Searching for your first home can become overwhelming. You trust that the list prices are accurate. However, this is not always the case. Using a Realtor will help in your search for not only the right property but also ensure that you are getting a fair deal. Realtors know the area and the values of the properties as they pertain to certain areas. 

Understand the Rules

Some properties are located in communities and as such have a set of rules to live by. For example, they may not allow outdoor clothes drying, certain dog breeds, and commercial vehicles parked. These are the things you need to know ahead of time. 

Buy Below Your Means

Life happens and, if you buy a home at the top of what you can afford, you won’t have any money in the reserve to cover a job loss, illness, or major repair. Buying a little below what you can afford will also allow you to continue to enjoy life. You can plan that trip to the Philippines you’ve always wanted, and enjoy dining out. Additionally, you’ll be able to work on the home and make changes. 

The Condition of the Property

You may find a home that fits your budget, but it’s a bit older than you want. Making sure that the property is in good condition is important. It’s essential for any home-buyer to have a home inspection done. An inspector will check things like plumbing, electrical wiring, and foundation. They will also check for radon, asbestos, and mold. For a few hundred dollars you’ll have peace of mind. Keep in mind that older homes aren’t as energy-efficient as newer ones, resulting in higher heating and cooling costs. 

Location

The location of the home is important. Take into consideration how far it is to travel to work and school. You should also map out the distance between shopping centers and parks. These are all important items especially if you have children and pets. 

Owning a home is something on most people’s to-do list. Just make sure that before you start the process that you are ready to buy one.

LivingBetter50 is a magazine for women over 50, offering an over 50 magazine free download for women of spirit!