If you are in the market for a house, being prepared is key. There are several things to do before you even begin your search. MSUFCU Chief Marketing Officer Deidre Davis discussed several items to consider when buying a house.
Besides saving for a down payment, you should budget for transitional costs, such as for inspections and your current living arrangement if you need to sell a house or end an apartment lease.
When you are beginning to look for a home, you should have a list of “must-haves” – features that are top priorities for you. These might include a fenced yard, multiple bedrooms and bathrooms, a deck off the back, and more. Don’t be surprised if you end up changing your mind based on what works in your budget. Be prepared to re-prioritize nonnegotiable items, or wait until you can afford the features you want.
You should also ask your real estate agent all the questions you have. You’re paying for their expertise and guidance, and having a thorough understanding about buying a home is one of the smartest things you can do for yourself. Questions about resale value, area schools, property value, and other matters can help you make a more informed decision.
Remember, many things can be changed or fixed to meet your specific preferences. These include
s paint color, flooring, light fixtures, and more. Don’t let those concerns get in the way of a great house.
Also, make sure to review any issues with the house identified in an inspection. Even if you are looking for a newer home, an inspection is important. An inspection may provide a list of small items to be fixed, or maybe larger issues that could become deal breakers. When there is a safety or structural issue, it’s absolutely vital to have it fixed – by you or the seller – or walk away.
MSUFCU offers a wide range of mortgage products, from a First-Time Home Buyer program to conventional or adjustable-rate mortgages. The Credit Union also offers home improvement loans and home equity lines of credit. Members can easily and conveniently apply for and manage their mortgages through the MSUFCU Mobile app.
Be sure to head online to msufcu.org