Seven Lessons learned while buying a house in Mesa, Arizona
Having a roof over your head is one of the basic reasons we work hard each new day. However, the title “homeowner” also comes with a sense of pride. In fact, it is one of the lifetime goals that many people try to chase. When accomplished, you feel a sense of comfort and accomplishment, which is more satisfying than most other life endeavors. The truth is that the road to homeownership is not without bumps and pitfalls. In fact, it is one of the pain taking experiences, as you have to sacrifice a lot to become a homeowner.
In this post, I am going to feature top seven lessons learned while buying a house in Mesa AZ. This is a great read for those buying a house in Arizona.
- Do not skip home inspection
When Karen and her husband James started their process of buying a house in Arizona, they were too preoccupied with other things including applying for Utah housing loan that they skipped the home inspection. When finally they closed on the house, on the date of moving in, they found a small crack on the basement floor, but because the previous owners had mentioned it, they overlooked it. A week after they were settled in the house, they realized the crack had extended up to a meter towards the main door. They called a home inspection expert, who moved in with speed for the inspection. They were ordered out of the house because the inspection report indicated a weak foundation. Imagine the loss!
Never buy a house without calling for an inspection from a qualified home inspection company.
- Do not overlook the importance of real estate agent when buying a house
New homebuyers think that engaging a real estate agent is money-wasting move. However, the reality is that you would have saved more than you spend when you close without a real estate agent. David and his wife Orcutt decided never to engage a real estate agent when purchasing a home in Utah. They were lucky to find a new home that matched the exact features they were looking for in a home. While at a housewarming party, one of David’s colleagues approached David inquiring how much the property cost was. David’s Colleague could not hide the surprise, when he realized that they were overcharged for the property by more than half the price they bought the property at.
- Don’t fall in love with the property before pre approval
When shopping for a new home, ensure you have the preapproval letter, with an amount guiding you on the value of the property that you qualify for. This is important especially when you want to make sure that you do not attach your emotions to the property that you cannot afford. This has happened to many people who in the end saw a more prepared buyer close on the house. Instead, talk to mortgage lenders in Scottsdale AZ for pre-approval.
- Avoid overspending on a home
Home loans Chandler lenders will want to extend a loan that is more than what you qualify for. This happens in many cases, and people have ended up overspending on the property. Eventually, they struggle to pay back the loan, or even the property maintenance cost.
This happened to Mary and Mastokaris when they applied for AZ home loan. The mortgage lender in AZ preapproved an amount that was higher than they really needed. Over excited, they went ahead and spend the whole amount in a new home that was actually bigger than they wanted. In the end, they had to face foreclosure for failing to keep to date with the loan repayments.
- Start saving early
If your plan is buying a house in Arizona in a year’s time, start saving right away. When applying for the home loans Chandler, the lenders will ask you to pay the down payment before they can approve your loan application. If you cannot raise the 20%, you will not be approved for the loan. Therefore, come up with a savings strategy and make sure you follow it religiously. This way, you will be able to afford the down payment, which is a step in the right direction when planning to apply for home loans chandler.
- Build an emergency fund
If you are a first time home buyer, chances are that you do not know what to anticipate when purchasing a home. The reality is that things are bound to get tougher when you start paying the loan. It is going to get really bad if you have other commitments like paying college fees for your kids. Therefore, build an emergency fund that you can survive from when things go south after taking a mortgage.
- Do all of the above
Do not overlook either of the lessons we have explained here. In fact, write them on a piece of paper, and ensure that you follow them religiously. This way, you will have an easy experience when buying a new home.
Talk to SunAmerican when applying for a home buying mortgage. Our experts will advise you through the process ensuring that you make the right decisions.
Infographic provided by Marketplace Homes, a realtor company