5 Things To Do Before the Home-Buying Process

April 22, 2021

If you are in the market for a house, being prepared is key. This includes knowing your credit score, obtaining a preapproval letter from your lender, and finding a good realtor. Despite being organized, there are several things to do before you even begin your house search. Here are five of them.
1. Change your mind
While you may start with a “must-have” list when you begin home shopping, don’t be surprised if you end up changing your mind. You may realize your criteria is incompatible with your budget or the neighborhoods you prefer. Be prepared to re-prioritize non-negotiables, or wait until you can afford what you want.
2. Ignore the superficial
When you are looking for a new home, keep in mind much can be changed or fixed to meet your specific preferences. This includes paint color, light fixtures, carpeting, landscaping, and other cosmetic changes. Don’t let that get in the way of a great home. 
3. Address home inspection issues
Even if you are looking for a newer home, an inspection is important to find small items to be fixed, or maybe larger issues that could become deal breakers. Work with your realtor to determine what is realistic to ask the seller to repair. But when it is a safety or structural issue, it’s absolutely vital to get what you need to fix it, negotiate with the seller if you will repair the issues, or walk away. 
4. Budget for transitional costs
As you save for a down payment, you should also save for other costs, too. These can include paying movers, or buying household items like rakes, trash cans, and cleaning supplies. You should also consider extra costs for inspections and dealing with your current living arrangements if you need to sell a house or end an apartment lease.
5. Ask any and all questions
A good real estate agent and lender will want you to be equipped, informed, and comfortable, so ask 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.
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 for those interested in renovating or remodeling their existing homes. 
Members can also apply for mortgages through the MSUFCU Mobile app. For more information, visit msufcu.org/homeloans.

Tags: Home Ownership, Borrowing Money, Budgeting