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Buying a house is not a walk in the park, not unless you are among the richest people we have in the world. Apart from making sure that you have found a house that meets all your requirements, you also need to ensure that you have financing for the purchase.

Even if you are not buying your first home – meaning that you have some experience when it comes to home purchases – you need to educate yourself well before starting the purchase process. 

There are a lot of questions you might need to answer before the process starts. 

Here are the top FAQs for you before you start buying a house;

Do I Need To Save For Relocation Expenses?

Most people do everything right when buying a house for the first time, but forget that they will need to cater for their relocation expenses. Not unless you will get help from friends, family, or company, you need enough funds for your relocation.

Relocation costs are determined by several factors, key among them the distance covered and the household items to be moved. You can talk to different moving companies and compare notes to choose one that meets your requirements.

Is My New Neighborhood Good?

This is one of the main reasons home buyers choose to buy a house in a certain neighborhood. There are different factors you need to check before choosing to buy a house in any location.

Some of them include job convenience, neighborhood quality, house affordability, security, family and friends convenience, quality of education and its convenience, leisure and entertainment activities, and proximity to shopping centers.

What is My Budget?

How much money do you want to spend when buying a house? If you do not come up with an accurate answer to this question, you might end up spending more money than you can afford.

This is the recipe for carrying a large mortgage for a long time, something that can leave you financially vulnerable. To avoid this problem, make sure that you do not take home loans whose payments surpass 25% of your income.

Should I Save For Down Payment?

You need to save for a downpayment. If you have the finances, then consider paying 100% without taking a loan. It is advisable to pay in cash if you can afford it. If you can’t, then pay as much downpayment as possible.

However, since most people cannot afford the 100% fees when buying a house, make sure that you have saved at least 20% to 25% of the total amount required for the house. This will help you avoid extra fees and interest.

Are There Closing Costs If I Take a Loan?

If you have decided to apply for a mortgage when buying a house, you need to consider any closing costs that might be needed for the loan to be approved. Most lenders ask for between 2% to 5% of the total house purchase price.

For instance, if your house costs $200,000, make sure that you have saved between $4,000 to $10,000 for your closing costs. This is important in proving to your lender that you understand what is needed of you and to build trust.

What is the Best Way to Decorate and Furnish the House?

This is a serious question, especially for people buying their first home. If you can, make sure that you do not apply for any loans to decorate and furnish your house. This is because you will remain in debt, something that can hurt your finances.

One way of decorating your new house is by keeping what you already have. If you do not have anything, or maybe cannot keep your current household items, then get into second-hand markets and buy used items. The bottom line is to make sure that you have kept your financial records in check.

Do I Need Home Inspection?

Would you like to purchase a house that has any kind of problems? Well, since you are investing money into acquiring the house, you need to make sure that it does not have any problems. 

This means that you should get a home inspection done before purchasing the house. Even though the person/company selling might provide documentation detailing any problems with the house, they might leave something either maliciously or without knowing.

At the end of the purchase, you need to have invested your money in purchasing a house that meets your requirements as well as those of your family. These questions are going to help you avoid some common mistakes committed when purchasing houses.

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