Tips For Buying a Home

For most individuals, buying a home is the single biggest expenditure of their lives. It may seem like an exciting adventure, but it involves a lot of homework - and a lot paperwork. Following these simple home buying tips will make the process simpler and more enjoyable:

· Don't buy more than you can comfortably afford. Although traditional lending protocol suggests you should aim for a home that costs about two-and-a-half times your annual income, that's a broad generalization. When considering your mortgage obligation and how well you'll be able to handle it, you'll also need to consider your current debt load, as well as any anticipated costs, like college.

· Look for a home in a good school district. Even if you don't have kids in school, when you get ready to eventually sell, you'll want to be able to appeal to those who do. Even though you may plan on staying in your home for decades, it's a good idea to buy with an eye toward resale value, just in case your plans change.

· Are you a handyman? The sage advice to always buy the worst home in the best neighborhood is fine, as long as you're ready for the renovations that will be needed to bring the home up to your standards. Even though it may seem to make sense financially, buying a fixer-upper can result in a lot of headaches. If you do decide to take this route, consider realistically how much it would cost to have an outside contractor complete the work you'd like to have done, in case you find yourself overwhelmed.

· Plan on setting roots. Unless you can commit to staying in your new home for several years, you may be better off renting. This is especially true if you're taking a mortgage, since the first few years of mortgage payments are almost entirely directed toward interest. If you sell too soon, you may not make any real profit and you may end up owing.

· Hire a home inspector. Even if you ignore the rest of these home buying tips, heed this one. You may be trying to save up as much as you can to furnish that new living room. But scrimping on the home inspection is not a good idea. A home inspection will cost you a few hundred dollars, but can save you thousands by uncovering current and potential problems.

The home buying process can be a complicated, emotional, and often overwhelming process. Knowing these simple home buying tips can make owning a new home the exciting venture it was meant to be. If you happen to live in the Los Angeles California area, be sure to research Los Angeles Ca homes and Anaheim Ca home for sale online. By conducting proper research and educating yourself as a buyer you will be more apt to make a solid decision when choosing your next home.

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