| Although the process of home buying can be thrilling, | | | | problems they see in the house, but there is no |
| buying a home is a huge expense. For many people, it | | | | guarantee that no other problems exist. |
| may be the biggest expense to date in their lives. You | | | | - Buying a home may be the largest investment you |
| have to temper your excitement so that you don't | | | | ever make, so the couple hundred dollars you spend |
| "catch the fever" or home buying and let your | | | | on making the sure the foundation won't collapse is |
| emotions get the best of you. There are some major | | | | well worth it. |
| mistakes that you can avoid if you keep a level head | | | | - In the Rolla/St. James area, a home inspection in |
| when you buy your home. Follow these steps to make | | | | Rolla or St. James will run between $200 and $250. |
| sure your home buying experience is productive and | | | | Add $50 to $100 for a termite inspection, and for $250 |
| enjoyable: | | | | to $350, you are buying a great deal of peace of mind |
| 1. Always set a budget | | | | about your future home. |
| All but the very wealthiest people in the world have | | | | 4. Remember resale value. While most people |
| some financial considerations when they prepare to | | | | searching for a home are not thinking ahead to selling |
| buy a home. Consider completing the following tasks | | | | a few years down the road, resale value is an |
| before you set your purchase price budget. | | | | important consideration. |
| - Purchasing a home comes with additional expenses, | | | | - Most people go house hunting thinking, "We are going |
| both in the purchasing process and after you own the | | | | to live in this house forever". In reality, most people stay |
| home. | | | | in any given home no longer than 7 years, and many |
| - Securing a loan is an important part of setting your | | | | people's stay is even shorter. |
| budget. Make sure you know ALL costs and fees | | | | - The closer you get to retirement, the more likely you |
| associated with the loan of your choice | | | | are to stay settled in a home. |
| - Consulting a Realtor and other homeowners can give | | | | - Knowing the average amount of time people live in a |
| you great information about the costs that come with | | | | home, make sure you stay away from overly unique |
| home ownership | | | | homes that might be difficult to sell quickly when you |
| - Borrowing what a lender will allow is NOT the same | | | | need to. |
| as deciding what you can afford on a monthly basis. | | | | 5. Learn about the buying process. The best way to |
| Don't overwhelm your budget to buy your dream | | | | avoid any problem with buying a home is to make sure |
| home the first time out. | | | | that you have all the facts. |
| 2. Speak to a lender before you begin | | | | - With the prevalence of the internet, you have all of |
| Unfortunately, the loan process is much more | | | | the information you could possibly want at the touch of |
| complicated than it used to, with a number of factors | | | | a button. |
| involved in your ability to qualify. | | | | - If you are moving to a new area, or another home in |
| - Before you meet with a Realtor, make sure that you | | | | the same place, spend some time online learning what |
| see a lender. | | | | kinds of homes are available in the area. |
| - Consider that what the bank will loan you (your | | | | - If you already live in the area, also spend some time |
| qualification range) is not necessarily the same as | | | | driving through a few neighborhoods and familiarize |
| what you can afford. | | | | yourself with available housing. You can find |
| - Conversely, if you think that you can afford a | | | | information on anything you desire, it just takes a little |
| $150,000 home but the lender is only willing to lend you | | | | time. |
| $125,000, if you start out looking at more expensive | | | | - Remember that "knowledge is power." It is much |
| homes and have to scale back, there will be a major | | | | easier to avoid mistakes when buying a home if you |
| difference in what is included in the more expensive | | | | are well prepared. |
| house. If this happens, you may never be happy with | | | | Avoiding costly home buying mistakes can be very |
| the less expensive home. | | | | easy. Committing to buying a home can be very |
| 3. Complete a home inspection. | | | | intimidating, but as long as you have all of the facts |
| When buying a home, completing an inspection is not | | | | and avoid getting emotionally swept away, you can |
| an option. However, there are still some aspects to | | | | find the home you desire. Keep these 5 steps in mind |
| consider when ordering the inspection. | | | | to help ease the home buying process. |
| - Inspectors give you their best judgment of the | | | | |