Buying a new home, especially for someone who has never bought one before, can be a stressful process. Making sure you are asking the right questions, looking at all your options, making sure you are financially ready, and several other things are extremely important during the home buying process. Researching good contractors and realtors is important too because you want to get the most out of your home buying process and researching will help you find trained professionals who can do so. Learning some tips about what not to do when buying a new home will give you a more knowledgeable outlook on how to go about it.
Do Not Make A Major Purchase
If you are finding out that your credit score is great and thinking a new car would look great in the driveway of your new home, do not purchase it just yet. Wait until after closing to do so, especially If you are going to have a mortgage. If you buy a new car while trying to close on a new home, it increases your debt to income ratio, which decreases the amount of income available for your mortgage. If you buy a car and add a higher car payment, it is possible the bank will decide that you can not afford a home.
Don’t Forget to Line Up Home Owners Insurance
While it seems like something someone would not forget, it is often overlooked by all the stress that comes with buying a new home. Before closing, your lender will want to see where you have home insurance and that the house is covered. It is best to get it as soon as possible that way your closing is not delayed, and you will not have to wait any longer.
Do Not Switch Jobs
Just like when employers are looking for a good candidate for their business, they want to see that you have not job hopped. This is so they know you are reliable and loyal. Lenders are the same in this aspect. Lenders want to see that you are consistent and reliable at work. Do not change jobs while trying to close on a home because they could possibly not give you the money you need for your home.
Do Not Forget to Change the Locks
As simple as this sounds, it is easily forgotten and looked over because you are so excited about purchasing your new home. It is important to make sure you change the locks because you do not know who could have a key to your home. Relatives, friends, anyone who you do not know could possibly come in and be a threat to you and whoever is in the house with you. Changing your locks can prevent you from theft and damage from anyone who had a previous key.
If you or someone you know are looking for new homes, Delaware is home to LC Homes. A company that offers quality, convenience, and efficiency.