Things to Consider When Buying Your First House in Ohio

Many people have a buying a house listed on their bucket list. It’s a big a milestone in your life when you’re able to afford it and you finally go for it. Since it’s your first house, you might not be aware of what you should consider when buying a property. We, at Patriot Title Agency in Ohio, are here to guide you when you take that big first step. We’ve prepared a list of things to consider when making that big purchase.

Budget

Be aware of how much you have and you are willing to spend. Not only will you be paying the closing costs, taxes, and insurance , but you also have to pay for new furniture, moving expenses, utilities… maybe upgrades and commuting as well. How much more or less will you be spending in your daily life than you do now? For more information on title insurance in Ohio, turn to ;Patriot Title Agency. ;Call us at (330) 479-3000 ;to know more about our services.

Down Payment

Try to pay the suggested 20% down payment. You know you can actually afford to buy a house when you have money enough to make the down payment. It can lower your monthly payment and adds equity. If you don’t have enough cash to make the payment, you can talk to your mortgage officer about alternative options. There are several government- back loans you can apply to. Check out the Federal Housing Administration’s loans. Failing to make the down payment means another expense: private mortgage insurance. This insurance protects your lender against the possibility of you avoiding the payments. Private mortgage insurance might not seem like a big deal, but little things add up over time. You should really review your financial situation before you decide you are ready to buy a house. Use a mortgage calculator to see what kind of monthly payment you could afford.

Checklist

Have a checklist of everything you would like for your new home to have. Take that checklist when you go visit a house and cross out the items on your list. If you decide that you love a place but it has none of the items on your list, it will give you something to think about and will help you make a better decision.

Compromise

You had your heart set on a house in a certain neighborhood, and it turns out that your budget is no way within reach of that house or it wasn’t what you expected inside. Instead, look for houses in neighborhoods close by, not exactly that one you wanted, but maybe you’ll find something better there. Don’t close yourself to possibilities.

Think Long-Term

When buying a house, you have to think if it’s a place you will outgrow in five years. Maybe today you’re good with buying a house in neighborhood with only young couples, but in a few years you decide to have kids and the neighborhood no longer seems appropriate anymore. Look for something that you won’t get tired of. Perhaps you decide to buy a place and rent it out later when your family or your needs change. Take a good look at the homeowners association contract before you make the purchase. It might happen that the houses on that area can’t be rented out and now you’re stuck.

Realtor

Look for the right realtor, it’s important that you mesh well and that they understand your needs and limitations. Have mini interviews with several people; compare their commission structures and how you would work together. Search for someone with a good reputation and expertise on the area you are interested in. Perhaps you are using a realtor because they are a family member, a friend or an acquaintance, but ask yourself if they are really the type you need. Don’t just settle; look for the best person for you.

Staging

Don’t be fooled by the staging when looking at a house. Watch everything in detail; perhaps those lamps on the table are mere decoration and while you already picture what lamp you will put there, there is no actual light plug. There might be changes you have to make to the house. Look past the pretty presentation.

Take Your Time

Buying a house shouldn’t feel like a race. Be sure to take your time to evaluate all your options, this isn’t an everyday purchase decision, it's one of the biggest expenses you’ll have in your life. Possibly you may find that the moment isn’t right for you to buy a home just yet, or that the houses you have seen just aren’t the one. Don’t pressure yourself and take it slow.

For Title Insurance in Ohio

Now that you're on your way to finding a new home, make sure to keep your investment protected. The best way to do this is with title Insurance from Patriot Title Agency in Ohio. ;Call us now at ;330-479-3000 ;and let us help you through this important step in you life with professional title services, such as ;title insurance in Ohio.